What network is Velo on?

Excuse me, I'm curious about the underlying technology behind Velo. Could you please elaborate on what network Velo is actually built upon? I've heard about various blockchain protocols and distributed ledger systems, but I'm not entirely sure which one Velo utilizes. Is it a public blockchain, a private blockchain, or perhaps a hybrid solution? Understanding the network foundation is crucial for assessing the potential scalability, security, and interoperability of Velo. Thank you for your time and consideration in answering this question.