Vena Project Overview
Vena plans to construct a digital network of exchange where P2P system of communication will be utilized for financial and trading activities to facilitate currency to currency exchange from anywhere in the world at anytime.
There exist thousands of cryptocurrency in the world today. With such crypto abundance in many places in the world, the transaction between fiat currency and cryptocurrency is very expensive and difficult to process which puts a dent in the rise of cryptocurrency popularity as well as cost of transaction.
Presently, crypto and fiat trading are done with the use of OTC trading platform. A lot of countries are yet to recognize cryptocurrency as a valid currency and because of this, there is no legal backing for it in those territories which makes users of cryptocurrency in those places to be sole bearers of all risks associated with cryptocurrency.
FEATURES
- BLACK SWAN: This refers to an uncalculated incident that has the potential of derailing the market through series of negative chain reactions. The market volatility and unpredictable fluctuations can result to this but Vena Network has a solution, which is an immediate liquidation in such situation to stop the extension of risk.
- TIME LOCKING: This feature is used to prevent fraudulent activities as well as malicious scams during the off-chain transfer of fiat currency.
- SIGNATURE VERIFICATION: This feature is used to verify the signatures during transactions to make sure that there is no forgery from participating roles. This is achieved through the generation of a signature’s public key address. If the generated public key is the same as the producer’s address, then the signature is confirmed to be real.
PROBLEMS
The transactions that occur on centralized trading platforms are vulnerable to malicious attacks as popular exchanges have been hacked at some point, example CoinCheck, Mt.Gox, Bithumb etc. Some of the problems that could occur are bankruptcy, embezzlement, hacking, compliance risk, market monopoly, high cost of service and price manipulation.
BENEFITS OF VENA PROTOCOL
- Support of many digital assets such as ETH, EOS, BTC, ERC20, BCH and many more to come in future.
- Supported transaction between collateral loan, fiat currency and cryptocurrency.
- Time lock prevents withdrawal of parties from the transaction process by smart contract.
- The risk of refund will be minimized through the transfer of only irreversible fiat currency.
CONCLUSION
Vena Network is beneficial to all who make use of it. The use of economic incentives on the Vena ecosystem is geared towards providing accurate market data for their users, digital assets distribution, real credit data, lending, transparency and so much more.
Vena aims to help their users succeed in their crypto trading and also to protect their assets from malicious activities such as scams and fraud. Vena aims to contribute to the development of a working and prosperous crypto community.
For more information about VENA NETWORK please visit and join link below :
Author: Dangdingdongbray
Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=1767724
ETH: 0xd48Bd92737914E7dA48CbFE7974926216Dfec973