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Saturday, September 19, 2020

C-Suite Advisory

Stan Stalnaker and Ven.vc: Creating the World’s First Digital Currency

Cryptocurrency

The rise in Bitcoin over the past few months has returned cryptocurrency back to the trending online limelight. However, the volatility of crypto’s past has caused quite a stir. Many investors, businesses, global companies, and institutions are a bit speculative about Bitcoin’s latest Bull run.

We have seen this type of Bull run before

Wait, shouldn’t we all be celebrating? Not so fast. We have seen the rise of Bitcoin, and the fall, before. In the beginning of 2018, Bitcoin plummeted over $10,000 in value.

And Bitcoin was not the only cryptocurrency to decline quickly Q1 of 2018. Ethereum, the second most popular cryptocurrency also had its problems at that time.

Volatility like this is synonymous with traditional crypto, and the total market capitalization is still rebounding from the all time high of $800 billion.

What are crypto-enthusiasts and investors to do? The bad taste we have in our mouth is still lingering, but the utility and benefits of cryptocurrency and blockchain are still very enticing for the future of nearly every industry.

The good news is that there are companies launching new digital coins, like Stan Stalnaker, CEO of Ven.vc and the creator of Ven Currency, changing the crypto and blockchain game. How? By eliminating volatility from the equation.

Stablecoins are the future of cryptocurrency and the utility they present

If you don’t know what stablecoins are, it is definitely time to pay attention. Stablecoins are exactly what the name entails, they are “Stable.” Unlike most cryptocurrency, stablecoins are not susceptible to the ebb and flow norms most cryptocurrencies like Bitcoin are accustomed to having.

This may seem quite odd, but it really is pretty simple. Instead of the coin itself acting alone and being mined globally, it is tethered to a fiat currency, precious metal, and in some cases, other stable digital coins. This is a game changer!

Unlike Bitcoin, Bitcoin Cash, or other volatile cryptocurrency, stablecoins they don’t increase or decrease in value by thousands of dollars in months. Instead they increase and decrease with the fiat currency they are supported by. For instance, if a stablecoin was supported by the Japanese Yen, the movement in value in the past six months would have been three to four Yen.

Ven Currency aims to reshape the current crypto status quo

In 2007, Ven Currency was created by Stan Stalnaker and first available on Facebook. This was certainly new at the time. You could say it was the first digital currency ever created. After all, Satoshi Nakamoto’s famous Bitcoin white paper wasn’t published until 2008, a year later.

Today Ven Currency is valued in real-time, globally, and with a number of different currencies and commodities making its value dominant. Some would say that Ven, and other stablecoins like it are not truly cryptocurrency, since digital coins tethered to fiat currency can’t be purely decentralized.

Though others would argue that this is a good thing, considering the crypto market volatility we have all seen in the past two years alone. In fact, many would say stablecoins are exactly what we need. Even Facebook’s Libra, a type of stablecoin is gaining momentum.

“Libra is meant to become the in-house currency for Facebook, Instagram, and WhatsApp’s combined 2.7 billion users,” Wired explained. “If that happens, it’ll create, almost overnight, a borderless collection of millions, maybe hundreds of millions, maybe even a billion or more people using the same platform to communicate, the same tools to shop and view ads and play games, and the same monetary system.”

Ven Currency has similar goals. It is a global currency that provides convenience when peer-to-peer transactions need to be made. And as a bonus, Ven is more environmentally conscious with carbon as an underlying component. It’s a digital coin that has been around as long as Bitcoin, but it’s stable, secure, global and green.

Stability may tip the scales back in favor of crypto as a business utility

Stablecoins, Ven and Libra can pull away from the volatility that is pushing investors, governments, and global industries away. The utility behind cryptocurrency and blockchain technology is foreseen to be necessary for the future.

And not only monetarily. For instance, impoverished countries can boost their economies and create streams of production never seen before. Though not 100 percent decentralized, stablecoins fill the void of volatility holding back blockchain technology from truly blossoming. It very well could be an awakening of technology.


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Anna Papadopoulos

Anna Papadopoulos

Deputy Managing Editor
Anna Papadopoulos is a Deputy Managing Editor at CEOWORLD magazine, covering success, business, lifestyle, entrepreneurship, careers and more. Shea is responsible for driving thought leadership, using data analytics to showcase CEOWORLD magazine’s editorial imagination, and fostering knowledge sharing between magazine and readers. She can be reached on email anna-papadopoulos@ceoworld.biz. You can follow her on Twitter at @ceoworld.