So when I was asked by a friend of mine when I could do an article on VentureCoin, I said I could get it done today. Due to some mishaps, it’s being written a lot later than I’d wanted, but that’s life. Here we go folks!
Unfortunately for us, the VentureCoin thread isn’t very informative, and the official website is not online yet. Luckily there is a whitepaper, so we can start with that. There will be 3 million VENT in total, which is a nice and small supply.
But there is a twist, as these coins will all be sold on BitTrex at 5,000 Satoshi each. VentureCoin will have an ICO (Full-IPO) , which started yesterday, and will end on July 27th. If everything is distributed within this time limit, 150 Bitcoin will be raised. Coins which are not sold, will be destroyed by BitTrex , and proof will be posted.
I’m not a big fan of this process at all to be honest. But i’m not here to voice my opinion, let’s just stick to facts. There is one founder of VentureCoin, and his name is Denis ‘loq’ Ekic. Positions for lead developer, development advisor and QT-dev still need to be filled in.
The VentureCoin whitepaper also talks about future plans, as some of the to-be-developed wallet features will cost 30 Bitcoin in total. Another 70 Bitcoin is required for the blockchain development (no public addresses, transactions via aliases, privacy protection through Tor, etc….)
An estimated 30 Bitcoin will be required for the VentureCoin Lottery System, with weekly and monthly draws. You may have noticed there is still about 20 btc missing from the project 150 Bitcoin. Five Bitcoin will be used to cover the BitTrex launch and the remaining 10 will go to the initial coin developer + promotion.
“Part of the remaining funds will directly go into a freshly opened company based in
Germany. The Company business paper, papers about the financial situation of the
company (including a pledge for some loans for liquid operation possibility from banks),
the mission statement as well as the targeted market will be fully visible and openly
discussed on the developer blog, the bct and the IRC channel of course. At this point I
can reveal three things about the company to all IPO buyers/traders/investors:”
Yes, this will be a coin backed up, promoted and offered to the real world by a
company. A part of the companies profits will flow back into the market of
Yes, this is going to be a full-time crypto based company. Main fields
will be: Blockchain/Cryptocurrency technology & development
The company will hire contract or part/full time coders for the
planned and funded developments. While they are under contract,
they will not be allowed to use these ideas to their advantage how
they feel. Also the company will discuss legal and licencing terms in
regards of the yet unannounced and unnamed features
(All of the above is copied directly from the VentureCoin whitepaper which you can find here.)
To find out more about VentureCoin , use the following sources :
VentureCoin on BitcoinTalk : https://bitcointalk.org/index.php?topic=705655.0
VentureCoin on Twitter : https://twitter.com/VENTcoin
Note from the author : I do not endorse VentureCoin by publishing this article. This is our way of telling you this does exist. I strongly encourage you to do your own research and make up your own mind about this coin.