Vena Network will Offer Function-Specific Blockchain Protocol for Financial Operations
In the focused field of peer-to-peer cryptocurrency transactions, a network paradigm underlies all financial operations. Though the objectives of P2P networks are shared among all encrypted currencies, there is no standard for building a network on blockchain. This suggests that blockchain protocols can be designed with any technical implications.
The P2P Vena framework will enable users to conduct offline transactions, deposit and exchange currencies, act as borrowers, etc. That is, Vena Network will implement the deposit, exchange, loan and withdraw scenarios for P2P transaction using its in-house elaborations.
Description of the Vena P2P Network
The distribution of roles among participants within the Vena Network can be summarized as follows:
Relayers will post orders to the order books. Designing a specific relyer will help aggregate and maintain orders. Appraisers will consolidate the outside information, charge fees and manage orders. Additionally, Contract Authors will create template contracts including individual contract patterns using functional Vena interfaces. Price oracle contracts will be introduced as well with the aim to monitor market changes and in particular notify the concerned parties of their fees.
Trading and debt orders
Stakeholders who are interested in fiat to cryptocurrency exchanges will be provided with the guarantee service from the appraisers. For this, orders will be conducted with the Handshake Protocol. Similarly, debtors can request debt services, whereas appraisers will be able to collect and evaluate the outside information. Each order will first be submitted to the Vena contract. Should the verification process will successfully be completed, a negotiated amount of assets will be transferred. Obtaining individual credit loans is possible as well. Vena kernel contract is a final stage for order processing. As long as orders haven’t been submitted to the kernel contract, they still can be cancelled. As with various other protocols, arbitration process can take place. For this, Vena Foundation will assign approved jurors to resolve the issue.
Token Sale Plan
Public Sale will start on October 25 and end on November 5, 2018.
Generally, Vena Network is a protocol that aims to bridge the gap between financial service providers and individuals to enable cryptocurrency holders to opt-in to investment opportunities. Cross-chain transactions will foster collaborations between various interested parties. This means, that assets can be freely transferred in a decentralized manner. Though the number of ICOs elaborating technologies on financial networking has been increased, cross-chain transactions remain a rather rare feature. Due to the fact that the crypto market is extremely vulnerable to the effects of the currency fluctuations, Vena Network will provide for the possibility of removing particular cryptocurrencies from the list. As follows from the context, Vena tokens will be involved in a number of operations including arbitration, nodes creation, service charges, etc. Additionally, there is a range of supportive services aimed at promoting the use of the Vena tokens, such as obtaining a higher collateral rate or discounted fees. As it has been announced by the team, Vena tokens should be listed in exchange by the end of 2018 followed by the official Protocol release by the second quarter of 2019.
Links:
Website: https://vena.network/en
WhitePaper: https://bit.ly/2OgZKPd
Telegram: https://t.me/vena_network
Facebook: https://www.facebook.com/venanetwork/
Twitter: https://twitter.com/VenaProtocol
Medium: https://medium.com/@457597870
ANN: https://bit.ly/2NycR9f
Author: https://bitcointalk.org/index.php?action=profile;u=980049
Disclaimer
This review by Bonanza Kreep is all opinion and analysis, not investment advice.