Venom FAQs
The architecture of the Venom blockchain is characterized by its multi-blockchain design approach. The Venom blockchain is comprised of three layers which allow it to scale seamlessly and to increase transaction throughput (up to 1M transactions per second) while reducing transaction costs.
These are the three layer of the Venom network:
- Masterchain
- Workchains
- Shardchains
The Masterchain is the backbone of the Venom blockchain. It is the network's base layer (i.e. the Layer-0 chain) that facilitates the coordination and communication among Workchains, Shardchains, and accounts (smart contracts).
Venom's Workchains are Layer-1 blockchains that are secured by the Masterchain and can serve various purposes. Workchains are designed to be capable of supporting a variety of use cases and applications ranging from finance-based payment markets, DeFi dApps, NFTs, CBDC stablecoins, Gaming apps, as well as Metaverse ecosystems.
Venom's Shardchains are smaller pieces of a blockchain that are solely responsible for a subset of smart contracts based on a defined range.
Sharding is a scalability solution for decentralized networks allowing the parallel processing of transactions. This is made possible because each shard is organized by its own validator set, allowing validators to simultaneously validate multiple transactions.
Venom's Shardchains are smaller pieces of a blockchain that are solely responsible for a subset of accounts based on a defined range. In the Venom blockchain, the execution of smart contracts is split into smaller threads, called "shards." The shards are then processed in parallel by different validator groups.
Venom’s Threaded Virtual Machine (TVM) executes smart contract logic on the blockchain. Similar to the Ethereum Virtual Machine (EVM), Venom utilizes a Turing complete virtual machine for the execution of instructions. The TVM of the Venom network executes smart contracts in the protocol’s masterchain and its workchains. Venom’s workchains may use other virtual machines, for example the Ethereum Virtual Machine (EVM).
Venom’s infinitely scalable, asynchronous blockchain is powered by smart contracts. The programming language used for developing smart contracts hosted on Venom is called Threaded Solidity (T-Sol). It is similar to Ethereum’s Solidity programming language and provides developers a robust language.
Venom's consensus mechanism uses a hybrid protocol that combines a Proof-of-Stake (PoS) mechanism with Byzantine fault tolerance (BFT) algorithms. This approach ensures that transactions are secure and tamper-proof and that validators can reliably agree upon the state of the blockchain. The combination of PoS with BFT also increases the resistance of the network against malicious parties and sybils trying to attack the blockchain.
Accounts in the Venom network can refer to two concepts:
- Smart contracts (with code for changing data storage).
- Unique identifiers for users (with a corresponding address, balance, and the ability to transfer funds and call smart contracts).
The following table provides an overview of the key differences between Venom and EVM-based blockchains.
Area | Ethereum | Venom |
Blockchain architecture | Global world computer, competition for resources, high costs of computing | Multi-core system, dynamic sharding, scalability, efficient computing costs |
Communication | Synchronous communication | Asynchronous communication |
Gas model and fees | Used to limit the number of computational steps | Used to incentivize efficient use |
Smart contract languages | Single-language (Solidity) | Multi-language |
$VENOM is the native token of the Venom ecosystem. Venom's utility token is used for value transfer in the network and provides access to the protocol's core features. At present, the $VENOM token is inflationary. With growing adoption driving volume and utility, the token will become deflationary.
The following provides an overview of the token economics of $VENOM:
Category | Details |
Initial supply | 7.2 billion tokens |
Token type | TIP-3 |
Token unlock details | 15.596% (1.116B) unlocked at TGE 84.56%(6.084B) locked at TGE |
Annual inflation rate | -1% (-72,000,000 $VENOM) |
Mainnet token address | Unknown |
Testnet token address | 0:2c3a2ff6443af741ce653ae4ef2c85 c2d52a9df84944bbe14d702c3131da3f14 |
Token price | Unknown |
Token launch date | Unknown |
Here's the token allocation for the different entities and groups in the Venom ecosystem:
Category | Allocation | $VENOM | Unlock | Cliff | Vesting |
Community | 22% | 1,584,000,000 | 10% | 6 | 90 |
Ecosystem | 28% | 2,016,000,000 | 10% | 6 | 90 |
Foundation | 15% | 1,080,000,000 | 0% | 24 | 72 |
Early Backers | 7.5% | 540,000,000 | 0% | 12 | 48 |
Team | 7% | 504,000,000 | 0% | 12 | 48 |
Public | 0.5% | 36,000,000 | 100% | 0 | 0 |
Market Liquidity | 10% | 720,000,000 | 100% | 0 | 0 |
Validators | 10% | 720,000,000 | 100% | 0 | 0 |
Total | 100% | 7,200,000,000 | - | - | - |
There are three units for smaller amounts of $VENOM tokens. These units are Milli VENOM, Micro VENOM, and Nano VENOM. The smallest transferable unit of the $VENOM token is Nano Venom.
The following table gives an overview of the three units, the amount of decimals, and their conversion to $VENOM.
Unit | Decimal Places | Conversion to NANO VENOM | Conversion to VENOM |
NanoVENOM | 0 | 1 | 0.000000001 |
MicroVENOM | 3 | 10^3 | 0.000001 |
MilliVENOM | 6 | 10^6 | 0.001 |
VENOM | 9 | 10^9 | 1 |
$VENOM provides important functions to the ecosystem and has five primary purposes:
- Governance
- Transaction fees
- Network security
- Delegated staking
- Incentivizing validators
Yes, Venom has the TIP-3 (fungible) and the TIP-4 (non-fungible) token standards.
TIP-3 is the token standard used by the Venom blockchain. It is designed to be cost-efficient and aligns with the network architecture of Venom as distributed system.
There are four key functionalities that the TIP-3 tokenstandard provides:
- Transfering tokens between accounts
- Minting and burning tokens
- Querying current token balance of an account
- Retrieving the netwok's total token supply
The TIP-4 standard was created for non-fungible tokens (such as NFTs). It has been specifically designed for the Venom network and provides important functionalities that are optimal for creating, exchanging, and trading of non-fungible tokens.
The $VENOM token is the ecosystem's native token. Its wrapped version (WVenom) is a TIP-3 token implemented in smart contract code. WVenom is issued 1-to-1 with the $VENOM token. Holders of the wrapped version have a programatically guaranteed way of exchanging one version for the other.