Blockchain technology is going to make a massive impact on the financial industry. There's a huge push in the Crypto community to bank the unbanked and to decentralize the financial industry as a whole. Many ICOs have launched targeting such a goal and that's good because the financial industry is huge; a single decentralized application or protocol is not going to revolutionize it.
Changing the world is a lot like a group project, some people will play a bigger role than others but the end goal is the same. A new protocol is targeting two pieces of the financial markets: trade and loans.
A New Player
Vena Network is creating a protocol that introduces generic smart contracts for the purpose of making a vast array of secure and trustless financial deals. In this article, I'll go over Vena's ability to make OTC trades safer and more affordable; in a future article, I'll go over its ability to handle loans.
Usage of smart contracts can bring a positive change to OTC trades as there will be no need of relying on expensive brokers, no need to trust the broker, and the smart contract will allow instant deal resolution.
Some people tend do OTC trades without brokers to dodge security, and there are Telegram OTC marketplaces dedicated to the needs of these people. However, this is incredibly risky as there is a chance to come across a scammer. OTC trades managed by smart contracts provide the independence people seek when they opt to trade without a broker or escrow provider, but they give this independence while also providing more security than even a broker or escrow could.
Vena Network's smart contracts are uniquely capable of handling OTC trades due to the generic format associated to them. As an OTC trade can involve so many different assets that are being swapped and the swap can be done under different terms, a very generic smart contract works best as it can be twisted for the usage of almost any OTC trade.
Added Layer of Security
While Vena Protocol's smart contracts are made to handle OTC trades, anything involving human interaction can sometimes be a little complex. In case any form of dispute occurs, like events that occur outside the terms of the smart contract but the events manage to have some form of impact on the agreement made by OTC traders, Vena Network's Jury takes effect.
The Jury is made up of qualified jurors who have to stake VENA tokens. The staked tokens ensure that jurors make the right decisions or else they can face a penalty. The Jury works a lot like a real-life court system and looks at the situation in a complete spectrum and considers the evidence provided by everyone involved in a trade or transaction. Based on the evidence, the Vena Jury will give a decision that will arbitrate or solve the situation.
Vena Network has developed a protocol that can provide the best environment for OTC trades as smart contracts will provide secure trade facilitation. The Jury will take effect when the smart contract is not enough. Though, this technology can be used for loans as-well, and that will be discussed in a future post.
Want More Information?
Website: http://vena.network/en
Telegram: https://t.me/vena_network
Twitter: https://twitter.com/VenaProtocol
Facebook: https://www.facebook.com/Vena-Network-207271413455484/
Github : https://github.com/venanetwork
Author: https://bitcointalk.org/index.php?action=profile;u=2127077
Telegram: @SunnyFang
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