I welcome you all once again to this Wonderful CRYPTOCURRENCY NETWORK BLOG, as usual ! all of you know’s, I always carry you along with any information about good crypto related projects through my blog.
An initial coin offering (ICO) or initial currency offering is a type of crowdfunding using cryptocurrencies. In an ICO, a quantity of cryptocurrency is sold in the form of “tokens” (“coins”) to speculators or investors, in exchange for legal tender or other cryptocurrencies such as bitcoin or ethereum. The tokens sold are promoted as future functional units of currency if or when the ICO’s funding goal is met and the project launches.
An ICO can be a source of capital for startup companies. ICOs allow startups to avoid regulatory compliance and intermediaries such as venture capitalists, banks and stock exchanges. ICOs may fall outside existing regulations, depending on the nature of the project, or be banned altogether in some jurisdictions, such as China and South Korea.
ICOs have been prone to scams and securities law violations. Fewer than half of all ICOs survive four months after the offering, while almost half of ICOs sold in 2017 failed by February 2018. Despite their record of failure and the falling prices of cryptocurrencies, a record $7 billion was raised via ICO from January-June 2081
The first token sale (also known as an ICO) was held by Mastercoin in July 2013. Ethereum raised money with a token sale in 2014, raising 3,700 BTC in its first 12 hours, equal to approximately $2.3 million at the time. An ICO was held by Karmacoin in April 2014 for its Karmashares project.
ICOs and token sales became popular in 2017. There were at least 18 websites tracking ICOs before mid-year. In May, the ICO for a new web browser called Brave generated about $35 million in under 30 seconds. Messaging app developer Kik’s September 2017 ICO raised nearly $100 million. At the start of October 2017, ICO coin sales worth $2.3 billion had been conducted during the year, more than ten times as much as in all of 2016. As of November 2017, there were around 50 offerings a month, with the highest-grossing ICO as of January 2018, being Filecoin raising $257 million (and $200 million of that within the first hour of their token sale).
Kik had previously issued $50 million in tokens called “Kin” to institutional investors, and sought to raise an additional $125 million from the public. In connection with this ICO, an unidentified third party executed a phishing scam by circulating a fake URL for the offering through social media.
By the end of 2017, ICOs had raised almost 40 times as much capital as they had raised in 2016, although still amounting to less than two percent of the capital raised by IPOs. According to industry newsletter Cointelegraph, companies raised around $6 billion via ICOs in 2017; 37% of that amount was made by only 20 ICOs. Already by February, 2018, an estimated 46% of the 2017 ICOs had failed.
ICOs are sometimes called “token sales”. Amy Wan, a crowdfunding and syndication lawyer, described the coin in an ICO as “a symbol of ownership interest in an enterprise — a digital stock certificate” stating that they are likely subject to regulation as securities in the U.S. under the Howey test.
Ethereum is (as of February 2018) the leading blockchain platform for ICOs with more than 80% market share. Tokens are generally based on the Ethereum ERC-20 standard. According to Cointelegraph the Ethereum network ICOs have resulted in considerable phishing, Ponzi schemes, and other scams, accounting for about 10% of ICOs.
On January 30, 2018, Facebook banned advertisements for ICOs as well as for cryptocurrencies and binary options. By April 9, 2018, ICO advertising has been banned not only by Facebook, but by Twitter, Google, and MailChimp.
In reference with the motion of this article, Today! I will be presenting you a particular undisputed project called:VENA
WHAT IS Vena Network?
Vena network seeks to create a non-centralised digital asset market and exchange enterprise via the Vena protocol, which has two major categories:
The basic protocol layer
This layer mainly includes registration, configuration, routing, and management of upper layer financial assets.
Asset protocol layer
This is based on assets, completes user-defined financial businesses through the implementation of the terms contract interfaces
Of the thousands of cryptocurrencies held freely throughout the world, there are still certain issues arising from the high transaction fees arising from crypto to FIAT conversion. The high transaction fees in converting crypto to FIAT and vice versa has led to the depopulation of crytpo space, not to talk about the fact that most centralised trading platforms responsible for such conversion run without a legal license, putting investors at risk and fear of being manipulated and short changed.
