2016/10/02 2:58 PM

Distributed derivatives platform Velocity went live this week with a product demo version. The “simple” smart contract invites users to speculate on price for Ethereum’s native token ether.

Also read: Indian Bitcoin Startup Unocoin Holds Record-Setting Fundraiser

Velocity Making ‘Financial Building Blocks’

Velocity‘s aim is to provide a blockchain-based smart contract alternative to existing derivatives, built on Ethereum. The demo version currently runs on Ethereum’s testnet.

Chief architect Vignesh Sundaresan indicated where the financial industry could use his products:

“Derivatives are financial building blocks if you think about it. They are everywhere around us. If you look at insurance, if you look at portfolio management, derivatives are very important.”

Velocity presented its demo before an audience at the recent International Blockchain Week in Shanghai. The event ran concurrently to Ethereum’s…

Source link