VELIC - secure by Design

VELIC - secure by Design

January 19, 2019 

Introduction

The virtual currency also known as virtual money is a type of unregulated digital money, which is issued and is usually controlled by the developer except Bitcoin and is used and accepted among members of a particular virtual community.In 2014, the European Banking Authority defined virtual currency as a digital representation of the value that is not issued by the central bank or public authority, is not always attached to fiat currency, but is accepted by nature or legal person as a means of payment and can be transferred, stored or traded electronically. In contrast digital currency issued by the central bank is defined as the central bank's digital currency.

Digital currency digital money or electronic money or electronic currency is a kind of currency that is only available in digital form, not physically like paper money and coins. It shows properties similar to physical currency, but allows for instant transactions and transfer of ownership without limits. Examples include virtual currency and cryptocurrency or even the central bank issuing digital money. Like traditional money, this currency can be used to purchase physical goods and services, but may also be limited to certain communities such as for use in online games or social networks.

The term cryptocurrency or crypto currency is a controversial digital asset designed to work as a medium of exchange using cryptography to secure transactions, to control the creation of additional units and to verify asset transfers. Cryptocurrency is a type of digital currency, alternate currency and virtual currency. Cryptocurrency uses decentralized controls as opposed to centralized electronic money and central bank systems. The decentralized control of each cryptocurrency works through blockchain, which is a public transaction database that functions as a distributed ledger.

WHAT IS VELIC AND PROBLEMS WHAT WOULD COME TO DO? 

In recent years, the digital market has faced so many challenges and contradictions from many security regulations and institutions and that have affected the system to the fact that it weakens its financial structure. But that does not invalidate the fact that the ball is given many great benefits because that makes it so unique to many investors. But Velic came and would put his focus on the exchange of assets regardless of market conditions. He also plans to diversify and perform other side functions such as asset control and management in addition to lending. However, the operation will not only serve retail investors but also institutional ones.

ADVANTAGES Velic.

Given that there are various aspects that require a solution, Velic is able to handle all the problems in this sector separately and unique. With the broad vision range Velic has, users will present ways that can be used to optimize their membership in the ecosystem and also expose various types of cryptocurency related services. Velic will allow users to interact with normal stablecoin and tokens and whatever happens to them in the nearest future.

The problem of fragmentation of various functions that are not healthy for the community and the market in general will be discussed and there will be ways to accommodate other networks to function alongside this platform. Users will be able to create accounts in the Velic ecosystem that will give them access to whatever services they want to do.

In addition, asset managers will be guided through asset management structures and many other useful approaches will be borrowed from the traditional sector.

Velic has a strong safe structure that protects user resources in the ecosystem and based on its reliability, users will discard any thoughts about being attacked and concentrate on other services that will produce real benefits for them.

ABOUT VELIC TOKENS 

The economy of the Velic ecosystem is controlled by VELT along with VELA tokens which both play a large role in it. Dual tokens form the basis on which many operations are performed and stability is achieved from it. When users trade, they are given bonuses in the form of VELA tokens as their commission and by all means it is possible to change the token from VELT to VELA because they both have the same price value. Also, there is a third token called VELD that prevents users from being affected by market volatility. Supported by several other factors and fiduciary currencies.

Users are mandated to create accounts with platforms and then open users for bonuses granted to them using their token.

VELT (VELIC Token)

VELT tokens drive the VELIC ecosystem. These can be mined through participation platforms and can be used in connection with various services in the VELIC ecosystem in the form of cost reduction. VELT tokens can be obtained by buying or selling pairs of coins on our stock. Mining VELT tokens is proportional to the exchange trading costs incurred by the user.

VELA (VELIC Authority)

Each VELA token has a conversion ratio of 1: 1 with a VELT token. This is used primarily for long-term storage and holders who choose to do so are valued in the form of rebates on exchange trading fees. This discount is based on the portion of the VELA token user that is relative to the total volume of the VELA tokens 

at the time.

FIELD (VELIC Dollar)

VELD Tokens are stable VELIC coins and are not set to VELT or VELA tokens. This will be used for stable coin conversion, including but not limited to trading between USDT, USDC and TUSD. This will also be used for future payments. It functions as a constant store of value, preserving the wealth of users within the VELIC Platform.

MODEL TOKEN VELIC

Blockchain-based ecosystems that successfully give awards to members for participation. This prize scale is in accordance with the level of user participation. As a scale of participation, ecosystems become more valuable to all. Thus, it is important that the token economy clearly defines the specific actions that members want to take and design large benefits to produce increased participation.

Economic tokens that succeed in solving three economic problems, as below:

Behavioral incentives - Provide incentives for members to carry out specific behaviors that contribute positively to ecosystem growth 

Ownership incentives - Provides real benefits for using or holding tokens. Such tokens are valued for carrying out specific actions in the ecosystem 

Network incentives - Give incentives to existing members to increase the frequency of actions, while giving incentives to new members to join 

Most blockchain businesses don't have strong reasons for their members to take action in their ecosystems and fail to provide great benefits for using or maintaining tokens. Thus, this business does not have the ability to increase the value of their tokens and there are many cases of business failing to achieve sustainability.

The first generation mining exchange is trying to overcome this problem by providing attractive economic benefits to get tokens. However, sustainability limitations are the biggest threat.

Economic VELIC Tokens are designed to overcome this problem

MINING

While fees apply to using many VELIC platform services, many of these costs will be replaced or reduced by using VELT. Thus, VELIC users mine VELT by paying platform service fees. The amount of VELT mined depends on specific rules relating to certain services and general platform guidelines that can change according to needs.

Absolute evaluation mining methods, as in the case of first generation mining exchanges, suffer from two main problems, as below.

If the token value increases, the total amount of tokens to be paid for mining activities decreases. This resulted in some miners being motivated to manipulate the price of tokens for them 

Because there is usually no limit on mining and because of the number of tokens 

paid with a fixed ratio compared to mining activities, it is possible to mine all allocation of tokens that can be mined in a short time. After all tokens have been mined, the motivation to continue the engagement disappears and the entire platform risks collapsing. Addressing the problem above, VELIC has included several important features: 

VELIC can apply daily mining limits per user account. Further details of these restrictions will be released in time, if any 

The application of the 'relative evaluation' methodology will help prevent manipulation of token prices. This methodology evaluates all participants every day and the amount of VELT mined is proportional to the contribution of members paid after the measurement point. The diagram below provides a basic overview of how this calculation will be made and full details of this methodology and the parameters used by VELIC will be announced before the start of service. 

ROADMAP

2018 Q4 

VELIC Merger 

Filing for Vault Patents 

Vault integration 

2019 Q1

VELT IEO 

Exchange Launch 

Index Release 

Meja OTC 

Package Launch 

Loan Launch 

Q2

Launch Active Package 

Vault Storage Service 

Q3

Fiat Currency Support 

Payment service 

OTHER BENEFITS OFFERED 

The project launches exchanges for all forms of trading activities and for improving project operations, other base currencies such as BTC, ETH and USDT will be involved in trading as an option for the pair needed to make the exchange. Not only will trade be possible, there will be a way to carry out OTC trading as well which will include large volume trading in such a way that many non-retail investors will be motivated to join the system. This makes users exposed to new types of assets and volumes that can be traded without fur.

CONCLUSION 

Aside from known ICOs, the Early Exchange Offer will be available to many other platforms that want their coins to be listed in the Velic exchange and moreover, this will be possible without these projects having to pay fees for the process. With all these benefits, this project will be able to change the way trade is conducted and allow institutional investors to join the ledger system. Important quality will also be used and users will not be disappointed when they surrender to Velic.

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author:Chubylaw