The blockchain network built for speed and scalability

For a long time, blockchain technology has promised a new era of decentralization where users will regain control of their digital lives in many ways.

Web3, DeFi, NFTs and many other applications have certainly gained prominence in the tech industry and popular culture, but the promised revolution remains to be seen. This is what Venom Blockchain aims to change.

The Venom blockchain, envisioned by the Venom Foundation, is about eliminating scalability issues, poor user experience, and high transaction costs while offering unparalleled security.

The team behind the network has also placed particular emphasis on the regulatory aspect, to ensure that it complies with as many existing regulatory frameworks as possible, which is essential for mass adoption.

Abu Dhabi Global Market has also licensed the Venom Foundation as a layer 0 blockchain crypto foundation, making the network the first to achieve such a standard. This means developers enjoy more flexibility when it comes to creating complex and powerful applications.

This, combined with a Proof of Stake consensus mechanism, means that Venom offers many benefits 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. But when applications like crypto, NFTs and DeFi took the world by storm, everything collapsed.

Such was the case with the NFT craze in 2021, when networks like Ethereum were unable to handle 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 leave the average user unable to transact when needed.

This of course means that whales will not benefit from generating congestion to gain a competitive advantage when a speculative mania occurs, bringing equality to the ecosystem.

Venom is also capable of processing over 100,000 transactions per second with a scalability potential of up to 1 million, while 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.

Technology

Achieving the performance and scalability that the Venom Blockchain offers is no easy feat, and it would not be possible using conventional methods.

The network does this by using the “Venom Asynchronous Architecture”, which uses the Tron 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 serves as the foundation of the Venom blockchain, allowing worker chains to connect to it to benefit from the validators’ cooperation to secure the network.

Working chains act as layer-1 blockchains that can function independently of other chains, effectively working like the networks developed by other blockchain projects.

This means that entire constellations of smaller networks can coexist in the Venom ecosystem, each offering completely different services to their users.

Finally, Sharchains offer a way to distribute the validation of transactions by representing smaller parts of a blockchain state. These shardchains can split automatically if the load on the network increases dramatically, ensuring that the load is evenly distributed and bottlenecks are avoided.

Scalability

The challenges that most blockchain networks face are many, ranging from scalability issues to security flaws. This is the result of what has become known as the blockchain trilemma, which suggests that networks must sacrifice security, scalability or decentralization.

The most pressing issue for blockchain appears to be scalability. While blockchain networks can theoretically escalate indefinitely, it has not been possible to do so in real time so far.

Venom aims to make this possible by being both horizontally and vertically scalable, allowing 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 maintaining the price, but it also allows the network to silo user behavior.

Since Venom’s scalability is the result of a dynamic approach to node load by redistributing existing resources rather than changing the standard’s thresholds, security flaws are not created in favor of performance.

This is important for use cases such as decentralized finance (DeFi), cryptocurrency transactions, digital asset creation and management, governance, stake rewards and much more.

Build trust from the start

The blockchain ecosystem is one where hype can lead to painful life lessons for users and developers alike, especially when questionable investors are involved.

For this reason, the Venom Blockchain team has self-funded the entire Venom Foundation, preventing outside pressure and interests from changing their vision.

The team also has names 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 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 important 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 such as strategic consulting, technology, applications, security, and more.

A blockchain for more than just dApps

With the rise of blockchain to public notoriety, it seems that many important applications of the technology have been referred to more and more with each cycle.

Dapps, blockchain games and NFT collectibles have now displaced valuable areas such as 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 instrumental in leading the development of the blockchain have been Proof of Reserve Mechanisms, Central Bank Digital Currency (CBDCs), CBDC-backed stablecoins, trade finance and many others.

This is supported by the blockchain’s resource management model, which ensures that grants, bug bounty programs and other incentives are readily available to developers.

It will not only drive security and long-term organic growth as innovation takes place within the ecosystem, but also ease the process for existing projects looking to migrate to a truly scalable network.

Conclusion

The Venom Blockchain project offers a unique solution to the problems 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 part of the solution.

While it is true that other established networks have a first-mover advantage, Venom comes at a critical juncture where the blockchain community is looking for new approaches.

In addition, the team behind the Venom Blockchain project has shown a clear commitment to continued innovation and improvement. With a great team and unbeatable vision, Venom is well positioned 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.