Velas joins the space race by partnering with SpaceChain

Zug, 3 January 2022 — Velas Network AG announced its partnership with SpaceChain today. The blockchain will be among space industry pioneers leveraging the new economy for heightened security and immutability. For Velas, this collaboration is a giant leap toward new markets and use cases. The company is proud to be one of the first blockchains operating in space above Earth, which will help contribute to enhanced security and increase quality standards for the whole blockchain industry.

Through this mutually beneficial partnership spanning the space and blockchain industries, transactions will be conducted via SpaceChain’s decentralized satellite infrastructure, providing a high level of security and decentralization to the Velas network. Suspended in orbit, blockchain infrastructures are protected against physical intrusion and regulatory restrictions. Farhad Shagulyamov, co-founder and CEO of Velas, said:

“A new epoch in the development of blockchain technology is upon us. Humanity needed thousands of years of evolution to reach low Earth orbit, yet it took about 10 years for the first blockchain transaction to be conducted in low Earth orbit since the first bytes were transmitted via the Bitcoin network. This blockchain space saga opens up new horizons for both the technology and its users.”

The upcoming collaboration between Velas and SpaceChain is destined for success. SpaceChain will benefit from one of the fastest blockchain technologies (with over 75,000 transactions per second) from Velas, which will provide SpaceChain the opportunity to develop various cost-effective DApps that contribute to further space exploration. Dragos Dumitrascu, head of global partnerships at Velas, stated:

“We are excited to be part of such significant leaps in the industry. Velas is currently the third blockchain to engage in this space race. We’re delighted to work with such a unique partner as SpaceChain.”

About Velas

The primary mission for Velas is to provide a fast, cost-effective, multi-feature blockchain network. Velas includes the Ethereum Virtual Machine so that developers can deploy any Ethereum-based DApps on the Velas blockchain based on the best parts of the Solana code. As a result, Velas is among the leading platforms for decentralized applications, with multiple technological advantages as well as the Velas Grant Program, which attracts teams that contribute to further expansion of its ecosystem. For more information, visit the site.

About SpaceChain

SpaceChain fosters decentralized infrastructure for the New Space Economy. By combining space and blockchain technologies, SpaceChain is making the development of space applications easier as well as making space itself more accessible. For more information, visit the site.