Vena Network has begun the creation of a decentralized financial ecosystem.
The Crypto market witnessed a hurricane of ICOs this year. While many projects raised millions of dollars, most of them are years from providing a direct utility to the token holders. A more poignant fact is that most of them will likely never reach a point in development that will provide a genuine utility.
However, there were certainly some exceptions.
Some projects launched their ICOs with the MVP ready to roll. The ICO funds provided them with the capital needed to advance the development. Vena Network, which completed its token sale last month, has already made the improved version of its MVP available to the public.
The Development
Vena Network is a protocol aimed at decentralizing financial interactions. It provides smart contracts that can hold funds in escrow; the funds are released once contract terms are met. The smart contract structure is generic enough to support virtually any financial interaction.
While some financial interactions, like OTC trades, are simple enough for smart contracts to manage independently, others are complex and need the mental dexterity of a person. Since real world financial interactions, like loans, are quite complex, Vena Network only allows nodes, which have staked VENA tokens, to be the providers of loans. The network provides a jury system to arbitrate a solution in case a smart contract cannot sufficiently resolve a financial interaction due to unexpected real-world events.
The Next Step
Vena Network has already provided the first utilities of its protocol. The Vena App is ready for handling loans and OTC trades.
To kickstart platform usage, Vena Network is providing up to 20% return on Tether loans. Given that we’re in a bear market, a large number of people are holding large sums of stablecoins, including Tether.
This is an opportunity to get an interest on that Tether while waiting for the market to improve. While the 20% is limited to token sale participants—a testament to the team’s value for the early community members—anyone can access the platform and access a return on lent Tether. In time, the platform will add additional tokens and coins that can be lent.
The launch of the OTC trading facility and the lending platform is a means to display the functionality of the protocol. As the development reaches further stages of the roadmap, the VENA tokens play a more vital role.
Stepped Decentralization
For the time being, Vena Network is itself handling the financial interactions.
The platform has a long-term approach to slowly decentralizing the network. As the development reaches a point where the system needs limited upgrades, it’d be possible to hand over the operations to a decentralized network of nodes. This is when VENA tokens will come into play as nodes would need to stake the tokens to operate.
While many projects pursue a hastened decentralization of their development, this limits advancements to the platform. Thus, Vena Network is having the initial control of the system to advance it efficiently and effectively. Decentralization of the platform will be slow but steady process.
Essential Links
🌐 Website: https://vena.network/en.html
💡 Whitepaper: http://whitepaper-en.vena.network/
💻 Telegram: https://t.me/vena_network
Connect with me:
https://bitcointalk.org/index.php?action=profile;u=1700741;sa=summary
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Good to know about their progress. But I am not sure how the decentralized approach will succeed. The 'go slow' strategy sounds great but handover the operation seems to me would make it deliberate; maybe I am wrong. Apologizing for that.
The network would have the initial control- is the best part to trust on it and would have succeed on this point, I think.
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So, I didn't dive into the nodes much but I'll elaborate now.
The development and ops will go well with the team because they are experienced. That's pretty typical with any ICO. However, the nodes are typically unfamiliar with the tech or ops and sign up for the node rewards.
Not this time.
When Vena Network does slowly decentralize, its nodes would have to be vetted as they'd have to provide proof of knowledge of the financial market, mainly credit.
It's not a dPoS as anyone can be a node, but he/she/they must provide proof they can handle it by conveying possession of the knowledge.
I was imagining the first scenario. But now I got the strategy through your words.
Good to know and good luck.
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Hello, @hatu! I'm pleased to let you know that @crypto.piotr was kind to recommend your blog and inform us on the kind support you provided for his latest contest. Here is my Thanks for you. Glad to meet and follow you!
Best wishes!
His contest is a positive gesture for the community so I was happy to help.
Nice to know that! Constant support makes huge impact,
Take care!
Hi, your website link gives a 404.
This works: https://vena.network/en.html
20%? APR? From a stablecoin? Their recent news mentions 8-10% annually. So how much will the borrowing cost?
Thanks for the info.
20% is for ICO participants.
I doubt they are charging 20% to borrowers. I take this is promotional: a means to get people to lend the first batch of Crypto.
P.S.: Thanks! I updated the URL.
Excellent and nutritious information especially for us blockchain lovers I love greetings and my respects my support with my humble vote.
Glad you like it :)
I try to follow the cryptocurrency news but I really do not understand much, but if I like to write my stories and stories, thank you for the support you are giving to the friend who wants to delegate very kindly promoting the platform. @hatu @Crypto.Piotr
Muy informativo el post.
Decentralization of the platform will be slow but steady process.
This phrase that you end up with is full of hope for many, but I think it is a great problem for many others.
This is a big problem for the banks, which have been centralizing all the capital in the hands of a few for a long time.
You also mention: * Staggered Decentralization *, I believe that like any process, you should give your time, to correct mistakes in the course of the journey.
I still trust that cryptocurrencies are the future of finance, and the blockchain will continue to provide opportunities, it is here to stay.
Thank you for this information.
Excellent information, it seems to me a safe move to decentralize the network little by little to be able to guarantee the efficient development of Vena Network, I will follow closely from now on to Vena Network.
This is my first time of knowing about Vena network and the current project they have embarked on.
Almost all the coins and ICO issued are now dead and no where to be heard.
Is this as a result of dip in steem price?
It all sounds great. Their seems to be a lot of activity... I also assume many (are able to) jump into it as well... still.I keep wondering if it all is worth the investments, how strong and healthy they all are to stay alive, grow and most of all conquer the banks, the Cabal.
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