All About Bitcoin, Ven And The End Of Currency- Part 1
Is Ven posing danger to Bitcoin? How is it influencing the virtual currency market? There is a lot more than what you have imagined so far.
Why Are Experts Banking On Ven?
With all the discussion around Bitcoins, virtual currencies are in the news again where they are in limited supply and can be exchanged anonymously. Along with a long experience with another digital currency, Ven it has made us think about the logical conclusion of activities and what it means for money at large. It also points towards what it means is the end of money as we know it.
While it is true that digital currencies are normally just online account books measuring and recording transactions of financial value between nodes on the internet, the first ones are Beenz, Flooz and many others that arrived with the first wave of the Internet in the 1990s and which has failed. Whereby the middle of the last decade was watching virtual currency economy booming on the strength of gaming system like the linden dollar in Second Life, World of Warcraft Gold, Entropia and Tencent’s QQ in China that has encountered success with volatility. It is now that internet currencies are moving out of virtual gaming systems and into the global economy, where Flattr, Bitcoin, Ripple, Ven, as well as local exchange trading systems lead the way. The main differentiation between these currencies is whether they operate in a closed-loop or open nodal architecture as the distinction determines to a large extent their ability to be managed.
Writing a paper in2009, Satoshi Nakamoto outlined a platform for P2P currency with a bit torrent for cash that is anonymous, distributed and generated at the ends of the network rather than of a central network point as all currencies have been managed for over 600 years. While the concept of a truly P2P currency needed innovative architecture, there is also open-source nature of what became the Bitcoin that has allowed it to take root and develop quickly over the last18 months. Becoming more prevalent bitcoins are growing in value representing a fundamental departure from normal currency as man does not control this currency, whereas the algorithm does. Even though becoming a huge force, Bitcoin and Ripple sets the course for more such distributed currencies and setting the stage for currency free for all open markets, those open currency, along with open chaos, as also a Cambrian explosion of value sets. Whereas the ultimate impact is set to come from Facebook, Google as well as other large social network currencies, they could have larger implied users than the Euro right from the moment of exchange trading.
What Is The Alternative Of Bitcoin?
Here enters the Hub culture, the social collaboration network founded on 4 July 2007, released the first application for Ven a new type of digital currency where it was a watershed moment as also a confusing one where Ven had no value or exchange rate that simply existed and could be issued and traded at will to friends. A new type of money, Ven is as basic as picking up pebbles and assigning arbitrary values for favors to say thanks. In this case, even though everyone laughed, they soon learned that for a currency to have relevance, it is to be measured against other things. This currency currently needs and assigned value that is to be understood as a language to speak.
As in2008, the assigned Ven has a value language - 10 VEN=1USD-which began to sell it for redemption between members and in Pavilions where retail places developed to accept the currency. This major and fundamental advance in Ven was that it was global which could be exchanged to anyone at the little incremental cost. While it is possible to make it more grounded the added commodities linked to it are hard assets, which when added carbon futures it creates a carbon component to the value. With now efficient stable and green the demand for Ven is rapidly growing today.
Wrapping Up The Discussion On Ven
While Ven is surely an improvisation over bitcoins as well as other currencies, there remains a lot to be noted in case it becomes to be a trustworthy virtual currency. The more the value increases the wider the reach for the currency. This is why experts are speculating a nemesis for the Bitcoin and other present coins with Ven taking a major turnaround across the crypto world.
This discussion is continued in the next post with more details on the new sensation that is Ven. For more info read on and get the full picture. There is a lot more to be learned. Stay tuned for more.