Vena Network is a blockchain open protocol that will be used to develop rules that will guide many decentralized financial activities such as transactions, loans and lots more.
Users of the Vena network will be able to participate in the developing market of smart contracts templates. Vena guarantees a basic interface that will make available smart contract a standard library of transactions and debt ( mortgage, credit, loan) and more easier for the creation of financial DApps.
Let's Look At The Features That Make Vena Network Outstanding
Vena Network will use smart contracts to standardize the implementation of Vena Protocol on Ethereum. This will be done with open source contract code released with AGPL protocol and it is completely free.
The smart contract language utilized by the Vena team is absolutely secure to bring about a contract library that is standard for both transaction category and debt category.
Vena kernel is a contract used to authenticate the signature belonging to participating roles as it relates to transactions. This contract also prevents forged order from being submitted
This feature protects fiat currency from malicious fraud and manual confirmation timeout during off-chain transfer.
The Existing Problems In The Industry
One problem that Vena Network aims to rectify is the issue of offline transaction. When two parties reach an agreement concerning price, volume, location and time for a transaction through a software, for instance, QQ, Telegram, Facebook, WeChat etc, with the exception of third party, it is not entirely immune to security risks.
This method is usually applied to local transactions that are prone to safety and security risks.
Cryptocurrency is known to protect the identity of people and are used by those who want to be anonymous but this has an effect because once there is a violation of protocol on one side of the transaction, the other participant cannot be guaranteed of interests and rights anymore and in addition, to obtain evidence in such situation is not one of the simplest things to do because it is a difficult process.
Though there are exceptions and that is limited to countries that have already made cryptocurrency a part of their regulatory framework through the issuance of license.
This does not apply to most countries as they do not have any legal backing or protection for their cryptocurrency transactions and this leaves the trader in such region or country open to possible fraud risk
ADVANTAGES OF VENA TOKEN - A TOKENIZED ECONOMY
Holders of Vena tokens can enjoy a discount of up to 50% when they pay for OTC trade service.
Those who choose to use the Vena Token to borrow money, with the token serving as collateral, will receive a discount in the service charge for up to 50%.
Those who own Vena Token can take part in the voting process of Vena DAO and will also be made part of the decision making level member for protocol governance.
Vena is indeed a project that aims to change the way transactions are performed with digital currencies and to protect the rights and interests of users through the use of standard smart contract. Vena will be a force to reckon with in the decentralized world in time to come.
Content Author: Jemma