Velas and Cryptosat unite their powers to start the development of a new Random Beacon provided from space.
Secure sources of randomness and unpredictability are, counterintuitively, foundational to providing certainty — the certainty of cryptographic protocols to operate correctly. Blockchains are no exception. A random number generator will often be derived from complex cryptography and will require to trust the producer.
The past has taught us that Backdoors exist and their exploitation might be easy. In a permissionless blockchain, the challenge is even bigger — no trust can be assumed. Therefore we need the randomness to be publicly verifiable. Enter Random Beacons. By now, a necessity for the operation of many chains. Still, and after multiple iterations of new design proposals over the last few years, Random Beacons are proven to be far from trivial. To achieve the properties required from a trusted source of randomness (e.g. bias resistance), they resolve to cutting-edge cryptography and incur trade-offs in required computation or network resources.
The Velas team is excited to announce that we’ve established a partnership with Cryptosat. Together with its experts, we start working on a new Random Beacon. It will be able to generate trusted randomness (while being located in space!) and transmit them.
“Random Beacons must be unpredictable and resistant to any manipulations. We believe that our partnership with Cryptosat will help us develop a top-quality Random Beacon, which has no analogues in the modern crypto industry” — Velas CEO, Farkhad Shagulyamov.
Although the development of such an innovative project requires a lot of resources and experience, we are sure that our team will overcome this challenge. As a result, Velas and Cryptosat may present the world with the most visible and trustworthy random generator that ever existed.
The Velas blockchain is an extremely fast distributed ledger that deals with up to 75,000 transactions per second. At the same time, the network can boast an impressively low fee, which is only $0.00001 per transaction.
The blockchain is based on Solana’s open-source code and the EVM. These technologies allow the platform’s users to develop their own dApps that run on the ETH blockchain as well as use all benefits offered by the DPoS mechanism.
In addition, the Velas foundation supports and encourages dApps developers with its $100 million grant program. Plus, its team actively collaborates with well-known brands and other crypto projects, including Ferrari, DEXTools, and others.
Cryptosat is an exciting project that focuses on building satellites that power cryptographic, blockchain, and ledger apps. Its team believes that the combination of satellites and crypto technologies will unlock new possibilities for humanity.
Its cryptosatellites will totally change the approach to the trustworthiness of the blockchains. They can take nodes into space, which means it’ll be literally impossible to manipulate them.