Blockchain
The Velo Protocol Enables Real-World Adoption, Solves Issues with Digital Credits
The Velo Protocol, a blockchain financial protocol enabling digital credit issuance and borderless asset transfer for businesses using a smart contract system, is poised to become the world’s largest digital credit protocol, capable of generating trillions of dollars worth of digital credits in service of numerous real-world use cases including cross-border remittance, lending, payment and loyalty point programs. It is created by Velo Labs.
The Velo Protocol solves three major issues currently plaguing the adoption of digital credits: a lack of transparency, limited versatility, and inadequate regulatory compliance.
- Velo emphasizes transparency. Centralized digital credits lack the necessary independent audits to verify its fiat currency reserves. Many are accused of impropriety that lead to reasonable concerns about over-issuance and result in crippling price fluctuations. The Velo Protocol does not require a fiat currency reserve. The Velo Protocol issues digital credits only after staking VELO tokens as collateral. Collateral guidelines follow Digital Reserve policies to ensure liquidity. All staked VELO tokens are publicly recorded on the blockchain.
- Velo emphasizes versatility. Decentralized digital credits are impractical for real-world adoption as they suffer from inflexible use cases. While several have addressed issues of trust and transparency by using cryptocurrencies like Ethereum as collateral, they remain pegged to a single fiat currency – usually USD. This may work for businesses that are already USD-dominant, but the vast majority of businesses worldwide must make transactions in their local currency. Unlike existing digital credits, the Velo Protocol can issue digital credits pegged to any fiat currency.
- Velo emphasizes regulatory compliance. Existing digital credits do not sufficiently emphasize regulatory compliance. Many shirk their responsibility to actively prevent money laundering activities and lack the necessary AML/KYC solutions to adhere to regulators’ compliance requirements. The Velo Protocol is designed with regulatory compliance in mind. To issue digital credits using the Velo Protocol, an individual must first join Velo’s network of Trusted Partner by completing a series of qualification audits and AML/KYC procedures.
Velo Labs recognizes the opportunity for a fully transparent, useable, and compliant digital credit protocol and has entered into an agreement with Lightnet. Lightnet, a Singapore-headquartered fintech company dedicated to improving the lives of the unbanked and underbanked populations throughout Asia Pacific, is building an inclusive international remittance ecosystem around the Velo Protocol. Lightnet is co-founded by industry figurehead Chatchaval Jiaravanon, whose family controls Thai conglomerate Charoen Pokphand Group. This real-world use case already positions the Velo Protocol among the upper echelon of digital credit protocols on the market.
Tridbodi Arunanondchai, Vice Chairman and Group CEO of Lightnet continues: “The Velo Protocol’s compliance-focused approach makes Velo Labs a perfect match for Lightnet. We are excited by the real-world use cases that the Velo protocol makes possible.”
According to a report from CoinTelegraph, nearly forty percent of institutional investors in Canada have exposure to cryptocurrency, as revealed by KPMG. This finding underscores the growing acceptance and adoption of digital assets among institutional investors in the country.
The report indicates that a significant portion of institutional investors in Canada are actively investing in or exploring opportunities in the cryptocurrency market. This trend reflects a shift in sentiment towards digital assets, with more investors recognizing the potential for long-term growth and diversification offered by cryptocurrencies.
KPMG’s findings highlight the increasing mainstream acceptance of cryptocurrencies among traditional investors, as well as the growing interest in blockchain technology and its potential applications across various industries. As institutional investors continue to enter the cryptocurrency market, they are expected to bring additional capital and liquidity, further fueling the growth and maturation of the digital asset ecosystem.
Overall, KPMG’s report signals a significant milestone in the adoption of cryptocurrencies in Canada, indicating that institutional investors are increasingly recognizing the value proposition of digital assets and integrating them into their investment portfolios. This trend is likely to accelerate the broader adoption and mainstream acceptance of cryptocurrencies in the country and beyond.
Source: cointelegraph.com
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Blockchain
BounceBit (BB) Megadrop Now Open: Participate by Subscribing to BNB Locked Products or Completing Web3 Quests
The BounceBit (BB) Megadrop is now open for participation, as announced by Blockchain.News. This event presents an exciting opportunity for users to earn BB tokens by engaging in various activities, including subscribing to BNB locked products and completing Web3 quests.
Participants can join the BB Megadrop by subscribing to BNB locked products or completing Web3 quests, both of which offer different avenues for earning BB tokens. By participating in these activities, users have the chance to accumulate BB tokens and potentially benefit from the rewards associated with the Megadrop.
Subscribing to BNB locked products allows users to earn BB tokens by locking their BNB assets for a specified period. This not only provides users with an opportunity to earn rewards but also contributes to the liquidity and stability of the BounceBit ecosystem.
Additionally, completing Web3 quests offers users an alternative way to earn BB tokens by engaging in various tasks and challenges related to Web3 technology. These quests provide users with a fun and interactive way to learn about blockchain and cryptocurrency while earning rewards in the form of BB tokens.
Overall, the BB Megadrop presents an exciting opportunity for users to participate in the BounceBit ecosystem and earn rewards by engaging in activities that contribute to the growth and development of the platform. As the Megadrop progresses, participants can look forward to additional opportunities to earn BB tokens and potentially benefit from the rewards associated with this event.
Source: blockchain.news
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Cronos, a prominent blockchain platform, has announced a collaboration with KYVE aimed at revolutionizing blockchain data, as reported by CryptoNewsZ. This partnership represents a significant step forward in enhancing the efficiency and scalability of blockchain data storage and retrieval.
The collaboration between Cronos and KYVE seeks to leverage KYVE’s decentralized data storage and retrieval solution to enhance the capabilities of the Cronos blockchain platform. By integrating KYVE’s technology, Cronos aims to address the challenges associated with storing and accessing large volumes of data on the blockchain, such as scalability and cost-effectiveness.
KYVE’s decentralized data storage solution utilizes a network of distributed nodes to store and retrieve data, ensuring high availability and reliability. This approach not only improves the efficiency of data storage and retrieval but also enhances the security and resilience of the blockchain network.
The partnership between Cronos and KYVE is expected to unlock new possibilities for decentralized applications (dApps) and smart contracts built on the Cronos platform. By providing a more efficient and scalable solution for blockchain data management, Cronos aims to attract developers and enterprises seeking to leverage blockchain technology for a wide range of applications.
Overall, the collaboration between Cronos and KYVE represents a significant development in the blockchain industry, highlighting the importance of innovation and collaboration in driving the evolution of decentralized technologies. As the partnership progresses, it is poised to deliver transformative benefits for blockchain data management and accelerate the adoption of decentralized applications and services.
Source: cryptonewsz.com
The post Cronos collaborates with KYVE to revolutionize Blockchain Data appeared first on HIPTHER Alerts.
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