INTRODUCTION
The digital economy is no longer a theory, it’s currently in practice and has enjoyed massive growth due to large-scale adoption. The more there is a need for online payment, the more rapid the growth of the digital economy will be. Since the digital economy will continue to experience growth, the coming of cryptocurrency is very essential to the digital economy.
The blockchain is known to be decentralized, trustless, immutable among others. On the Vena platform, the blockchain will enable a P2P trust which will remove the dependency on middlemen and also improve privacy protection for individuals and their data. The blockchain will improve the quality of service and at the same time, make the cost of service to be reduced.
PROBLEM
When it comes to a centralized exchange system for the cryptocurrency, the USD is substituted with a digital alternative created by Tether called USDT for transactions. This digital currency is faced with a lot of problems and some of them include:
• The funds belonging to Tether may become frozen.
• A tether may become bankrupt
• The bank used by Tether may also suffer bankruptcy.
The demands for USDT as a digital alternative for fiat currency will reduce if people can handle their transactions conveniently and safely between fiat money and cryptocurrency.
SOLUTION
Vena Network agrees that transactions should occur between the concerned parties and that intermediaries should not take part in the process. Vena believes that users should have the freedom to manage their assets with no input from third party agents. Vena helps to map debt-based assets into generic tokens which will then be publicly issued so that investors of all kind can take part in the process which transforms the proprietary market into a public market free from monopoly.
FEATURES OF VENA NETWORK
Vena will design a distributed commercial network through the use of an economic model that is tokenized.
Users of the Vena network platform will find it easier to conduct transactions related to fiat currency and credit because their identity will be authenticated through decentralization.
Vena has a protocol design that is well defined. The protocol layer was designed to be abstract so that secondary development can have freedom for creativity during its improvement, which can be the addition of extra ecological roles and innovations. The asset aspect of the protocol layer supports debt contracts and another standard contract library such as a collateral loan, credit, debt issuance and trading contracts. All these help build an exchange platform and asset financing.
Vena aims to bring about a closed-loop digital assets circulation which begins from asset issuance and then moves to trade in the secondary market. By so doing, activities such as spot transactions, collaterals circulation, and pledge transfer right will be possible within the Vena platform.
Vena will support non-fungible token or NFT for short and also help portfolios receive collateral loans with value-addition through contract terms that are self-defined.
BENEFITS OF VENA NETWORK
On the Vena platform, users are entitled to so many benefits and some of them include the following:
The problem of collateral price fall will be handled by a mechanism put in place by Vena called compulsory liquidation.
If in the event collateral price falls quickly with no time to liquidate, Vena will use another protocol called token issuing mechanism.
A decentralized governance will be introduced with the use of Aragon software.
Smart contracts will be designed and managed with Zeppelin_OS
Vena will make available source code with AGPL open source permit.
CONCLUSION
Vena Network helps users to conduct financial activities through a well-written set of contract terms. Users of the platform will be able to retain copyrights and what this means for the Vena network is a growing smart contract templates market to enable users to conduct their financial activities efficiently.
for more token information follow link bellow:
