The transaction that occurs between fiat currency and cryptocurrency currently happens on OTC centralized trading platforms. In most countries, there is no laid down laws or rules concerning the use of cryptocurrency and this translates to an unsupervised use of cryptocurrency without any regulations or licenses.
As a result, those who make use of such platforms are completely responsible for the safety of their assets and data. On the other hand, the platform can tamper with prices of transactions for the purpose of making more profits.
INTRODUCTION TO VENA NETWORK
Vena Network plans to design a decentralized cryptocurrency financing and exchange platform through the use of Vena Protocol. Vena Protocol is based on the blockchain and is open source which will enable users to conduct transactions with cryptocurrency and fiat money and to also obtain loans with cryptocurrency serving as the collateral without needing any third party agents.
The Vena Network increases the trust of users and helps them make the most of the crypto market and also to shield them from dishonest traders and price fluctuations caused by market volatility.
For the Vena Network to actually be successful, there are two roles that are essential to the Vena nodes they are Vena Appraiser and Vena Relayer. The Vena nodes can either contain one role or the combination of both of them or it can have the different service providers in the market.
Vena makes use of different technologies such as on-chain settlement and off-chain relay to bring about equilibrium during transactions and to ensure top security and efficiency in the process, also they help to make the cost of transactions to be reduced.
As a result, trading orders containing encrypted signatures passes through the off-chain channels and on the other hand, value transfers bring about on-chain transactions. Users can include a single or double orders to the contract to make sure that the smart contract completes the transaction.
Accurate market data is one of the functions of the Vena transaction market where users can receive accurate data and also transparent and fair loan guarantees and OTC transactions. The market nodes of each VENA transaction has the potential of making profit by making available financial services to users and for this reason each of these nodes are a stand-alone entity.
Those who choose the Vena Protocol will be able to use various digital assets on the platform such as ERC20, EOS, ETH, BTC, BCH and many more that will be added in time to come. Transactions between fiat money and cryptocurrency, as well as collateral loan will be supported on the platform.
Vena will only support transfers of fiat currency that are irreversible so that there will be little or no risk of refund. The exchange between fiat and cryptocurrency is protected on the Vena Network by a mechanism called distributed jury network.
In summary, Vena Network was created to restore integrity into the financial industry and to ensure that the cryptocurrency needs of people are met with a secure exchange platform that will protect their interest in the crypto market.
Website : http://vena.network/en
Telegram : https://t.me/vena_network
Twitter : https://twitter.com/VenaProtocol
Github : https://github.com/venanetwork