Difference between revisions of "Ven (currency)"
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| − | Ven is a representative digital currency traded in international financial markets. 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. It trades against major currencies at floating exchange | + | {{Infobox currency |
| − | Ven | + | | currency_name = Ven |
| + | | issuing_authority = Ven Central Reserve Board{{r|stalnaker}} | ||
| + | | issuing_authority_title = Private company | ||
| + | | issuing_authority_website = {{URL|ven.vc}} | ||
| + | | date_of_introduction = 4 July 2007<ref name=pr2009/> | ||
| + | | date_of_introduction_source = | ||
| + | | unofficial_users = 30,000 | ||
| + | | using_countries = International | ||
| + | | inflation_rate = N/A | ||
| + | | inflation_source_date = | ||
| + | | inflation_method = Pegged with a basket of currencies, commodities and carbon futures.<ref name=pr2010/> | ||
| + | | pegged_with = | ||
| + | | pegged_by = | ||
| + | | superunit_ratio_1 = <!-- thru |superunit_ratio_5 = --> | ||
| + | | superunit_name_1 = | ||
| + | | superunit_inline_note_1 = | ||
| + | | subunit_ratio_1 = <!-- thru |subunit_ratio_5 = --> | ||
| + | | subunit_name_1 =f | ||
| + | | subunit_inline_note_1 = | ||
| + | | symbol = VEN | ||
| + | | symbol_subunit_1 = <!-- thru |symbol_subunit_5 = --> | ||
| + | | nickname = | ||
| + | | nickname_subunit_1 = <!-- thru |nickname_subunit_5 = --> | ||
| + | | plural = | ||
| + | | plural_slavic = | ||
| + | | no_plural = | ||
| + | | plural_subunit_1 = <!-- thru |plural_subunit_5 = --> | ||
| + | | used_coins = | ||
| + | | frequently_used_coins = | ||
| + | | rarely_used_coins = | ||
| + | | coin_article = | ||
| + | | used_banknotes = | ||
| + | | frequently_used_banknotes = | ||
| + | | rarely_used_banknotes = | ||
| + | | banknote_article = | ||
| + | | printer = | ||
| + | | printer_website = | ||
| + | | printer_override_with_original_text = | ||
| + | | mint = | ||
| + | | mint_website = | ||
| + | | mint_override_with_original_text = | ||
| + | | obsolete_notice = | ||
| + | | footnotes = {{Reflist|group=note}} | ||
| + | }} | ||
| + | |||
| + | '''Ven''' (sign: '''VEN''') is a [[representative money|representative]] [[digital currency]] traded in international financial markets.{{Citation needed|date=September 2018}} 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.{{r|pr2010}} It trades against major currencies at [[floating exchange rate]]s.{{Citation needed|date=September 2018}} Ven is currently listed on the [[LMAX Exchange]].<ref name = "Financial News">{{cite web|accessdate=2014-01-31 |url=http://www.efinancialnews.com/story/2014-01-29/qanda-withlmax-ceo-on-digital-currencies |title=Q&A with LMAX CEO on Ven Virtual Currency |work=Financial News|publisher=[[Financial News|eFinancialNews Limited]]|first=Anna|last=Irrera|date=2014-01-29 }}</ref> It has also been traded on the [[Kraken (bitcoin exchange)|Kraken cryptocurrency exchange]]. <ref>{{Cite web|url=https://www.finextra.com/pressarticle/52059/digital-currency-ven-starts-trading-on-payward-kraken-exchange |title=Digital currency Ven starts trading on Payward Kraken exchange |date=2013-10-07 |author=Hub Culture press release}}</ref> | ||
| + | |||
| + | ==History== | ||
| + | The issuing company Hub Culture was founded in 2002 by Stan Stalnaker.{{r|coindesk}} | ||
| + | |||
| + | 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.{{r|pr2009}}{{r|start}} Later it was positioned as an international [[digital currency]].{{r|coindesk}} | ||
| + | |||
| + | 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.<ref>{{cite web |url=https://blogs.wsj.com/economics/2009/09/09/the-currency-revolution/ |title=The Currency Revolution |work=The Wall Street Journal|first=Andy|last=Jordan|date=2009-09-09 | accessdate=2014-02-20 }}</ref> | ||
| + | |||
| + | In May 2010, [[carbon pricing]] contracts were introduced to the weighted basket that determines the value of Ven.<ref>{{cite web|url=http://www.hubculture.com/groups/237/news/486/ |title=Hub / Ven - Global Digital Currency / News |publisher=Hubculture.com |date=2010-07-05 |accessdate=2012-02-07}}</ref> | ||
| + | |||
