Using Ven for micro-finance
Ven is global, social currency used by Hub Culture Trade with Ven Now
Ven is a virtual currency used by members of Hub Culture to buy, share and trade knowledge, goods and services. It can be spent at any Hub Culture Pavilion or exchanged digitally to anyone with an email address.
The price of Ven is made up of a weighted basket of currencies, commodities and carbon futures trading against other major currencies at floating exchange rates. Ven is the first currency to include carbon externalities in its pricing factor, making it the first environmentally linked currency in existence.
Ven first appeared as an application in Facebook on 4 July, 2007. In late 2008, the currency became tradeable to anyone with an email address, making it the first global digital currency to move from an online social network into the real world. As of July 2010, over 1.8 million units of Ven are in circulation worldwide. Watch a Ven video.
How to get Ven
Hub Culture members can earn Ven by inviting friends into the network, or by sharing knowledge with others.
Members can also buy Ven directly at prevailing market rates.
Using Ven for Microfinance
Ven is easily used to support microfinance initiatives and to crowd-source funding for projects. Projects can be developed using Groups or the Store.
Group projects enable anyone to create a microfinance initative simply by forming a group around the project or topic. By adding a Ven amount tied to the group, a member can charge access to the group, effectively creating a microfunding payment between prospective group members and the organization, person or project. Ven accumulated in these groups can then be used to crowd-source opportunities for the project, or in special cases cashed back out at prevailing exchange rates with the central hub.
Store Projects are officially vetted by a Hub Culture committee before being added to the Causes category in the online store, allowing projects to be promoted, featured and sold using Ven. Social applications enable sharing to social media, and single click purchase opportunities. These 'store' items accumulate into accounts related to the central hub, monitored, and paid out in cash to the hosting organization. To apply for official store inclusion, please email the network with a description of the project, social benefits, and target per-transaction value amount.