Ven and Open Audit Initiative APIs Enable P2P Currency Payments for all

HUB CULTURE RELEASES OPEN SET OF APIS FOR VEN – ENABLING DIGITAL CURRENCY PAYMENTS FOR ALL

Hub Culture, the global collaboration platform operating the Ven digital currency, HubID digital identity system and OAI Open Audit Initiative, in collaboration with COP22, has announced the availability of a set of new, open Ven APIs (application protocol interfaces) designed to bring carbon linked digital currency to wider audiences and the global poor, in support of the United Nations Sustainable Development Goals.

Hub Culture is an online collaboration network managing a set of digital tools to enable human progress. It launched the Ven digital currency in 2007 as an asset backed closed loop network currency, and in 2009 diversified the underlying to include carbon, making it the world’s most stable currency and the only currency partially backed by carbon. Learn more about Ven.

The APIs are part of a technical development initiative enabled by the Bill & Melinda Gates Foundation Global Grand Challenges programme to enable digital currency systems for merchants and the global poor. The new technologies include pricing, transfer, identity and history mechanisms to allow 3rd parties to develop transfer capabilities using the Ven Vast Closed Loop – a parallel payment mechanism designed to enable node-to-node payments across the Internet. Once integrated, a user or set of users can access the Ven payment network to execute a digital currency payment to any mobile phone number, email address, or HubID digital identity, which includes personal, entity and machine account types without a transaction cost and with almost instant clearance and settlement.

The APIs fragment this process to allow developers, banks and other financial institutions the ability to process Ven network payments inside their own ecosystem, with the core transaction still taking place in the Ven Loop.

Access to the APIs is available to anyone via https://api.hubculture.com with additional information at the Hub Culture developer portal: https://developers.hubculture.com. Developers must access a set of private and public keys to access the core APIs, which can be generated by upgrading a HubCulture.com membership to a new Developer level inside the social network platform: https://hubculture.com/store/online/view/993

The APIs also form the technical core of a Hub Culture proposal initiative for the Federal Reserve Faster Payments Taskforce, an on-going committee review of real-time payment solutions in development for the US market.

Hub Culture (https://hubculture.com) is a global collaboration platform with open technologies that can be adapted to deliver parallel payments. In addition to open social formats for the Web and SMS around value transactions and profile identity, Hub Culture operates Ven, a global asset backed digital currency that can serve as a template for networked payments via Ven Loop, a currently in development exchange network for institutional network participants. Ven is a good candidate for machine-to-machine (bot) trading, where globalization and nano-payments argue for non-fiat value markers.

HubID, a scalable digital identity system that together with Dun & Bradstreet is set to offer 250 Million + profiles for AML/KYC basis, and capabilities for identity networks across persons, entities and the bots (IoT). HubID can be a contributor to the USI system outlined in the proposal.

The OAI, Open Audit Initiative, is an early stage Ethereum blockchain platform technology for distributed, cryptographic secure, immutable and verifiable receipts and ledgers. It is designed to verify Ven transactions and HubID.