VELO

Overview of VELO

VELO is a type of cryptocurrency token. Established in 2019 by founders Chatchaval Jiaravanon and Tridbodi Arunanondchai, the VELO token operates within the wider digital asset market. VELO tokens are openly traded on widely used cryptocurrency exchanges like Binance, KuCoin, OKEx, and Huobi. For storage purposes and ensuring the security of these tokens, individuals can utilize various digital wallets, such as Metamask, Trust Wallet, and Ledger.

Pros and Cons

What Makes VELO Unique？

VELO's innovation lies in its unique financial protocol designed to facilitate borderless asset transfers and digital credit issuance. Specifically, the VELO Protocol acts as a bridge between digital credits and real-world assets, enabling businesses to issue digital credits that can be securely, affordably, and quickly transferred across borders.

One of the distinguishing features of VELO compared to other cryptocurrencies is its two-token system, which includes VELO tokens and digital credits. VELO tokens are used for staking in the VELO network and serve as a kind of insurance to guarantee the value of the issued digital credits. This is particularly novel as it creates inherent stability within the system.

Moreover, VELO is backed by the Stellar Network, a known blockchain platform for facilitating low-cost, cross-border transactions. This affiliation enhances the speed and reduces the cost of transactions, differentiating VELO from some other cryptocurrencies not linked to such platforms.

How Does VELO Work？

VELO operates on a protocol that leverages a two-token system comprising VELO Tokens and Digital Credits. VELO Tokens are the protocol's native digital asset, which Trusted Partners can use for staking on the VELO network. The process of staking involves VELO Tokens being used as collateral to mint Digital Credits.

A unique aspect of VELO's approach is that its Digital Credits are tethered to any real-world asset, such as fiat currencies or commodities. For instance, a Digital Credit could be pegged to the US Dollar or to gold, providing real-world value and stability within the digital ecosystem of VELO.

When a Trusted Partner stakes VELO Tokens, they can issue an equivalent value of Digital Credits, which can be used for frictionless cross-border remittances. The transfer of value using Digital Credits is efficient, secure, and cost-effective, facilitated by the underlying blockchain technology.

Exchanges to Buy VELO

Although the list of exchanges supporting VELO tokens may change over time, at current, some popular cryptocurrency exchanges support trading of VELO tokens. Here are 10 of those along with some possible currency and token pairs that they might support:

1. Binance: A popular global cryptocurrency exchange known for its large variety of supported coins. Binance may offer VELO in pairs such as VELO/USDT, VELO/BTC and others based on market conditions.

2. KuCoin: A known international cryptocurrency exchange. KuCoin might offer VELO in pairings with USDT, BTC, and possibly ETH.

3. Huobi: A Singapore-based global cryptocurrency exchange, which supports multiple cryptocurrencies. Huobi might list VELO with pairs like VELO/USDT or VELO/BTC.

4. OKEx: An established Malta-based cryptocurrency exchange. OKEx may offer trading pairs like VELO/USDT and VELO/BTC.

5. MXC: Known for its user-friendly interface, MXC could support VELO trading pairs such as VELO/USDT.

How to Store VELO？

VELO tokens can be stored in various types of digital wallets that support cryptocurrencies, particularly those that support the Stellar blockchain, given VELO's affiliation with the Stellar Network. Below are the different types of wallets that can be used to store VELO tokens:

1. Software Wallets: These wallets can be installed on a computer or smartphone. They are beneficial in that they give users full control over their private keys and thus their cryptocurrency assets. Examples of software wallets compatible with VELO might include StellarTerm and Interstellar.

2. Web Wallets: These are accessible through a web browser and provide convenience and user-friendly interfaces. However, they commonly hold custody of users' private keys, which could be a security concern for some. Metamask and MyEtherWallet are examples of this kind of wallet but it's prudent to verify their compatibility with VELO.

3. Hardware Wallets: These are physical devices that securely store the user's private keys offline, providing a high level of protection from online threats. Ledger Nano S, Ledger Nano X, or Trezor might be used to store VELO tokens, although it's always best to confirm compatibility.

Should You Buy VELO？

The decision to buy VELO token, or any cryptocurrency, should always be based on personal due diligence and in line with individual financial goals. Here's a general analysis of who might consider buying VELO:

1. Experienced Crypto Traders/Investors: People who are already familiar with cryptocurrency trading and investing may consider including VELO in their portfolios. They generally understand the volatility, risks, and potential rewards associated with cryptocurrencies.

2. Risk-Tolerant Investors: As with all cryptocurrencies, investing in VELO carries significant risk, including the potential loss of the entire investment. Therefore, VELO might suit investors who are willing to undertake such risks for the potential of higher returns.

3. Blockchain Technology Enthusiasts: Those with an interest in the blockchain technology and its applications might find VELO intriguing due to its unique protocol features for borderless asset transfers and digital credit issuance.

4. Diversifying Investors: Investors looking to diversify their portfolios with varied asset classes may consider cryptocurrencies like VELO.

FAQs

Q: How are VELO tokens stored, and which wallets are compatible？

A: VELO tokens can be stored in various digital wallets, such as Metamask, Trust Wallet, and Ledger that support the Stellar blockchain.

Q: What is the unique financial protocol of VELO tokens, and how does it work？

A: The VELO Protocol is designed to enable the issuance of digital credits, securely and efficiently transferable across borders, via a two-token system comprising VELO Tokens and Digital Credits.

Q: Who are the founders of VELO？

A: VELO was founded by Chatchaval Jiaravanon and Tridbodi Arunanondchai in 2019.

Q: What are the operational principles of VELO？

A: VELO operates on a unique protocol that utilizes a two-token system with VELO Tokens used for staking to mint Digital Credits, which can then be tied to any real-world assets for transferring value efficiently and securely.