Venom is a layer-0 asynchronous blockchain with a unique Mesh network architecture and dynamic sharding algorithm for scalability and efficiency with a focus on blockchain adoption through government initiatives such as Stable coins around the world, CBDCs, RWAs (such as carbon credits), payments & trade finance.
The Venom blockchain's innovative features balance the traditional financial system and the decentralised world of cryptocurrency, incorporating unique features such as account abstraction, invisible gas fees, and cross-chain communication to provide a more secure, transparent, and efficient way for financial services.
How does Venom work
Venom is a layer-0 non-EVM blockchain with dynamic sharding algorithm and Mesh Technology. It provides developers with a Threaded Virtual Machine (TVM) for asynchronous smart-contacts and a T-SOL, a Solidity-like programming language, allowing blockchain network throughput of 100,000+ TPS for building highly scalable Web3 applications. Venom utilises its revolutionary Mesh technology which enhances blockchain interoperability by setting communication standards for TVM-compatible networks, ensuring faster transaction speeds, robust decentralization, and reliable message delivery for cross-chain transactions.
Venom price and tokenomics
The VENOM token is intended to perform several key functions in the network, including:
- Gas fee/Incentivising validators:
The VENOM token rewards validators who contribute to maintaining the network's integrity. Validators receive a reward in VENOMs for each block they produce, encouraging them to act honestly and consistently. The block reward consists of an independent, configurable reward for each block and the transactions' fees collected per block.
- Protecting against Sibyl attacks:
The network uses a Proof-of-Stake (PoS) mechanism to safeguard against Sibyl attacks. Participants must stake their tokens to become validators, and the number of validators a participant can create is limited by the number of tokens they hold.
- Delegated staking:
Participants in the network can delegate their tokens to other participants who want to become validators. By delegating tokens, the community can effectively control the list of validators and ensure that the network remains decentralised. This helps to prevent a small group of validators from having too much control over the network and potentially engaging in malicious behaviour.
- Governance:
The network will introduce governance mechanisms, allowing participants to propose and vote for proposals using the VENOM token. This will help to decentralise decision-making and give control to the community.
About the founder
Christopher Louis Tsu is a renowned Executive and entrepreneur with 37 years of experience. He is with Venom Foundation from October 2022 first joining as a CTO to drive the architectural development of the protocol and currently drives Venom Foundation forward as CEO.
Venom highlights
- Venom Testnet Launch (April 25, 2023)
- Venom Hackathon (May 8 - June 10, 2023): Venom partners with DoraHacks to host Venom Hackathon, featuring an impressive $225,000 prize pool, igniting innovation and creativity in the blockchain community.
- Venom Foundation has announced a strategic partnership with the Government of Kenya to establish a “blockchain hub” in Africa (May, 2023), focusing on the development of Web3 and blockchain technology applications.
- Venom and UAE Government (August, 2023): A memorandum of understanding (MOU) between Venom Foundation and the UAE Ministry of Climate Change and Environment has been signed, paving the way for the development of a National Carbon Credit System, driving sustainability through blockchain solutions.
- Strategic partnership with Alpha MBM Investments Group (March, 2024): A strategic investment by Alpha MBM Investments Group, the private investment office of His Highness Sheikh Mohammed bin Maktoum bin Juma Al Maktoum, a member of the Dubai Royal Family, in Venom Foundation fuels digital currency adoption across Africa and marks a new era of financial inclusion on the continent.
- Partnership with MNG Airlines (March, 2024): MNG Airlines announced collaboration with Venom Foundation for revolutionizing aviation logistics in Turkey's air cargo market through the integration of blockchain technology.
- Venom Blockchain Testnet Recap:
- Over 2.9 million wallets created;
- More than 90,000 daily active wallets; - Over 35 million NFTs minted;
- 986 million testnet transactions.
VENOM FAQs
What is Venom (VENOM)?
Venom is a Layer-0 blockchain building a sustainable and scalable infrastructure for corporate, government and Web3 applications by providing independent economies on mesh-network architecture.
What are the key features of Venom blockchain technology?
Venom Blockchain technology is made to facilitate micropayments, which is of uttermost importance to our target group, the unbanked population in developing nations, which naturally have relatively lower disposable incomes.
- CBDC and Fiat-backed stablecoins
- Asset Tokenization
- Trade Finance
- Proof of Reserve (PoR) mechanisms
- Microtransactions
- Decentralised Identity
Technological innovations:
Architecture
Venom’s Layer-0 architecture is designed as a heterogeneous multi-blockchain platform with dynamic sharding. Venom addresses the horizontal scalability issue with masterchain/workchain architecture. The masterchain contains block proofs from workchains, while the workchains either represent an additional blockchain with its own VM and currency or inherit the components of workchain 0.
Mesh technology
Mesh technology allows connecting TVM-compatible networks on the protocol level. The interchain relations mechanism provides a free flow of value and messages across several networks to ensure easy leverage of web3 applications deployed in different networks by smart contracts from each connected TVM-compatible network.
Dynamic sharding
The Venom network will start with just one shardchain, which covers all smart contract addresses of the workchain. Validators from the global validators set produce blocks for this shardchain.
Handling network fees
Venom has separate fees for storage consumption, processing, and messaging between accounts, which makes gas prices on the network more stable and predictable and allows for the future-proofing and self-purging of unused data and smart contracts.
Smart contracts execution
The Venom TVM allows for sharing tasks between groups of validators depending on LOD, thus ensuring concurrent execution. That’s why by design, all interactions between system actors
(accounts, smart contracts) in Venom are asynchronous. Everything inside TVM is a smart contract. A clear example of this can be seen with wallets. In EVM, a wallet is an address that shows a balance, and in TVM, a wallet is always a smart contract.
Consensus
Venom has developed its own consensus protocol called Threaded BFT.
The major goal of TBFT is to provide secure and efficient block collation on all levels (shardchain, workchain, and masterchain) while maintaining Venom’s decentralization and linear scalability. TBFT architecture solves the famous blockchain trilemma (Buterin 2021) by providing the necessary tools for scalability without sacrificing decentralization or security.
External Message Queue (EMQ)
The major goal of the EMQ protocol is to achieve the reliable delivery of messages between actors, guaranteeing order and delivery count. EMQ’s major use is for external actors and cross-chain communication. EMQ is a protocol or message queue that guarantees the necessary level of delivery protection, replay protection, DDoG protection and total order without affecting the latency and finality.
What is the Venom token used for?
The VENOM utility token safeguards the Venom Blockchain through PoS. It’s also used for governance, protocol fees and developer incentives.
