Ven (currency)

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Ven
Denominations
Symbol VEN
Demographics
Date of introduction 4 July 2007[1]
Official user(s) International
Unofficial user(s) 30,000
Issuance
Private company Ven Central Reserve Board[2]
 Website ven.vc
Valuation
Inflation N/A
 Method Pegged with a basket of currencies, commodities and carbon futures.[3]

Ven (sign: VEN) is a representative digital currency traded in international financial markets.[citation needed] Its origin was as a community currency used by members Hub Culture to trade knowledge, goods and services. The value of Ven is determined by a basket of backing currencies, commodities and assets.[3] It trades against major currencies at floating exchange rates.[citation needed] Ven is currently listed on the LMAX Exchange.[4] It has also been traded on the Kraken cryptocurrency exchange. [5]

History[edit]

The issuing company Hub Culture was founded in 2002 by Stan Stalnaker.[6]

Hub Culture launched Ven on 4 July 2007, as its own community currency. Initially, it was transferred using a Facebook application. By late 2008, it could be transferred using email addresses.[1][7] Later it was positioned as an international digital currency.[6]

In December 2009 Hub Culture began using Ven as a micropayment system for the distribution of content produced by members in the network, allowing users to charge access to individual articles or videos posted inside the network system.

In 2009, The Wall Street Journal described the currency as being pegged to the US dollar, and used by Hub Culture's users to trade goods, services, and knowledge. One user described having been paid in Ven for making introductions and other favors.[8]

In May 2010, carbon pricing contracts were introduced to the weighted basket that determines the value of Ven.[9]

In April 2011 Hub Culture announced the first carbon offset credit trade priced in Ven, between American Carbon Registry (ACR), a carbon registry run by Winrock International, and Mata no Peito, an environmental coalition that includes ACR and Hub Culture as partners.[10][11] In September 2011, Hub Culture announced that Ven would be available on Thomson Reuters' data network and terminals.[12]

In September 2011, Thomson Reuters became the independent calculating agent for Ven, making it the first digital currency to be tracked by the global financial markets, with live market pricing appearing on over 500,000 financial data terminals worldwide.[13] In November 2011, Hub Culture announced the availability of diamonds, investment grade wines and Ven Gold, a retail gold product sold in individual 1 oz. 22 karat units.[14]

In 2012, Hub Culture announced the development of Ven Funds, derivative financial products based on the Ven, including micro-finance and commodity asset pools.[15]

In January 2014, Ven became the first digital currency to begin trading in regulated Forex markets, on the LMAX Exchange.[4]

According to leaked emails, Stan Stalnaker pitched Ven as a fundraising tool for Hillary Clinton's campaign in May 2015. Campaign chairman John Podesta expressed interest in this offer, but it was not implemented due to time restraints.[16]

Technical details[edit]

Ven is issued centrally by Hub Culture. It can be purchased with assets or earned algorithmically, for example '...by inviting friends to use it...'.[6] It is managed by the Ven Central Reserve Board.[2]

It is backed by a basket of currencies, commodities and assets.[6] The amount of each is controlled by an algorithm which has not been released publicly.[2] In 2014, its backing components included USD, GBP, RMB, EUR, BRL, CHF, HKD, SGD, AUD, AED, YEN, CAD, gold, silver, carbon, brent crude, soy and wheat.[2]

Hub Culture claims that the spread backing makes its value stable.[17][18][19] The company also claims that as part of the basket includes carbon futures, estimated at around 7%, Ven is environmentally friendly.[20][21]

See also[edit]

References[edit]

  1. ^ a b "Ven is social currency" (Press release). Hub Culture. 2009-09-16. Retrieved 2014-02-20.
  2. ^ a b c d "Hub / Hub Culture / Discussions". hubculture.com.
  3. ^ a b "Ven Now Includes Carbon Futures" (Press release). Hub Culture. 2010-07-05.
  4. ^ a b Irrera, Anna (2014-01-29). "Q&A with LMAX CEO on Ven Virtual Currency". Financial News. eFinancialNews Limited. Retrieved 2014-01-31.
  5. ^ Hub Culture press release (2013-10-07). "Digital currency Ven starts trading on Payward Kraken exchange".
  6. ^ a b c d "What about ven? Stan Stalnaker talks digital currency - CoinDesk". 7 May 2013.
  7. ^ "Ven is Social Currency".
  8. ^ Jordan, Andy (2009-09-09). "The Currency Revolution". The Wall Street Journal. Retrieved 2014-02-20.
  9. ^ "Hub / Ven - Global Digital Currency / News". Hubculture.com. 2010-07-05. Retrieved 2012-02-07.
  10. ^ "American Carbon Registry Offsets Traded in First Ven Carbon Transaction" (PDF) (Press release). Hub Culture, American Carbon Registry, and London Carbon Market (joint press release). 2011-04-28.
  11. ^ "Mata no Peito Partners – Nike Brazil Forestry Program". Mata no Peito. Retrieved 2014-02-20.
  12. ^ "Hub Culture and Thomson Reuters Partner on Ven Currency" (Press release). Hub Culture. 2011-09-21. Retrieved 2012-02-20.
  13. ^ "Ven Digital Currency to be Displayed on Thomson Reuters Data Network". Finextra.com. Retrieved 2012-02-07.
  14. ^ Eric Savitz (2011-11-23). "Currency: Dollars Aren't Enough; Here Comes The Ven (Video)". Forbes. Retrieved 2012-02-07.
  15. ^ Summerson, Karen (2012-10-12). "Founder of digital currency Ven proposes new international currency that will reform commerce". Psfk. Retrieved 2013-03-21. (Requires Adobe Flash).
  16. ^ Pearson, Jordan (October 18, 2016). "Clinton Campaign Considered Accepting Virtual Currency Donations". Motherboard. Retrieved November 16, 2016.
  17. ^ "Hub Culture: Ven is Hub Culture's cool social currency". DGC Magazine. 2009-07-14. Retrieved 2009-08-21.
  18. ^ Jeremy Deaton (2016-10-13). "The World's Most Stable Currency Is Backed by Carbon". Nexus Media News.
  19. ^ "What is Hub Culture & Ven? They Just Launched the First Digital Currency Bitcoin Fund - Finance Magnates". 30 April 2013.
  20. ^ "Ven: A Different Digital Currency". 6 April 2015.
  21. ^ "Ultra Carbon, a Tokenised Asset Object (TAO), Makes Carbon Trading Available to Everyone".