Velas Joins the Space Race by Partnering with SpaceChain

Zug, Switzerland, 3 January 2022 – Velas Network AG today announced its partnership with SpaceChain and will be among the pioneers in the space industry that leverage the new space economy for heightened security and immutability . For Velas, this collaboration is a giant leap towards new markets and use cases. The company is proud to be among the first blockchains operating in space outside Earth. In practical terms, this will help contribute to enhanced security, which, in turn, will increase the quality standards for the whole blockchain industry.

The partnership between the space industry and blockchain is mutually beneficial. Conducting transactions via SpaceChain’s decentralized satellite infrastructure (DSI) will provide ultra-security and decentralization to distributed ledger technologies such as the Velas Network. Thus, the blockchain infrastructure is protected against any physical intrusion and regulatory restrictions.

“The new epoch in the development of blockchain technology is right upon us. Humanity needed thousands of years of evolution to reach low Earth orbit. It took about ten years for blockchain to have the first transaction conducted on the low Earth orbit since the moment when the first bytes were transmitted via Bitcoin Network. This blockchain space saga opens up new horizons for both the technology and its users.” – said Farkhad Shagulyamov, Co-Founder and CEO at Velas.

The upcoming collaboration between Velas and SpaceChain is destined for success. SpaceChain will benefit from one of the fastest blockchain technologies ever (with 75,000+ transactions per second). Moreover, Velas will provide SpaceChain with the opportunity to create various cost-effective dApps that will contribute to further space exploration.

“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 and we’re happy to work with such a unique partner as SpaceChain.” – stated Dragos Dumitrascu, Head of Global Partnerships at Velas.

The primary mission for Velas is to provide a fast and cost-effective, multi-feature blockchain network. Velas includes the Ethereum Virtual Machine to allow developers to deploy any Ethereum-based dApps on the Velas blockchain premises based on the best parts of the Solana code. As a result, Velas is among the leading platforms for decentralized applications of all kinds with many technological advantages. In addition, the blockchain attracts teams that contribute to further Velas ecosystem expansion with the Velas Grant Program. For more information, visit www.velas.com.

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 and making space more accessible. For more information, visit www.spacechain.com.