Economic activities now more than ever rely on digitized information in their production processes. The internet, Fintech, cloud computing, and other new technologies have become a means to collect data, store it, analyze and share it in a way that transforms social interactions. This digitization forms the backbone of innovation in what has come to be called the ‘digital economy’. In 2012, research pointed to a potential growth of the economy in G20 countries at $4.2 trillion. It is expected that it will contribute up to $1360 billion to the global GDP in two years.
The Blockchain forms a huge part of the growth in the digital economy. The technology promises a breakaway from the dependency on intermediaries in many sectors of the economy. It acknowledges the complex balance between privacy protection and the disclosure of information and the protection of individual interests and codetermination.
There are now thousands of cryptocurrencies in the world solving different problems.
Despite the growth in the number of cryptocurrencies and the continued acceptance of the currencies in the mainstream market, transacting between crypto and fiat is still difficult and costly. It is done through exchanges and centralized trading platforms.
Given that the technology is fairly new, few countries have established any regulations to govern these platforms. The users have to carry the risk of privacy disclosure and the safety of their money. At the same time, there is nothing to stop the platform from manipulating prices to hike their profits.
What is more, most exchanges use a digital substitute for the dollar. These substitutes come with high service charges, withdrawal complications, and security concerns. As if those issues are not enough, there exists no service to allow crypto holders to borrow fiat and pledge their digital currency even if the demand has been proven.
Consider ICOs under the smart contract ERC20; the cryptocurrency ecosystem becomes diversified in the market and provides a way to exchange and use information without needing licenses.
Through Vena Network, transactions will be conducted between the two involved parties- no intermediary- and so one will be able to manage their assets without needing a third party. You will be able to map assets into generic tokens to issue to the public. Investors will then be able to participate.
The protocol circulates the tokenized assets in a closed loop and allows investors to finance debt easily. Users will also be able to borrow loans. They will be able to exchange fiat to cryptocurrency easily and without needing a third party.
With the blockchain-based open-source protocol, the user will be able to write the terms of their contracts and define the rules for their financial activities. The activities covered include issuing assets, trading, and lending. Even though the protocol is open-source, a user can maintain their copyrights. That way, one may view Vena Network as a smart contract template. It guarantees a freely defined interface and offers a library of smart contracts to serve any financial need.
Features of the network
The Vena network will have the following characteristics:
- A distributed network for commerce with a tokenized model that will allow cross-chain transactions
- A decentralized method for authentication for any transaction – the jury network is the main protection mechanism
- A highly layered and abstract protocol design that allows freedom to make secondary developments and innovate
- A system that does not need a third party to transact
To help develop the network and foster team participation, the team will issue a token based on ERC20. The token will be used to establish the Vena node and the verification juror, to pay for trade services and as collateral when users borrow money. Token holders will also be able to participate in voting.
There will be an initial volume of 1 billion tokens and additional tokens that will be issued every year. The additional tokens will be governed by rules and will require voting from the community. However, they may never exceed 3% of the total number of tokens for that year.
The tokens will be distributed as follows:
Figure 1: Token Distribution
The Vena team consists of seven members and eight advisors including:
- Ching Zhu – CEO
Ching Zhu is the founder of ChainBoard Technology. He has directed Fintech companies including ICE KREDIT and R&D. She has a huge portfolio when it comes to credit investigation and management of financial risks.
- Jeremy Lan – CTO
Jeremy Lan is the resident Blockchain engineer in the team. His interests include strategic research and logic. He was principal of Hiscene, an artificial intelligence company before beginning to work on cryptocurrency related projects. Currently, he is committed to solving problems in the sector including scalability.
- Benjamin Gu – Advisor
Benjamin Gu mastered in Business Administration and is currently the chief strategy officer at DAEX. The man has worked in management in companies such as R&D, ENCORE.
You can read more about the team here.
Community and Social Media
*The following data is as of 5th November 2018.
Twitter – 118 tweets, 601 followers
Telegram – 9671 members
Facebook – 4912 likes, 4923 followers
Token name: Vena Network
Token supply: 1000 000 000 VENA
- The team
- Community engagement
- Value of the cryptocurrency to the market
- Token allocation
For a project that is all about community, the Vena team will have to do a lot to create awareness about it and to sell their idea. Fortunately, the team seems to be capable to do the task at hand based on their qualifications for the job. The idea behind Vena Network it noble and the team can accomplish plenty with the right approach. It should also be noted that renowned exchanges such as Digifinex and Kucoin have invested in the project, suggesting that some of the most significant actors in the ecosystem have faith in the project.
Author: Dantrevons – 0x6671219099eA6CCC75Eb3f4f4200D46A97b09a19