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 benefiting 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.
Velocity will be implemented as a public service on top of a permissioned blockchain network running the distributed ledger that is shared, replicated and synchronized among the members of a decentralized network (nodes). A public service utility enabling self-sovereign career identity on the Internet, allowing Individuals to collect, hold, and choose which verified career credentials they share with interested parties. Every record has a timestamp and unique cryptographic signature, thus making the ledger an auditable, immutable history of a user’s career.
The nodes communicate with each other to gain consensus on the contents of the ledger and do not require a central authority to coordinate and validate transactions. Consensus algorithms ensure that the shared ledgers are exact copies and lower the risk of fraudulent transactions.
Digital signatures ensure that credentials originated from the issuing authority and not imposters.
At its core, the system records the chronological order of transactions with all nodes agreeing to the validity of transactions using the chosen consensus model. The result is transactions that cannot be altered or reversed unless the change is agreed to by all members in the network in a subsequent transaction.
The decentralized peer-to-peer network prevents any single participant or group of participants from controlling the underlying infrastructure or undermining the entire system. Participants in the network are all equal, adhering to the same protocols. The network belongs to no one and is run by its members.