| + | 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.<ref>{{cite press release | date=2011-04-28 | publisher=Hub Culture, American Carbon Registry, and London Carbon Market (joint press release) | url=http://americancarbonregistry.org/ACR%20offsets%20traded%20in%20first%20Ven%20carbon%20transaction.pdf/at_download/file | format=PDF | title=American Carbon Registry Offsets Traded in First Ven Carbon Transaction }}</ref><ref>{{cite web | title=Mata no Peito Partners – Nike Brazil Forestry Program | publisher=Mata no Peito | url=http://matanopeito.org/partners/mata-no-peito-partners | accessdate=2014-02-20}}</ref> In September 2011, Hub Culture announced that Ven would be available on [[Thomson Reuters]]' data network and terminals.<ref>{{cite press release|publisher=Hub Culture|accessdate=2012-02-20 |url=http://www.hubculture.com/groups/237/news/581/ |title=Hub Culture and Thomson Reuters Partner on Ven Currency |date=2011-09-21}}</ref> | ||
| + | |||
| + | 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.<ref>{{cite web|url=http://www.finextra.com/news/fullstory.aspx?newsitemid=22985 |title=Ven Digital Currency to be Displayed on Thomson Reuters Data Network |publisher=Finextra.com |date= |accessdate=2012-02-07}}</ref> 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.<ref>{{cite news|author=Eric Savitz |url=https://www.forbes.com/sites/ericsavitz/2011/11/23/currency-dollars-arent-enough-here-comes-the-ven/ |title=Currency: Dollars Aren't Enough; Here Comes The Ven (Video) |publisher=Forbes |date=2011-11-23 |accessdate=2012-02-07}}</ref> | ||
| + | |||
| + | In 2012, Hub Culture announced the development of Ven Funds, derivative financial products based on the Ven, including micro-finance and commodity asset pools.<ref name= "To Fix Finance We Must Disrupt Money">{{cite web|accessdate=2013-03-21|url=http://www.psfk.com/2012/10/stan-stalnaker-hub-culture-psfk-london-video.html|work=Psfk|last=Summerson|first=Karen|title=Founder of digital currency Ven proposes new international currency that will reform commerce |date=2012-10-12}} (Requires Adobe Flash).</ref> | ||
| + | |||
| + | In January 2014, Ven became the first digital currency to begin trading in regulated Forex markets, on the LMAX Exchange.<ref name = "Financial News"/> | ||
| + | |||
| + | According to [[Podesta emails|leaked emails]], Stan Stalnaker pitched Ven as a fundraising tool for [[Hillary Clinton presidential campaign, 2016|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.<ref>{{cite web |last=Pearson |first=Jordan |url=http://motherboard.vice.com/read/clinton-campaign-considered-accepting-virtual-currency-donations |title=Clinton Campaign Considered Accepting Virtual Currency Donations |work=Motherboard |date=October 18, 2016 |accessdate=November 16, 2016}}</ref> | ||
| + | |||
| + | ==Technical details== | ||
| + | Ven is issued centrally by Hub Culture. It can be purchased with assets or earned algorithmically, for example '...by inviting friends to use it...'.{{r|coindesk}} It is managed by the Ven Central Reserve Board.{{r|stalnaker}} | ||
| + | |||
| + | It is backed by a basket of currencies, commodities and assets.{{r|coindesk}} The amount of each is controlled by an algorithm which has not been released publicly.{{r|stalnaker}} 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.{{r|stalnaker}} | ||
| + | |||
| + | Hub Culture claims that the spread backing makes its [[store of value|value]] stable.{{r|"DGC Magazine"|popsci|fm}} The company also claims that as part of the basket includes carbon futures, estimated at around 7%, Ven is [[environmentally friendly]].<ref>{{cite web|url=https://www.digitalcurrencyperspectives.com/2015/04/06/ven-a-different-digital-currency/|title=Ven: A Different Digital Currency|date=6 April 2015|publisher=}}</ref><ref>{{cite web|url=https://hubculture.com/hubs/834/news/839|title=Ultra Carbon, a Tokenised Asset Object (TAO), Makes Carbon Trading Available to Everyone|publisher=}}</ref> | ||
| + | |||
| + | ==See also== | ||
| + | {{Portal|Money}} | ||
| + | * [[Alternative currency]] | ||
| + | |||
| + | ==References== | ||
| + | {{reflist|refs= | ||
| + | |||
| + | <ref name=coindesk>{{cite web|url=https://www.coindesk.com/ven-qa/|title=What about ven? Stan Stalnaker talks digital currency - CoinDesk|date=7 May 2013|publisher=}}</ref> | ||
