Ven (currency)
Encyclopedia
Ven is a global virtual currency
used by members of a social network service
Hub Culture
to buy, share and trade knowledge, goods and services globally. It can be spent at any Hub Culture Pavilion or used for micropayments on the Internet at large. The value of Ven is determined on the financial markets from a basket of currencies, commodities and carbon futures. It trades against other major currencies at floating exchange rate
s. 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. 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.
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 groups, articles or videos available online. In May 2010, carbon pricing contracts were introduced to the weighted basket that determines the value of Ven. The introduction of carbon to the calculation price of the currency made Ven the first and only currency that is linked to the environment. An open API for Ven arrived in January 2011, providing new forms of distribution and access to the currency for the web at large via a developer interface at VenMoney.net.
In April 2011, the company announced the first commodity trade priced in Ven for gold contracts between Europe and South America. On Earth Day
2011, the first carbon credit trade priced in Ven was exchanged between Nike
and Winrock with the London Carbon Market for Brazilian afforestation.
Virtual currency
Virtual currency is used to purchase virtual goods within a variety of online communities; which include social networking websites, virtual worlds and online gaming sites....
used by members of a social network service
Social network service
A social networking service is an online service, platform, or site that focuses on building and reflecting of social networks or social relations among people, who, for example, share interests and/or activities. A social network service consists of a representation of each user , his/her social...
Hub Culture
Hub Culture
Hub Culture is a social network service that operates the global digital currency Ven, and according to its website, is "the first to merge online and physical world environments." It was founded in November 2002. The Hub Culture group of companies is privately held with offices in Bermuda, Geneva,...
to buy, share and trade knowledge, goods and services globally. It can be spent at any Hub Culture Pavilion or used for micropayments on the Internet at large. The value of Ven is determined on the financial markets from a basket of currencies, commodities and carbon futures. It trades against other major currencies at floating exchange rate
Floating exchange rate
A floating exchange rate or fluctuating exchange rate is a type of exchange rate regime wherein a currency's value is allowed to fluctuate according to the foreign exchange market. A currency that uses a floating exchange rate is known as a floating currency....
s. Ven first appeared as an application in Facebook
Facebook
Facebook is a social networking service and website launched in February 2004, operated and privately owned by Facebook, Inc. , Facebook has more than 800 million active users. Users must register before using the site, after which they may create a personal profile, add other users as...
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. 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.
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 groups, articles or videos available online. In May 2010, carbon pricing contracts were introduced to the weighted basket that determines the value of Ven. The introduction of carbon to the calculation price of the currency made Ven the first and only currency that is linked to the environment. An open API for Ven arrived in January 2011, providing new forms of distribution and access to the currency for the web at large via a developer interface at VenMoney.net.
In April 2011, the company announced the first commodity trade priced in Ven for gold contracts between Europe and South America. On Earth Day
Earth Day
Earth Day is a day that is intended to inspire awareness and appreciation for the Earth's natural environment. The name and concept of Earth Day was allegedly pioneered by John McConnell in 1969 at a UNESCO Conference in San Francisco. The first Proclamation of Earth Day was by San Francisco, the...
2011, the first carbon credit trade priced in Ven was exchanged between Nike
Nike, Inc.
Nike, Inc. is a major publicly traded sportswear and equipment supplier based in the United States. The company is headquartered near Beaverton, Oregon, which is part of the Portland metropolitan area...
and Winrock with the London Carbon Market for Brazilian afforestation.