Vena Network ICO Review

johnthedon

About Vena Network

Vena Network is a blockchain-based open protocol in which the generic architecture allows users to write contract terms to define rules for a variety of decentralized financial activities including release property, loans, transactions and so on. Users can keep copyright and thus have the natural development of a market for smart contract templates in Vena Network. Vena ensures that basic interfaces can be freely defined and provide a standard smart contract library of debt (loan, credit, mortgage) and Transactions to help users build interactive financial DApps. ) fast, convenient and safe.

How does Vena Network work?

The Luoshu button is the key element of the project. It allows an open deal for tokens and property grants through the Rocket deal. The network allows anyone to perform peer-to-peer transactions and manage digital assets anywhere, anytime.The certified Luoshu button must have all the conditions of the lending activity in the area of operation. This means that the agreement must comply with all laws and regulations of that particular location.

And when it comes to safety, all of the digital assets of the user are stored directly in their purse if not used or locked in a smart contract when there is an agreement.

Main features of Vena Network

Building a scattered trading network using an encrypted economic model
Users will receive decentralized identity authentication to conduct transactions involving fiat credit and currency
The protocol design is clearly defined. Basic protocol classes are very abstract to improve the degree of freedom for secondary development, bringing more ecological roles to more innovative scenarios; The endogenous endorsement protocol supports standard contract libraries including debt contracts (debt issuance, credit, mortgage) and transaction contracts, which act as a precursor to the business of building financial planning and ecosystem exchange.
Achieve closed circuitry of digital assets from asset issuance to secondary market transactions, and can directly complete spot transactions, mortgage transfers, and asset circulation ( Only stable currency support) in the Vena ecosystem.
Supports the NFT standard (no symbol) and achieves a value-added mortgage loan for the portfolio through a self-determined contract.
The third party implementing the sample contract library in the property protocol layer will retain the copyright, thereby establishing a sample contract deal and service market and the author may charge the user for the service fee.
Different roles within the protocol ecosystem will receive compensation; for example, auditors may use their own data model to provide users with quality credit assessment services and get benefit.

Business model of Vena Network

Vena Network is an open source project to fill the gap of e-money ecosystems instead of a company. Vena Foundation is a non-profit organization established by the Vena team in Singapore. The purpose of the Vena Foundation is to ensure the sustainability of the Vena project, the effectiveness of decentralized governance, the safety and transparency of capital mobilization, and the development and Support for start-up businesses based on the Vena Protocol.To promote the healthy development of the Vena Network, a comprehensive incentive mechanism was established by the Vena Fund, which essentially included:

The Vena Button acting as an Appraiser or Answeree should be reviewed and approved and committed to a certain amount of Vena Tokens to the Vena Fund as a deposit, and the node may make a profit by charge.
The jury must be reviewed and approved and commit a certain amount of Vena Tokens to the Vena Fund as a deposit. At the end of each arbitration, judges who make reasonable judgments will receive a reward for the token and judges who make an unreasonable judgment will lose information (see 5.2.3 for details).
Users get 50% discount when using VENA Tokens to pay the fee.

The advantage of the ecosystem of the Vena protocol

They target the protocol layer in the blockchain to build an ecosystem. The attraction and advantage is that it does not attempt to cater to all market details in the vertical, but rather to promote different roles within the ecosystem to expand the market. This is a trend that can be observed in many industries by providing these individuals with the help of infrastructure to create great value.Thus, they abstracted the basic rules of the financial system by approaching layered design and gradually promoting emerging markets and roles in the Vena Protocol-based ecosystem. Dealing in debt and transaction transactions.

In the case of debt-based scenarios, we do not solve the problem by setting and optimizing one system for all for a particular loan type, whether it is a microfinance network of P2P or a decentralized loan protocol, because these solutions have a common disadvantage - they are tailored to specific debt types, and debt includes a range of assets, Receipt of payment to bond sovereign security for each use case. The custom protocol for every user is very inefficient and redundant. Therefore, they provide our solution.

Roadmap of the project

2018. Q2: Release white paper, verify product concept and launch development, launch global operations, including China, Australia, Canada, Russia and United States.
2018. Q3: Start IEO or DAICO, launch Vena Token Exchange, open Agent Application.
2018. Q4: Open source SD book on github, run test of the official exchange, launch Luoshu product 1.0, resolve the first agent.
2019. Q1: Release of Luoshu Product 1.1, complete ecosystem development and open city partner program (introducing more than 20 agents).
2019. Q2: Luoshu 2.0 release, promoting global business growth, introduced more than 50 dealers.