| + | <ref name=fm>{{cite web|url=https://www.financemagnates.com/cryptocurrency/trading/what-is-hub-culture-ven-they-just-launched-the-first-digital-currency-bitcoin-fund/|title=What is Hub Culture & Ven? They Just Launched the First Digital Currency Bitcoin Fund - Finance Magnates|date=30 April 2013|publisher=}}</ref> | ||
| + | |||
| + | <ref name="DGC Magazine">{{cite web|accessdate=2009-08-21|url=http://www.dgcmagazine.com/blog/index.php/2009/07/14/ven-is-hubcultures-cool-social-currency/|title=Hub Culture: Ven is Hub Culture's cool social currency |work=DGC Magazine|date=2009-07-14}}</ref> | ||
| + | |||
| + | <ref name=pr2009>{{cite press release | title=Ven is social currency | publisher=Hub Culture | date=2009-09-16 | url=http://hubculture.com/groups/237/news/362/ | accessdate=2014-02-20 }}</ref> | ||
| + | |||
| + | <ref name=pr2010>{{cite press release | url=http://www.hubculture.com/groups/237/news/486/Hub/Ven | publisher=Hub Culture | date=2010-07-05 | title=Ven Now Includes Carbon Futures }}</ref> | ||
| + | |||
| + | <ref name=popsci>{{cite web |url=http://www.popsci.com/worlds-most-stable-currency-is-backed-by-carbon |date=2016-10-13 |publisher=Nexus Media News |author=Jeremy Deaton |title=The World’s Most Stable Currency Is Backed by Carbon}}</ref> | ||
| + | |||
| + | <ref name=start>{{cite web|url=https://hubculture.com/hubs/237/news/362/|title=Ven is Social Currency|publisher=}}</ref> | ||
| + | |||
| + | <ref name=stalnaker>{{cite web|url=https://hubculture.com/hubs/hub/discuss/1070/|title=Hub / Hub Culture / Discussions|website=hubculture.com}}</ref> | ||
| + | |||
| + | }} | ||
| + | |||
| + | {{DEFAULTSORT:Ven (Currency)}} | ||
| + | [[Category:Alternative currencies]] | ||
| + | [[Category:Digital currencies]] | ||
| + | [[Category:E-commerce]] | ||
| + | [[Category:Private currencies]] | ||
Revision as of 16:29, 25 February 2019
Ven (sign: VEN) is a representative digital currency traded in international financial markets.Template: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.Template:R It trades against major currencies at floating exchange rates.Template:Citation needed Ven is currently listed on the LMAX Exchange.<ref name = "Financial News">Template:Cite web</ref> It has also been traded on the Kraken cryptocurrency exchange. <ref>Template:Cite web</ref>
History
The issuing company Hub Culture was founded in 2002 by Stan Stalnaker.Template:R
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.Template:RTemplate:R Later it was positioned as an international digital currency.Template:R
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.<ref>Template:Cite web</ref>
In May 2010, carbon pricing contracts were introduced to the weighted basket that determines the value of Ven.<ref>Template:Cite web</ref>
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.<ref>Template:Cite press release</ref><ref>Template:Cite web</ref> In September 2011, Hub Culture announced that Ven would be available on Thomson Reuters' data network and terminals.<ref>Template:Cite press release</ref>
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.<ref>Template:Cite web</ref> 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.<ref>Template:Cite news</ref>
In 2012, Hub Culture announced the development of Ven Funds, derivative financial products based on the Ven, including micro-finance and commodity asset pools.<ref name= "To Fix Finance We Must Disrupt Money">Template:Cite web (Requires Adobe Flash).</ref>
In January 2014, Ven became the first digital currency to begin trading in regulated Forex markets, on the LMAX Exchange.<ref name = "Financial News"/>
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.<ref>Template:Cite web</ref>
Technical details
Ven is issued centrally by Hub Culture. It can be purchased with assets or earned algorithmically, for example '...by inviting friends to use it...'.Template:R It is managed by the Ven Central Reserve Board.Template:R
It is backed by a basket of currencies, commodities and assets.Template:R The amount of each is controlled by an algorithm which has not been released publicly.Template:R 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.Template:R
Hub Culture claims that the spread backing makes its value stable.Template:R The company also claims that as part of the basket includes carbon futures, estimated at around 7%, Ven is environmentally friendly.<ref>Template:Cite web</ref><ref>Template:Cite web</ref>
