Types of VNN coins: tasks and solutions

Types of VNN coins: tasks and solutions

‘We are clearly moving in the direction that was yet placed at the very beginning of our project, in accordance with our strategic objectives. Our priorities remain unchanged: to provide the most convenient and understandable blockchain for users, taking into account all wishes and experience. Our product is being tested at the development stage from all, as they say, angles and sides’, said Igor Brikov, the leading IT developer of the Blockchain Ventureon project.

Each VNN coin is divided into 10,000 parts. The minimum unit of account in the blockchain (ttVNN) is 0.0001 VNN.

Types of coins

In circulation, there will be 6 types of coins. All coins have a unique identifier starting with the letter M. Like the addresses, they will have letter prefixes that determine the status of the coin. This will greatly accelerate the identification and understanding of what kind of coin it is, and what role it has.

For example:

D - ordinary coin, unit of account VNN,

C - coin of credit obligation,

I - investment coin,

P- probably stolen coin,

S - stolen coin,

B - burnt coin.

Let us consider the letter prefixes on practical examples, which will allow us to understand how this works. For example, take the status of one hundred millionth coin in the blockchain:

example —1 MD: 5rgvK1FXK9MarC6ASCuDWVwSubsAKZDL7

Status: the basic unit of account in the blockchain.

Issue: issued by emission pools. The amount is limited by the system smart contract. A total of 100 million such coins can be issued. It can also be issued arbitrarily by the Arbitrage to replace burned coins.

example 2 — MC: 5rgvK1FXK9MarC6ASCuDWVwSubsAKZDL7

Status: a coin of a credit obligation. The nominal value is 1: 1 to the base coin. Used for lending to VNN network members.

Issue, limitations: issued by Notaries in an amount equal to the amount of the assessment of collateral.

example 3 — MI: 5rgvK1FXK9MarC6ASCuDWVwSubsAKZDL7

Status: an investment coin is used, as the name implies, for investing in projects. The nominal value is 1: 1 to the base coin.

Issue, limitations: it is issued by projects independently under the supervision of the Notary.

example 4  — MP: 5rgvK1FXK9MarC6ASCuDWVwSubsAKZDL7

Status: this designation is given to the base coin in case of using the emergency password when generating a transaction.

Issue: not subject to issue.

Limitations: despite the nominal value of 1: 1 to the base coin, circulation is limited. These coins are kept under careful watch; their path is monitored and recorded. The decision to change the status of such a coin is made by the Arbitrators following the investigation of the reasons for using the emergency password. It is possible to return to the basic status or to assign stolen status after the investigation.

example 5 — MS: 5rgvK1FXK9MarC6ASCuDWVwSubsAKZDL7

Status: this status is assigned to the Arbitrators in the event of a decision to recognize the transaction as fraudulent or committed with criminal intent.

Issue: not subject to issue.

Limitations: the coin is withdrawn from circulation and subject to burning. Replacement to the base one is intended to be made according to an arbitration decision.

example 6 — MB: 5rgvK1FXK9MarC6ASCuDWVwSubsAKZDL7

Status: burned coin.

Issue: not subject to issue.

Limitations: can not participate in circulation.

It is important to know

In Ventureon note that in the VNN wallets you can always see which coins and what status you have in possession. This will allow you to navigate in all processes inside the wallet as transparent as possible.

We recall that the Hi-Tech Park got interested in the development of Ventureon:

the creators of the project will take part in SMART TALER 2018, the annual conference on trends in fintech, blockchain and cryptocurrencies. The event will be held on May 26 this year in Minsk. We invite all those interested partners and investors.