The introduction of crypto space brought with it good tidings which was first witnessed with the bitcoin as the first ever cryptocurrency which helped to cut down the high commissions by banks when transferring money and also the problem of time consumption was minimised too. Also Ethereum which is another form of crytocurrency brought smart contract into the show and this changed the whole game totally which paved way for transactions to be signed as well as properly recorded thus actually acting as evidence if the need for it arises. But despite all these benefits, the crypto space also has it setbacks which is that it is yet to be fully adopted and this has brought with it other issues like the fact that cryptocurrency is yet to work hand in hand with fiat currencies. Also a survey by vena network shows that transaction that are basically meant to occur between cryptocurrency and fiat always encounter high cost of transaction fees. And individuals that tends to do this sort of transactions via OTC trading platform does that with huge risks attached to it.
Asset financing is the use of a company's basic balance sheet assets which includes a short-term investment, accounts receivable together with inventory to acquire a loan or basically to borrow money. In this context, the company who aims to borrow money or acquire the loan must present a security interest which is in form of assets to the lender. This is quite different from the traditional way of financing. The asset financing is a term which basically applies when a borrower is in dire need of a short term cash loan or working capital.
This concept can be regarded as being effective but a little remodification will go a long way into transforming the concept into not only effective one but also a more efficient and more productive one.
Moreover, debt financing in public offering lacks transparency and equity and creating a platform which is decentralised that will also in return allow users to borrow fiat while using their crypto acquired assets in an effortless manner as collateral is paramount and this is the core ideology of the VENA NETWORK.
VENA NETWORK
This is a platform which aims to design a more decentralised digital form of asset financing as well as exchange network through the utilisation of the Vena Protocol. The Vena Protocol basically recognises the ideas of a tokenised assets issuance as well as the closed loop circulation of the issued tokens as well as other forms of assets. This network basically enables institute investors to make a debt financing and in return allows individuals who are in dire need of capital or funds to borrow small loans without involving or creating the need for any trustworthy third party. And all these and more the platform aims to acheive with the use of the vena protocol. Also the essence of the blockchain technology system in the vena network ecosystem is basically to enhance a closed-loop circulation from tokenised asset issuance on a basis of p2p lending or transaction.
VENA PROTOCOL;
This will be the major arsenal or tool of the vena network, with which they aim to acheive all that they have set out to do. The vena protocol is however divided i to two basic layers which are:
Layer 1: this layer basically incorporates the basic protocol layer which includes; registration, configuration, routing as well as management of the upper layer financial businesses.
Layer 2: this is referred to as the asset protocol layer which is based on assets, and also helps to complete all user defined financial businesses basically through the implementation of the terms of the contract interfaces which can be ; terms of pledge as well as repayment.
MAJOR CHARACTERISTICS THAT MAKES THE VENA NETWORK AN OUTSTANDING NETWORK
I. It basically helps to solve the issue or risk of collateral price falling through a compulsory liquidation mechanism.
II. It uses an additional protocol token to ensure that collateral price do not quickly fall below the debt amount.
III. It uses aragon software and then implements it inorder to acheive a decentralised governance.
IV. It incorporates smart contract with which it stores all transaction details signed by both parties which it keeps safe and can easily provide during time of dispute as evidence.
V. It supports the following cryptocurrencies: ETH, ERC20, BTC, EOS and BCH and also has room to accommodate even more cryptocurrencies in the nearest future.
VENA TOKEN
Thus is an ERC20 token which will b used by the vena network platform and it will be used by users to pay for OTC charges amongst other things in the vena network platform. It is the fuel that drives the platform and its total supply is 1billion tokens though in the initial stage while a certain amount of the token will be issued yearly.
TO KNOW MORE ABOUT VENA NETWORK
Join the Telegram Group: https://t.me/vena_network
Follow on Facebook: https://www.facebook.com/Vena-Network-207271413455484/
Follow on Twitter: https://twitter.com/VenaProtocol
GitHub: https://github.com/venanetwork
Website: https://vena.network/en.html
Whitepaper: http://whitepaper-en.vena.network/
ETH Address: 0xdcfC15f46A448c115943329bD7c2c461cB377986
Writer's Bitcointalk Username: Musekay
Writer's Bitcointalk Profile Link: https://bitcointalk.org/index.php?action=profile;u=2070957
Congratulations @zubbykay! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :
Click here to view your Board of Honor
If you no longer want to receive notifications, reply to this comment with the word
STOPDownvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit