Ven

Global virtual currency used in financial markets, as well as commodity and carbon credit trading

Information

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Web http://venmoney.net/
Maturity

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About the project Edit

Ven is a global virtual currency used by members of a social network service, Hub Culture, to buy, share and trade knowledge, goods and services. It is the first virtual currency to be used in the financial markets and the first used in commodity and carbon credit trading. Ven can be spent at Hub Culture Pavilions or used for micropayments on the Internet at large. The value of Ven is determined on the financial markets from a basket of currencies, commodities and carbon futures. It trades against other major currencies at floating exchange rates.

Themes

In what ways is this project unique and creative? Edit

Launched in 2007, Ven is the original virtual currency to move into the real-world economy. It is highly stable, global, green and secure. It is designed for P2P exchange, and puts liquidity into the hands of those willing to use it - while circumventing traditional choke-points in the economy via direct distribution between people.

What is the social value of this project? Edit

Ven has green DNA. It is designed to be supportive of environmental protection by the establishment of a 100% reserve backing profile which includes carbon credits in the allocation basket. The more Ven in circulation, the higher the investments in carbon, and the more trees, oceans and natural assets protected.

What is the potential of this project to expand and develop? Edit

Ven is incredibly scalable and can be exchanged at no cost to anyone with an email address. As it moves into the mobile world, Ven is unlocking economic participation for the poor, and it is poised to lead in post-human payment interactions between machines on the Internet.

What was the triggering factor of this project? Edit

The Ven was created by the social collaboration community Hub Culture.

What is the business model of this project? Edit

Hub Culture manages the Ven by maintaining a network of online stores for redemption. As the currency grows, derivatives, funds, and other virtual financial products are set to enhance and deepen the business model for virtual currency.


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