Learn about our historic M2M, commodity and carbon credit trades using Ven.
Ven is a global digital currency used by members of Hub Culture to buy, share and trade knowledge, goods and services. It can be exchanged to anyone with an email address worldwide and spent at any Hub Culture Pavilion via the HubCulture.com platform. API protocols at our Developer Portal allow Ven to be exchanged anywhere, for everything and link the currency to both social profiles and hubs for shared group projects.
The value of Ven is determined by the financial markets in a weighted basket of currencies, commodities and carbon futures trading against other major currencies at floating exchange rates. Ven is the first digital currency to float, and the first to include carbon in its pricing, making it the only environmentally linked currency in existence. Since Ven is 100% backed by reserve assets equivalent to Ven in circulation, the inclusion of these assets in the reserve basket provide a demand source for Carbon, with material benefits to the environment at large. Over 25,000 acres of Amazon rainforest and other environmental investments have been made as a result of Ven trading.
Hub Culture recently announced the development of Ven Authorities, a project to enable partners to issue and redeem Ven through integrated ecosystems. This allows large organizations to use Ven in flexible ways and will allow corporations to turn loyalty and point programmes carbon neutral via a proprietary mark-to-market accounting platform.
Green. Global. Stable. Secure. Because Ven is priced from a basket, movements tend to be more stable than a single currency. Stability makes Ven an excellent pricing mechanism for forward contracts on rolling physical goods, and makes Ven an excellent long-term store of value. It's also great for inter-company trades.
For more on how Ven is being used in the field of commodities and international wholesale, please apply for access to the Commodities section of the Hub Culture Resources network. The inclusion of carbon in the price makes every purchase a theoretical carbon offset, and it works everywhere on the Internet.
Banks, hedge funds and other institutions are able to purchase Ven on the open-market, and it is available for private secondary market trading on an approved basis with Hub Culture's financial partners.
The Ven Prize, Funds and Climate Deals
The Ven Prize is an award for innovation and collaboration toward sustainable economic systems in Hub Culture and the world at large. The next Ven Prize award will be presented in 2011. The Ven Prize began with a base of 100,000V, (equivalent to $10,000) and is growing.
Companies and individuals can contribute to the Ven Prize by sending Ven to this account. To learn about qualifying for the Ven Prize or for more information, please visit the Ven Prize profile and group here on Hub. Companies can also invest in Ven Climate Deals, allocation funds dedicated to funding progress in the climate sector.
Ven Funds allow for membership based support of projects in a variety of sectors including entrepreneurshipm micro-finance, environmental progress, innovation, and even FX.
Ven first appeared as a Hub Culture application in Facebook on 4 July, 2007. In late 2008, Ven became tradeable to anyone with an email address, making it the first currency to move from an online social network into the real world. In 2009, Hub Culture developed a basket structure for the Ven based around a group of currencies and commodities, including carbon, which was added in 2010.
In January 2011, Hub Culture released an open API for Ven, allowing it to move across the web as an open digital payment ecosystem: Ven Money. In September 2011, Ven became the first private currency on Thomson Reuters, with a pricing algorithm that enabled it to be exchanged in real time across financial markets.
By 2013, Ven had been used for commodity and other financial trades, and as a basis for the development of the world's first virtual currency funds. In October 2013, the first regulated digital exchange, Kraken, began trading Ven. Demo testing began in the global FX markets with a regulated European exchange.