For a long time, blockchain technology has promised a new era of decentralization in which users will regain control of their digital lives in many ways.
Web3, DeFi, NFTs, and many other applications have certainly gained notoriety in the tech industry and popular culture but the promised revolution is still to be seen. This is what Venom Blockchain aims to change.
Envisioned by the Venom Foundation, the Venom blockchain is all about obliterating scalability issues, poor user experience, and high transaction costs, all while offering unmatchable security.
The team behind the network has also paid special attention to the regulatory aspect, ensuring that it complies with as most existing regulatory frameworks as possible, something essential for mass adoption.
The Abu Dhabi Global Market has also licensed Venom Foundation as a layer 0 blockchain crypto foundation, making the network the first to achieve such a standard. This means that developers enjoy more flexibility when it comes to creating complex and powerful applications.
This, coupled with a Proof of Stake consensus mechanism, means that Venom offers many advantages to developers and organizations without requiring a complete restructuring of their existing models.
Venom: A Network for the People
Blockchain technology has brought many applications that can and have helped people all over the world in an unprecedented way. However, when applications like crypto, NFTs, and DeFi caught the world by storm, everything collapsed.
Such was the case of the NFT craze of 2021, when networks like Ethereum were unable to deal with the increased traffic, resulting in unprecedented congestion.
With an average transaction fee of $0.0002 and an infrastructure built around scaling, Venom ensures that no congestion will result in the average user being unable to transact when needed.
This, of course, means that whales won’t benefit from generating congestion to gain a competitive advantage when a speculative craze occurs, bringing equality to the ecosystem.
Venom is also able to process over 100,000 transactions per second with a scalability potential of up to 1 million, while also taking only between 0.2 – 0.3 seconds. Not only does this put Venom on par with some of the most popular blockchains in the space but above many of them.
Achieving performance and scalability like the ones Venom Blockchain offers is no easy feat and it wouldn’t be possible by using conventional methods.
The network does this by making use of the “Venom Asynchronous Architecture”, which uses the Threaded Virtual Machine (TVM) compiler instead of the Ethereum Virtual Machine
Venom has also built its infrastructure around 3 types of chains: Masterchains, Workchains, and Sharchains. The Masterchain severs as the foundation of Venom blockchain, allowing workchains to connect to it to take advantage of the validators’ collaborative effort to secure the network.
Workchains operate as layer-1 blockchains that can operate independently of other chains, effectively functioning as the networks developed by other blockchain projects.
This means entire constellations of smaller networks can coexist in the Venom ecosystem, each offering completely different services to its users.
Sharchains offer a way to distribute the validation of transactions by representing smaller slices of a blockchain state. These shardchains can divide automatically if the load on the network increases dramatically, ensuring that the load is evenly distributed and bottlenecks are avoided.
At launch, The Venom blockchain comprises of two distinct networks – the Masterchain and the Basechain. The Basechain, which serves as the platform for executing smart contracts, is the first layer-1 workchain specifically designed for end-users and supporting dApps. Both networks utilize the Threaded Virtual Machine (TVM) for smart contract execution, although the Basechain stands out for its ability to offer lower storage and execution fees compared to the Masterchain.
The challenges faced by most blockchain networks are numerous, ranging from scalability issues to security flaws. This is the result of what has come to be known as the blockchain trilemma, which suggests that networks must sacrifice security, scalability, or decentralization.
The most pressing issue faced by blockchain at this time seems to be scalability. While blockchain networks can theoretically escalate indefinitely, doing so in real-time hasn’t been possible so far.
Venom aims to make this possible by being both horizontally and vertically scalable allowing for greater flexibility in terms of network growth and user adoption.
With this scalability comes the solution for 2 other major challenges: reliability and stability. Not only can Venom ensure that a high number of transactions can be processed as demand grows while keeping the price but it also allows the network to silo user behavior.
As Venom’s scalability is the result of a dynamic approach to node load by reallocating existing resources instead of modifying its standards’ thresholds, security flaws are not created in favor of performance.
This is essential for use cases like Decentralized finance (DeFi), cryptocurrency transactions, digital asset creation and management, governance, staking rewards, and much more.
Building Trust From The Get-go
The blockchain ecosystem is one in which hype can lead to painful life lessons for users and developers alike, especially when dubious investors are involved.
For this reason, the Venom Blockchain team has self-funded the totality of the Venom Foundation, preventing external pressure and interests from changing their vision.
The team also features names widely known across their respective industries.
Led by Venom’s Founder and Pontinova Circle Investment Group’s Managing Partner Dr. Kai-Uwe Steck, the board includes former BlackRock’s former CFI Peter Knez, Iceberg Capital’s Executive Chairman Mustafa Kheriba, and Emirates Integrated Telecommunications Company’s CEO Osman Sultan.
Venom Blockchain has also established several key partnerships to bring value to the ecosystem. Some notable names are Hub71, DAO Maker, Hacken, Marketacross, DEveloper Dao, and DGC.
Each of these institutions brings something different to the table, offering multiple benefits in areas like strategic advice, technology, applications, security, and more.
A Blockchain For More Than Just dApps
With the rise of blockchain to public notoriety, many important applications of the technology seem to have been relegated more and more with every cycle.
Dapps, blockchain games, and NFT collectibles have now displaced valuable areas like Decentralized Autonomous Organizations, Decentralized Finance, and many more.
While Venom Blockchain will support the most popular applications of blockchain technology due to its flexible and powerful nature, its scalability can offer much more.
Some of the applications that have been essential to guide the development of the blockchain have been Proof of Reserve Mechanisms, Central Bank Digital Currencies (CBDCs), CBDC-backed stablecoins, trade finance, and many others.
This is backed by the blockchain’s resource governance model, which ensures that grants, bug bounty programs, and other incentives are readily available to developers.
It will not only drive security and organic growth in the long term as innovation takes place inside the ecosystem but also facilitate the process for existing projects looking to migrate to a truly scalable network.
The Venom Blockchain project offers a unique solution to the issues of scalability, high transaction costs, and poor user experience that have plagued many other blockchain networks.
With its unique combination of features, regulatory compliance, and strong partnerships, Venom is well-positioned to become a major player in the blockchain space. Blockchain needs to scale, and Venom is a part of the solution.
While it is true that other established networks do have a first-mover advantage, Venom comes at a critical time in which the blockchain community is looking for fresh approaches.
In addition, the team behind the Venom Blockchain project has demonstrated a clear commitment to continued innovation and improvement. With a great team, and unbeatable vision, Venom is well placed to grow.
Overall, the future looks bright for the Venom Blockchain project as it continues to gain traction and establish itself as a leader in the rapidly-evolving world of blockchain technology.