Ven is a term you’re maybe not familiar with, and if so, you’re not alone. Unless you trade in international financial markets or are very attuned to tech and social media, the term is probably not part of your daily lexicon.
In what will come as a surprise to most, it is actually “the most stable currency in the world”. While most would assume that gold is the world’s universal currency, it actually trumps gold and sets a new standard in commerce as we move forth in the 21st century.
This article aims to educate interested readers on Ven, and better explain why the currency is held in such esteem across the globe. Read on to learn more about it and why the digital currency is so topical.
A Brief Overview on Ven
Ven is an internationally-traded social media currency, originally appearing on Facebook on July 4, 2007.
In late 2008, anyone with an e-mail address gained the ability to buy and sell Ven. As such, it became the first digital currency to be traded globally, as well as the first currency to make its way from an online network or social media into the physical world.
While it is the first and most-successful digital currency, it is far from the last. Gamers and other people who buy and sell virtual products or services online use a variety of currencies, a practice that Ven established and a trend that will continue to grow into the foreseeable future.
Members of an electronic community called Hub Culture use Ven to buy, sell, and trade goods, information, and services, not unlike any other economy.
As of this writing, it currently trades at a rate of ten Ven per U.S. Dollar. It trades within floating exchange rates and trades against most other major international currencies.
Ven trades at the exact following exchange rates versus the following international currencies, as of August 2018:
As you can see, it stacks up well to other prominent currencies across the globe.
Ven is also known in financial markets as VeChain. Like all currencies, the exact figure for it fluctuates constantly, but the figures listed above provide an approximate value.
The currency is entirely digital and simple to use. Ven can be sent to anyone, anywhere with instant clearance.
Because the currency is entirely digital, it is very environmentally friendly.
What is Hub Culture?
Less tech-savvy readers may not be familiar with Hub Culture, the primary market and operator of Ven exchange. Here is a brief history of Hub Culture, and the eventual creation of Ven:
The company was originally founded in November 2002 as an international collection of stockbrokers. Hub Culture eventually became associated with the colloquialism “for those who see the world on a global basis”. The social network service is led primarily by invitation.
The movement to create a truly global currency is noble but also a shrewd financial move on the part of the Hub Culture conglomerate.
Hub Culture considers itself an “ecosystem” of applied technologies and websites, all of which stem from the primary concepts of Ven (the currency), Hub Culture (the network and exchange), and HubID (the unique identifier).
Hub Culture is a vibrant community. Members from various walks of life join Hub Culture and create profiles in which they tag their respective areas of expertise. Like any other community, Hub Culture members share information with other community members, primarily related to business and related activities.
Within the community, members can collaborate to plan events, share files or information, work together on projects, and ultimately use the virtual currency Ven as a way to pay for any number of informational or virtual exchanges.
As you can see, Ven and Hub Culture are inseparable. The goal of the founders has been to create a self-sustaining virtual community, and Ven’s growth to prominence has certainly been an integral part of that vision.
Statistics are constantly influx, but as of March 2017, 500 million units of Ven have been exchanged between Hub Culture’s 25,000+ members. These figures will presumably be grown exponentially as time marches on.
Ven, Long-Term Stability, and Security
A concern many people may have about it is the long-term viability. While digital and electronic forums only appear to growing in size and usage, some people may continue to have reservations about currency that they cannot physically touch and exchange.
The other general concern with it is the same concern related to most other electronic databases and software, which is the high potential for breach.
Most people have dealt with their financial institutions being hacked and funds being misappropriated or removed, and those not familiar with the Ven exchange process might be hesitant to overinvest in an entirely-digital currency.
If you are on the fence about exchanging more traditional currency for Ven, you should first understand that Hub Culture uses a cryptographic algorithm to determine an accurate daily value for Ven based on high-frequency information from a number of financial markets.
It is issued to the market at a fractionally-accurate price, no different than any other currency exchanged within a financial market. If anything, the trading and use of it will continue to grow as commerce becomes more and more electronic.
Ven’s value is calculated by sifting through a diverse number of carbon futures, commodities, and currencies traded throughout the world at floating rates.
If anything, Ven is more accurate and investible than most other currencies on the market, as it not necessarily tied to the up-and-down of a typical industry and trade-driven economy.
Ven’s stability also makes the currency a superb price tool for contracts within financial markets.
If you are looking to diversify your savings or assets outside of your main currency, Ven is an increasingly appealing alternative, particularly if you do not plan to utilize hard currency in another country.
In addressing the second issue, the assets used to support and sustain Ven are kept with major banks. This assures that Ven’s backing assets are as secure as any other traded currency.
A consumer’s electronic wallet and trade balance are overseen by Hub Culture, approximating the safety of use to that of any other financial institution. Yes, breaches are possible, but breaches and hacks are possible as long as electronic information is exchanged.
A Ven breach could happen as easily as a breach at any bank. Restitution actions and support has been put in place by Hub Culture to assist users in the event of a hack or breach.
In short, the future outlook for Ven is bright and prosperous, and the security concerns that some people – perhaps those who have not grown up in the digital age – have are mostly unfounded.
Ven and electronic currencies are obviously a new market, but as economists define the market, the term Cryptocurrency has become known.
A common definition of a Cryptocurrency would be, “a digital or virtual currency that uses cryptography for security.”
Certain digital currencies are very difficult to counterfeit because of encryption. Ven would fall under this definition, and thus could be considered a cryptocurrency.
Another defining feature of a cryptocurrency is that most digital currencies are not tied to a central authority or government.
This separation means that cryptocurrencies such as Ven are not subject to political or governmental influence, and this non-allied nature is thus the basis of their appeal.
Ven is the only digital currency used in major financial markets, and this in and of itself is an accomplishment. However, a number of alternative digital currencies can currently be seen on electronic and social media.
Bitcoin is likely the most prominent of these cryptocurrency alternatives. Created in 2009, Bitcoin offers the promise of lesser fees than most other online payment methods.
Like Ven, Bitcoin is not operated by a central authority and is thus not subject to political interference or other factors affecting its value.
Also, like Ven, there are no physical bitcoins or currency. Balances are kept on a public ledger in an electronic cloud.
While all of this information is encrypted, the technological and political aspects that are so alluring to some will be off-putting to others. Traditionalists wince at the idea of monetary ledgers being placed in a cloud, even if the information stored in the cloud is incredibly secure.
Still, Bitcoin remains quite popular, and the success of Bitcoins has spawned the launch of other virtual and digital currencies known collectively as Altcoins.
Other notable cryptocurrencies include Litecoin (LTC), Ethereum (ETH), Zcash (ZEC), Dash (DASH), Ripple (XRP), and Monero (XMR).
Cryptocurrencies may, in fact, be the wave of the future, but for the moment Ven is head-and-shoulders above all other digital currencies in terms of prestige, recognition, and widespread utilization.
The Past and Future of Electronic Commerce
Ven is heavily-traded and remarkably stable. As the “internet generation” continues to age, invest and trade, Ven’s preference within the global currency pecking order will likely continue to climb.