What is Venom Network?
Venom is a layer 0 blockchain using Proof of Stake (PoS) which is developed and maintained by Venom Foundation. It is the first institution regulated by Abu Dhabi Global Market (ADGM) and licensed to operate blockchain and issue utility tokens.
The project is claimed to offer features like scalability, security, transparency, suitable for people to build their blockchain-based solutions and execute transactions safely and efficiently. The Venom blockchain is currently in the testnet phase.
Highlights of Venom
Byzantine Fault Tolerance (BFT)
The ability of a network or system to continue functioning even when some components are faulty or have failed. With a BFT system, blockchain networks keep functioning or implementing planned actions as long as most network participants are reliable and genuine. With Venom Network, using BFT can increase the success rate of transactions but the transaction speed can decrease and gas fees increase if there is an error. This is somewhat similar to the Layer 1 blockchain Aptos.
Threaded Virtual Machine (TVM)
TVM has an asynchronous model of communication between accounts. Each account can only affect the state of another account only by sending a message. It enables concurrent processing of multiple smart contracts, which can result in significant performance improvements compared to traditional virtual machines.
Real-time scalability
Most blockchain solutions cannot handle the growing workload and this is a significant drawback for most leading blockchains.
Stability and Security
The Venom protocol is designed to ensure the security of its system and attract users to validate transactions.
Fees
The project has a system to ensure high transaction processing speed while keeping gas fees stable and low.
Venom’s Products
Venom blockchain
The Venom Foundation employs a heterogeneous multi-blockchain architectural approach to its blockchain design to solve the scalability challenge while reducing transaction fees.
Venom wallet
This is a non-custodial cryptocurrency wallet for storing digital assets native to the Venom blockchain, such as the VENOM token, NFTs, and other custom tokens. Other functionalities include sending and receiving tokens, accessing Web3 marketplaces, swapping between multiple tokens, etc.
Venom Scan
A scanner is an explorer service that enables users to track transactions, fee trends, and other vital network-related metrics.
Venom Bridge
A bridge is a dApp that facilitates the exchange of digital tokens from one blockchain to another. The Venom bridge supports such swaps between Venom, Fantom (FTM), BNB Chain (BSC), and Ethereum networks.
Tokenomic
- Token name: Venom Token
- Ticker: VENOM
- Blockchain: Venom Network
- Token Standard: TIP-3
- Token Type: Utility, Governance
Distribution
- Community: 22%
- Ecosystem: 28%
- Foundation: 15%
- Early Backers: 7.5%
- Team: 7%
- Public: 0.5%
- Market Liquidity: 10%
- Validators: 10%
Token utility
VENOM is used as a transaction fee to maintain the network for validators, secure the network through PoS mechanisms, and support validators by network participants through staking. In addition, users can also use tokens for DAO operations or vote for protocol governance.