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What is Venom?

What is Venom?

Explore Venom's unique approach to blockchain through Layer 0 infrastructure, TVM, and dynamic sharding, leading the way in decentralized tech.

Summary: Venom revolutionizes blockchain with its Layer 0 infrastructure, introducing the Threaded Virtual Machine (TVM) and advanced sharding mechanisms. These innovations elevate Web3 functionalities by enhancing transaction speeds and reducing costs, while emphasizing sustainability. 

The ecosystem, enriched with tools like Venom Wallet and Web3World DEX, underscores security and community engagement. Under Christopher Louis Tsu's leadership, Venom, with its unique TVM and sharding capabilities, is pioneering the next wave of decentralized technology.

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What is Venom?

Venom, a cutting-edge Layer 0 blockchain platform, redefines the Web3 ecosystem with its advanced architecture. It leverages dynamic sharding to push transaction speeds over 100,000 per second, maintaining an ultra-low average transaction cost below $0.0002. This positions Venom as a frontrunner in scalable, secure, and cost-efficient blockchain solutions, committed to sustainability through its zero-emission policy.

At its core, Venom aims to reshape blockchain infrastructure, making the development and use of decentralized applications (dApps) more intuitive. Its standout features, such as the Threaded Virtual Machine (TVM) and account abstraction, ensure enhanced interoperability within the blockchain ecosystem.

How Does Venom Work?

Venom operates through a complex yet efficient modular architecture designed to support a wide range of applications and services on the blockchain. Its infrastructure consists of a masterchain coordinating communication and operation across various workchains and shardchains, each designed for specific tasks and applications. 

Here's a high-level breakdown of how Venom works:

  • Architecture: A heterogeneous multi-blockchain system with dynamic sharding capabilities.
  • Masterchain: Acts as the Layer-0 chain, managing the overall network, including routing messages, maintaining network configuration, and storing shard configurations and block hashes. It ensures high security for the network.
  • Workchains: Specialized Layer-1 blockchains that can have their own virtual machines, state transition functions, and native cryptocurrencies. Workchains enable customization to suit different application needs and contribute to the network's scalability.
  • Basechain: This is the primary Layer-1 workchain for end-users, supporting dApps and smart contract execution with lower fees compared to the Masterchain.
  • Shardchains: These are subsets of the blockchain that process a portion of the transactions, enhancing the network's capacity and speed.
  • Dynamic Sharding: Allows the network to adjust shard sizes and numbers based on current demands, ensuring efficient processing.
  • Cross-chain Communication Protocol: Facilitates trustless interactions between workchains, enabling seamless asset and data transfers.

Venom’s design promotes an open, flexible blockchain environment conducive to developing a wide array of Web3 applications, from DeFi to secure data exchanges.

Venom Ecosystem

Venom Ecosystem

Given that the network has only been live on mainnet for one month, the Venom Ecosystem is still in its nascent stages, yet it already features a compelling suite of applications:

  • Venom Wallet: Ensures asset security through a non-custodial wallet that supports multisig accounts and Ledger.
  • VenomStake: A secure platform for staking VENOM tokens, designed to optimize users' reward potential.
  • VenomBridge: Broadens blockchain interoperability with seamless interchain transactions.
  • Web3World: This is the native DEX for Venom that facilitates asset swapping, liquidity provision, and farming activities within the ecosystem.
  • Oasis Gallery: Opens the market for unique digital assets, catering to the demand for NFTs and digital collectibles.

Each component, from the Venom Wallet to the Venom NFT Marketplace, seamlessly integrates into the ecosystem, providing users with a comprehensive blockchain experience, despite the network's recent launch.

Venom Tokenomics

Venom (VENOM) tokenomics strategically underpin the ecosystem's expansion, ensuring network security and encouraging active participation. VENOM tokens are essential for covering transaction fees, employing Proof of Stake (PoS) for network protection, and facilitating DePools staking to back validators. Allocations of VENOM tokens are spread across distinct categories to support the project's strategic objectives and longevity.

  • Early Backers: 7.5% (540M VENOM) with a 12-month lock-up and vesting over 48 months.
  • Community: 10% (720M VENOM), released in full at the Token Generation Event (TGE).
  • Ecosystem: 10% (720M VENOM), also released in full at TGE.
  • Foundation: 7% (504M VENOM), 12-month lock-up, vesting across 48 months.
  • Market Liquidity: 0.5% (36M VENOM), immediately available at TGE.
  • Team: 22% (1.584B VENOM), 10% at TGE, then a 6-month lock-up, with a 90-month vesting.
  • Public: 28% (2.016B VENOM), 10% at TGE, followed by a 6-month lock-up and 90-month vesting.
  • Validators: 15% (1.08B VENOM), under a 24-month lock-up and 72-month vesting period.

This allocation mix balances the need for early liquidity with long-term stakeholder engagement, ensuring Venom's blockchain ecosystem is secure, vibrant, and driven by its community.

Who Founded Venom?

Christopher Louis Tsu (@louis_tsu), a seasoned entrepreneur with a 37-year tech background spanning several industries, leads the Venom Foundation as its CEO and CTO. Tsu's rich experience includes founding startups in sectors from digital TV to medical biotech, impacting over 200 million lives.

The Venom Foundation, registered within the Abu Dhabi Global Market (ADGM) on October 6, 2022, pioneers in blockchain innovation with its dynamic sharding and asynchronous blockchain technology.Aimed at delivering scalable, secure, and decentralized solutions, the Foundation focuses on developing a comprehensive blockchain ecosystem supported by key initiatives like VenomWallet and VenomScan.

Bottom Line

Wrapping up, Venom reshapes the blockchain landscape with its groundbreaking Layer 0 framework and dynamic sharding, setting new standards for Web3 applications. Its architecture not only champions sustainability but also streamlines the creation and usage of dApps, ensuring a cohesive ecosystem. Venom's thoughtful token distribution underscores its commitment to safeguarding the network while boosting user involvement. 

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