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$VELO I want to do a quick dive into the Decentralized Cross-border Messaging System (DCMS), its role in BRICS pay/bridge, and the implications for #Velo and its ecosystem. So let's start by addressing what DCMS is and what it isn't. DCMS IS: DCMS functions as a decentralized messaging network for payments, allowing participants (such as banks and institutions) to run their own nodes without a central authority. This design promotes transparency, resistance to external interference (e.g., sanctions), and scalability, with claims of handling up to 20,000 messages per second on minimal hardware. Simply put, it is a messaging system designed to facilitate communication for cross-border payments within the BRICS Pay framework. It handles the exchange of payment instructions and data between participating institutions, like banks, in a decentralized way. Think of it like an email system for financial instructions: it ensures messages about payments (who is paying whom, how much, in what currency) are sent and received reliably without a single controlling entity. This supports BRICS' goal of reducing dependence on centralized systems like SWIFT. DCMS IS NOT: DCMS is first and foremost not a blockchain. While it is a network that enables secure, transparent, and efficient communication for transactions... It is entirely separate from the actual settlement or ledger system/blockchain that will be used for BRICS pay. Simply put, the DCMS is explicitly designed to integrate with blockchains and distributed ledger technologies. It is not a standalone blockchain but a messaging layer that leverages these technologies for validation, settlement, and security. There are some interesting features about the DCMS. Participants (bank/institution) each run their own node. These nodes store each participant's own transaction data (metadata/message data) and each manage the system on an equal basis with the others. Therefore, the nodes have a dual role: 1- Storing data locally to adhere to privacy and auditing standards which are subject to local laws and regulations. 2- Relay the data securely with limited access. Privacy controls ensure storage doesn't mean full transparency and only relevant parties have access... this makes it a verifiable and tamper-resistant storage via DLT principles. The DCMS also utilizes what's called an autonomous small networks feature which is independent groups of participants within a single country or region that use DCMS to exchange financial messages among themselves. These networks operate as self-contained systems but have the ability to connect and merge with other such networks over time, forming a larger, interconnected DCMS ecosystem. This allows two or more banks in one country to start using the DCMS to exchange financial messages with each other. Then two or more banks in another country can also start using the system. Once one of these banks exchanges messages with a bank from the other country, both networks will merge and everyone will be able to exchange financial messages with each other. Over time, the network will increase and become larger. The merging process of autonomous small networks in the DCMS is facilitated by a concept called "the chains of intermediaries". This is a powerful mechanism that allows financial messages to be relayed through one or more intermediate nodes when direct communication between a sender and recipient is not possible or desirable. Each node in the chain acts as a relay point, passing the message along until it reaches its destination. This is particularly useful when a direct connection is blocked, for example, due to sanctions, regulatory restrictions, or lack of a direct banking relationship. The sender may also want to obscure their identity from the recipient or others and can use intermediaries to limit visibility. If by chance banks in different countries or regions don't have direct links to one another, they can connect through shared intermediaries. Essentially, this provides for a flexible routing mechanism where messages can hop through multiple nodes ensuring delivery even in fragmented or restricted financial networks. The "chain of intermediaries" feature enhances the system's flexibility, resilience, and ability to operate in complex, cross-border scenarios. So there is an expanded explanation of what the DCMS is and its purpose within BRICS pay and explains, as @wideopentruth has said... that BRICS pay, or at least the blockchain it will use, wasn't developed by the University of St Petersburg, only the decentralized DCMS messaging system is and the DCMS itself is not a blockchain. It's a complex system that stores and relays metadata even in adverse conditions. Now, although they are structurally and functionally different, an easy parallel that many in this space would understand would be ISO20022. Both ISO and DCMS have a shared goal with the aim to facilitate transactions by enabling efficient, structured communication between parties. They’re about making cross-border payments smoother, whether for banks, businesses, or nations by exchanging financial data (who’s paying whom, how much, and why). However, they do differ substantially- ISO is a universal template for formatting financial messages. It’s not a system or network, just a set of rules any platform can adopt. DCMS is a system- A decentralized network of nodes built for BRICS nations to process payments independently, avoiding external control. ISO 20022, when used in centralized systems like SWIFT, its detailed data fields can aid sanctions enforcement by enabling transaction monitoring. DCMS, however, is designed to resist sanctions by distributing control across nodes, ensuring no single entity can shut it down or exclude participants. ISO 20022 is a global tool for consistency and efficiency in