The Vena Solution
Vena implements a system where all transactions are executed by the smart contract, and are free from human manipulation, thereby kicking against fraud. Transactions carried out on the Vena network are usually cost effective, efficient and free of incredulous financial mediators.
The Vena network has various effective tools that sees to the that provides advantages as such cost compensation for every transaction done on the platform.
please check out this video presentation to get acquainted
Smart contracts will be used by vena network to standardize the implementation of Vena Protocol on Ethereum. this can be completed with open source contract code released with AGPL protocol and it’s far completely loose.
The clever settlement language used by the Vena group is genuinely relaxed to bring about a settlement library this is trendy for both transaction class and debt class.
Vena kernel is a agreement used to authenticate the signature belonging to taking part roles because it relates to transactions. This agreement additionally prevents cast order from being submitted.
This option protects fiat foreign money from malicious fraud and manual affirmation timeout during off-chain transfer.
Vena Protocol Ecosystem
How It Works?
The key element of Vena network is Luoshu button that allows users to perform open deal for property and tokens via rocket deal. Their network allows users to perform peer to peer decentralized transactions around the globe at any time they want to. And when it comes to area, all of the digital assets of the individual are stored straight in their contract if not misused or locked in a streetwise contract when there is an concord. A new block chain project, Vena Meshwork, aims to alter the debt markets, thereby applying the benefits of block chain application to the most spectacular function in the financial sector.
The key success behind ICOs has been that they enable p2p cap nurture. Rather than the grouping having to go through VC finances that endure squeaky fees, fill were healthy to fit without having to go finished a representative. Vena Mesh intends to wage a kindred goodness in the debt markets by removing the impoverishment for middlemen in the disposal transform.
About The Vena Node Network
The main role of the Vena node network is to promote the liquidity of the Vena.Network. Vena Node uses the Vena SDK to coordinate and provide comprehensive trading services including loans, asset transactions, credit valuation, contract plug-in contracts, etc. And collect profits by collecting the fee.
Certification Shimoda node has not only qualifications but also the experience of micro-loan driving, and they need to comply with the laws, regulations, and policies of the operating location.
The Vena node shall deposit the Vena Token as a guarantee according to a specific percentage of the Vena Foundation.
A highly liquid
Authenticated Vena node can place orders in the shared liquidity pool and Vena nodes can share orders and promote transactions by facilitating transactions and can be charged fees, depending on the economic incentive of profit sharing You can improve the liquidity of the trading network.
The user’s digital asset is stored in a wallet or is locked with a smart contract. Since the Vena node does not hold the user’s digital assets, it avoids the platform’s ethical risks. At the same time, the cost of safety required for node asset deposits is also greatly reduced.
The Vena Tokens
The total supply of the coin is fixed at 1 billion which will be distributed as follows:
Team and advisors: 15%
Token sale: 30%
Bounty pool: 15%
Vena foundation: 30%
C.E.O: Ching Zhu. An excellent performing honours student from UESTC and is also the founder of chainboard technology.
C.T.O: Jeremy Lan. A blockchain engineer, co-founder and CTO of hardrole.
Operation director: May Du. A richly experienced entrepreneur, who hold a post graduate degree of finance from Nanyang technological university, China.
C.S.O: Yuanfei Zhu. A top student recommended for admission to Shanghai jioa Tong University as a top student, majoring in computer sciences. He later went on to found moregg during his suspension of school.
Business director: Zed Zhao. A graduate of UESTC, a former project manager at UETC, saw to the creation of encrypted platform and cyber security system for armed police.
Product director: Zoki wang. A graduate of UESTC, who is very rich in knowledge about the internet industry, having previously worked for reputable internet companies.
Overseas market manager: Amira Zhou. A practitioner with years of experience in business negotiation and project management.
For more information, please visit:
Github : https://github.com/venanetwork
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1925101
DISCLAIMER:This post was brought to you by Opeyemi being my personal project on Vena campaign project