Cryptocurrency is a digital payment system that doesn’t rely on banks to verify transactions. It is a peer-to-peer system that can enable anyone anywhere to send and receive payments. Instead of going around with physical money in the real world, cryptocurrency payments exist purely as digital entries to an online database describing specific transactions. Cryptocurrency, sometimes called crypto is any form of currency that exists digitally or virtually and uses cryptography to monitor, secure transactions and prevent counterfeiting. It has no physical representation and is distributed over a large network of computers connected to a virtual environment. It works through decentralized networks based on blockchain technology. Transfers are protected by public or private keys and are linked directly to the user's digital wallet. Unlike the traditionally used currency, it is not issued by a centralized authority and has minimal government interference or manipulation. It also offers various benefits, such as greater portability, divisibility, resistance to inflation and transparency. Cryptocurrency received its name because it uses encryption to verify transactions. This means advanced coding is involved in storing and transmitting cryptocurrency data between wallets and to public ledgers. The aim of encryption is to provide safety and security.
Venice is the cryptocurrency that powers the Venice Swap ecosystem. It is the utility token of the Venice Swap Platform used in all transactions related to distributed credits. The Venice Swap platform adopts the Venice token as its internal fuel and follows ERC20 token standard on the Ethereum blockchain. Services provided to the interested public by Venice Swap are referred to as Venice Swap Services. These services which are based on internet and/or blockchain technologies are offered via Venice Swap websites, mobile applications, clients and other forms (including new ones enabled by future technological development). Venice Swap owes its name to the extraordinary history of the Most Serene Republic of Venice as a naval and mercantile empire, which between Rialto and Piazza San Marco invented the very concept of a modern stock exchange.
Venice Swap, the platform for next-generation crypto trade and swap was brought to life by Mr Gianluca Busato. A Fintech company, known as Venice Swap UAB, based in Lithuania is in charge of developing the Venice Swap application. They are licensed as a cryptocurrency exchange operator and cryptocurrency depository wallet operator. Meanwhile, the Venice Coin token is organized for sale by a forex company, Venice Swap LLC, as VENICE is the only way to use the Venice Swap platform which is an environment for Crypto Exchange and Swap. Venice LLC is a Forex company based in SVG. All parties that run Venice Swap are known as Venice Swap Operators. They include teams, legal persons (Venice Swap UAB and Venice Swap LLC) or organizations that provide Venice Swap Services. There are various websites, applications, clients, applets and other applications developed to offer Venice Swap services. Examples include: Venice Swap Launchpad, Venice Swap DEX, Venice Swap’s Open Platform and so on.
Target groups include companies and individuals interested in crypto trading or crypto traders. Crypto users always prefer to have an easy trading experience with crypto, hence Venice Swap aims to satisfy this need by providing new tools over time. To create this one-stop experience for end users and clients, there are two main applications that Venice Swap will introduce to the market namely centralized crypto exchange and a decentralized swap app. The former will be used to trade crypto-crypto and crypto-fiat while the latter will be used for crypto-crypto trade in the Ethereum blockchain. Over time, different kinds of applications and exchange to make transactions easier for crypto traders. The decentralized exchange application will enable users use wallet connectors such as MetaMask, Portis, CoinBase Wallet, FortMatic and Wallet Connect. The idea is to enable users trade (swap) ETH and ERC-20 tokens in a decentralized manner where Venice Swap will not store their information in their cloud centralized database.
Venice Swap is compliant with the EU General Data Protection Regulation (GDPR) that has become fully enforceable throughout the European Union on 25th May 2018, after a two-year transition period. Unlike a EU directive, it does not require national governments to pass any enabling legislation, and is thus directly binding and applicable. However, how VENICE tokens will be used to build the circulation of the currency and create supply and demand mechanisms is an important part of the Venice Swap Platform. VENICE will be used within the crowd holding platform, but they won’t be limited by the platform in the future. On the platform, VENICE tokens can be used as fuel for the crowdsourcing and crowdfunding processes, payment for Venice Swap usage in businesses, and for supporters by investing tokens into companies on the platform, purchasing products/services on the crowd holding marketplace with tokens and paying crowd holding bonuses in VENICE tokens proportionally to all holders. Currently, Venice Swap intends to shape a new concept of crypto exchange where an ecosystem of different applications will create a powerful shared one-stop crypto experience for end users and traders.
For more information, kindly visit the links below:
Website: https://www.veniceswap.com/
WhitePaper: https://www.veniceswap.com/
Username: @johnson01
Note: “A sponsored article written for a bounty reward”