financial messaging, used by banks, payment networks, and even some blockchains. The DCMS is a geopolitical tool for BRICS to bypass Western financial systems, trade in local currencies, and achieve economic sovereignty. To sum it up: Think of ISO 20022 as a universal dictionary for financial transactions—a standard way to write sentences that everyone understands, whether they’re using a centralized bank’s mail system or a blockchain’s peer-to-peer network. It’s just the language, not the delivery method. DCMS is like a secure, independent courier network set up by a group of friends (BRICS nations) who don’t trust the main postal service (SWIFT). They deliver their own messages directly to each other, bypassing the post office’s rules and surveillance. They might even use the dictionary’s language (ISO 20022) for clarity, but their network is built to avoid being controlled or cut off. In short, ISO 20022 is about how to say it, while DCMS is about how to deliver it securely and independently. Hope that helps explain the difference between the two and the importance of the DCMS within the BRICS pay framework. Now I want to dive into the implications of the DCMS for BRICS pay and Velo. DCMS is just a messaging system so BRICS pay still needs a blockchain to provide the execution and settlement infrastructure. Now... both WOT and myself have made posts recently on why we believe Velo's Nova chain will be the blockchain chosen for BRICS pay. While there has been no official announcement, it seems quite clear that Velo has tailor-made Nova chain, and its entire ecosystem, to fit BRICS needs. You can search our previous posts for more in-depth analysis as to why we believe this to be the case. If Nova is the settlement backbone for BRICS pay, it would act as the shared ledger for finalizing settlements after the DCMS messages initiate the process. For example: the DCMS sends a message: "Transfer 100 RUB equivalent in INR from Russian bank to Indian exporter." Nova Chain records the immutable settlement on-chain, using smart contracts for atomic swaps or escrow, ensuring transparency and finality without intermediaries. Nova chain is also unique in that it supports Stellar Consensus Protocol for fast consensus (seconds) while also eliminating monetary gas fees by using non-valuable NOVA tokens. This makes it very ideal for high volume BRICS trade. Velo's DRS would mint digital credits and coordinate reserves of local currencies or stablecoins across BRICS nodes. So post DCMS messaging, Nova Chain would use the DRS- The DRS coordinates reserves by minting digital credits backed by VELO tokens as collateral. For instance, a Russian bank swaps 100 RUB for VELO via the Universe DEX or market. The VELO is locked as the primary collateral, by a trusted partner, in the DRS to mint a 100 RUB or, INR equivalent, digital credit on Nova Chain. DRS-integrated smart contracts verify reserves, prevent double-spending, and settle transactions using hashed timelock contracts, enabling “wholesale CBDC-like” settlements in local currencies. Additional VELO collateral backed the credit ensures the digital credit’s peg to RUB or INR, reducing dollar reliance and sanctions risks which is a core BRICS Pay objective. The pegged digital credit would then be sent to the recipient and the primary collateral (VELO) would be sold/swapped/traded for the pegged digital credit's fiat value- in this example 100 RUB equivalent of INR- which is handed over to the recipient. Velo's Warp would connect and bridge data and assets between national systems and external blockchains for global trade. For example: A Brazilian exporter pays 10,000 BRL via a Trusted Partner, who swaps BRL for VELO, mints a BRL digital credit via a TP on Nova Chain, and uses Warp to bridge it to Stellar for an INR digital credit (e.g., 50,000 INR equivalent). The Indian recipient’s Trusted Partner redeems this for INR, with DCMS confirming the messaging. Warp’s oracles and facilitators, paired with DRS reserve monitoring, ensure tamper-resistant auditing, promoting interoperability with non-BRICS partners without fragmentation. Velo's Universe enhances liquidity by offering deep pools for BRICS currency pairs. Liquidity providers can earn yields, supporting instant swaps with minimal slippage for low-liquidity pairs. Warp and Nova enable cross-chain access, allowing BRICS Pay to tap into external liquidity while prioritizing local currencies, aligning with de-dollarization goals and ensuring efficient, sanction-resistant trade. This article is a little long-winded but this should clarify what the DCMS is and how it intends to work within BRICS pay. I also highlighted a few of the many reasons why Velo's Nova chain and entire ecosystem is tailor-made for BRICS pay. The DCMS messaging system needs a blockchain to integrate with and operate on... and BRICS pay itself needs something much larger than just a blockchain. It needs an expansive and encompassing ecosystem. I believe that ecosystem is without a doubt the Velo Protocol. This is purely a gut feeling but I believe the blockchain layer (Velo/Nova) of BRICS pay is prepared and ready. I believe the current delay in its release is due to delays with DCMS, as described above, it is a critical component to BRICS pay. The DCMS is currently in a heavy piloting stage with active testing and demonstrations of its use with QR code payments and digital wallets. Once the pilot is complete it will be open-sourced to promote transparency, accessibility, and global adoption of the system. The fact that it has yet to be open-sourced leads me to believe it is the bottleneck in the release of BRICS pay. As per my recent research, BRICS is eyeing a Q4/2025 or Q1/2026 release date for both the DCMS and BRICS pay.... which coincidentally aligns with Velo's recent surge in marketing and the announcement of its Orbit Plus Q4 release date.