What is Velo currency
Velo is a digital currency created by Velo Labs, an innovative blockchain technology company. It is designed to be used as a global medium of exchange and store of value for businesses and individuals alike. The goal of Velo is to provide users with the ability to send money quickly, securely, and cheaply across borders without relying on traditional banking infrastructure or dealing with middlemen like banks or other financial institutions.
Unlike most cryptocurrencies that are based on proof-of-work consensus mechanisms such as Bitcoin’s SHA256 algorithm which requires massive amounts of energy consumption in order for miners to receive rewards from verifying transactions, Velo uses a new consensus mechanism called Proof-of-Stake (PoS). This means that instead of having miners compete against each other using powerful computers in order to mine new blocks containing transaction data, those who hold VELO tokens can stake them in order participate in validating transactions while earning rewards at the same time.
In addition to its PoS protocol which makes it more efficient than traditional blockchains when it comes down power consumption costs associated with mining activities; another advantage offered by this cryptocurrency platform includes low fees compared other payment networks out there today like Visa or Mastercard due their high processing rates charged per transaction processed through their systems.. As far as security goes; since all user funds are stored within decentralized nodes located around the world rather than one central location; this adds an extra layer protection against cyber attacks hackers may attempt carry out targeting sensitive information stored within centralized databases maintained these companies