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.
This will serve two main goals:
DRIVE ADOPTION AND INNOVATION
Releasing the project as open source allows others to adapt and build on top of it. This reinforces the ecosystem’s growth in addition to benefiting from diverse viewpoints to the project. We plan to develop a thriving ecosystem of contributors providing upgraded functionality and encourage the development of additional DApps (Distributed Applications) that utilize the protocol. A broader community will be able to extend the user base through both free and paid DApps, which benefit all – the network operators, the consensus network members, the users and all other stakeholders in their different roles.
This is a particularly effective strategy when the core project has a clear and robust extensibility mechanism, as does the Velocity Protocol. The architecture of Velocity that separates the utility layer of the Blockchain network with its basic elements and token mechanics from the different DApps that interact with the network is designed to accommodate new and innovative functional use cases that will come from the community. In fact, contrary to the innate tension we sometimes see between complementing solutions in the Tech market, being a utility layer, we would welcome and encourage new functional use cases that utilize the network and drive stronger network effects.
ENHANCE TRUST
A recent research surveying over 33,000 respondents in 28 countries shows a world of distrust in businesses¹. The decision to have human capital data processors make up the Consensus Network and power the Velocity protocol, although contributing to the security of the network, is prone to be criticized as we continue to let corporations hold personal data. An open-source approach will let interested parties audit the code to assure privacy is kept and the protocol can be trusted.