On October 15th, the CEO of Vena Network, Ching Zhu, had a livestream titled as blockchain & finance.
Ching Zhu first introduced Vena Network. Vena Network is an open protocol for tokenized asset financing and exchange. Vena is building a decentralized digital asset financing and exchange network, in which everyone can process P2P cryptocurrency collateral lending and OTC trading anytime and anywhere, enabling free exchange between cryptocurrency and fiat currency.
Vena Network was invested by 13 investors in June, including 2 exchanges, Kucoin and Digifinex. Now Vena network is focusing on OTC and collateral lending. Ching Zhu mentioned that in Sichuan Province, China, there are lots of bitcoin miners who need capital to expand their mining business, however, they are lack of cash and they don’t want to sell their bitcoin. Their channel of financing is limited so bitcoin mortgage is a perfect way for them. On the other hand, many individual investors could not find a method for secure investment despite of depositing in the bank with a interest rate of maybe 3% or so. Thus, what Vena network is doing become meaningful, both for the miners and the investors.
Then Ching Zhu introduced the advantages of Vena Network.
First, the transaction is transparent.
Vena manages your assets and transactions through smart contracts. Mortgage tokens are locked into smart contracts, and various states are processed through smart contracts that define rules in advance. Your assets keep being in the chain, and are safe by doing financial services through the Vena node.
Second, risk control.
First of all, Vena will provide professional KYC services for Vena nodes that need KYC services; Then, to solve the problem of fluctuations in the collateral of digital assets, Vena has a warning line and a forced liquidation line for the mortgage party. Through the analysis of the fluctuation of historical data, it links the deep data of major exchanges to do the risk control, and further ensures the financial security of the fund side.
Third, high liquidity.
As mentioned before, vena aims to build a distributed financial network where all nodes can share orders in this network. Simply put, orders submitted on different nodes can be combined with each other, and transactions between regions are not superfluous when the network is mature.
Fourth, the VENA Token economic model.
If the user wants to get some discounts from the services provided by the Vena node, they can mortgage a certain number of VENA Tokens to become a member of Vena to enjoy the discount. Secondly, everyone can apply to become a juror, do the right judgment to get the token reward, and the juror needs to mortgage the token in advance as a punishment for fraud.
At last Ching Zhu said that the product of Vena will be online in the next month, and Vena is expecting anyone who is interested in Vena nodes, collateral lending, ICO, etc. to keep attention.
After the speech of Ching Zhu, the business director of Bitcoinvietnam, Verena, was invited into the livestream. Verena said that Vietnam is a very potential market for cryptocurrency and blockchain, and Bitcoinvietnam has a wonderful cooperation with Vena Network.
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