Frequently asked questions
Is Velocity Network available now?
Over the course of the upcoming months, the Foundation will be working to develop and test the technical platform and to grow the Velocity ecosystem. If you are an organization interested in joining the Foundation, please visit the Foundation's webstie at: www.velocitynetwork.foundation. If you are a developer, an open-source testnet and SDKs (an early version of the Velocity Network) will available soon. Stay tuned!
Is Velocity Network secured?
Safety and security are our highest priorities. Security is built into the very design of the Velocity Network to prevent malicious activity. You can read more about security in the articles posted on our blog.
Is Velocity Network compliant with privacy regulations?
Privacy by Design was embedded as a high priority non-functional requirement for the Velocity Network right from the start. The network is designed to comply with GDPR and other prominent privacy regulations. Compliance to the Fair Credit Reporting Act (FCRA) and international employment laws are also constantly validated.
Why is Velocity Network built on open source platform?
The crypto network and decentralized applications named Velocity Network are developed under an open source framework and will be licensed to be freely used, modified, and shared by the Foundation and its members.
The open source framework will foster a thriving ecosystem of contributors to adapt and build on top of it. This reinforces the ecosystem’s growth in addition to benefitting from diverse viewpoints to the project. Open source SDKs will enable tech vendors to connect their applications to offer their constituents a whole new world of functional capabilities.
The open source framework is also key to enhance trust and let interested parties audit the code to assure privacy and security are kept and the protocol can be trusted.
Will the connected applications, developed by tech vendors, be open sourced as well?
The architecture of Velocity Network separates the utility layer of the blockchain network with its basic elements and token mechanics from the different Distributed Apps that interact with the blockchain. These will be proprietary to the developers and will allow building new and innovative products and services that allow Foundation Members to offer their constituents new competitive use cases and contribute to a sustainable, thriving ecosystem.
As an open source, public utility layer, Velocity Network would welcome and encourage new functional use cases that utilize the blockchain layer and drive stronger network effects.
Will Velocity Network allow for interoperability with other verified credentials networks?
We are monitoring closely the work done by W3C and DIF on standards and interoperability for distributed identity networks, and we adhere to the developed standards for Verified Credentials and DIDs.
Nevertheless, distributed trust networks (i.e. Blockchain) are more than technical solutions. They involve complicated governance, commercial, monetary and compliance aspects and in that sense are more like small economies, and interoperability will have to cover these elements as well.
We will have to wait and see how this space will evolve and work with other vendors to create the infrastructure for real interoperability.
What consensus algorithm will be used by Velocity Network?
Velocity will initially implement a Byzantine Fault Tolerant (BFT) protocol - IBFT 2.0. BFT consensus protocols are used when participants are known to each other and there is a level of trust between them but at the same time is able to tolerate a small number of malicious or infected nodes - which is the case with Velocity Network permissioned consortium network.
In IBFT 2.0 networks, transactions and blocks are validated by approved accounts, known as validators. Validators take turns creating the next block. IBFT 2.0 has immediate finality. When using IBFT 2.0, there are no forks and all valid blocks are included in the main chain.
In general, BFT consensus algorithms enable distributed consensus in an innovative, efficient way while still being fair and secure. It allows Velocity constituents to achieve fast, low-latency transactions with guaranteed finality in seconds or less.
Velocity Network will also embed a staking mechanism to incentivize participants to adhere to network policies. The objective is to ensure that participants will be issuing real credentials to real people. In case of fraudulent behavior, the node will lose all its tokens.