What is Venom?

The following provides an introduction to the Venom blockchain. 

Over the last decade, decentralized ledger technology has seen a sharp increase in popularity, in part because of its ability to power decentralized, tamper-proof, and secure transactions. However, existing blockchain solutions such as Bitcoin and Ethereum are confronted with challenges that reduce their adoption in real-world applications. These challenges include limited scalability, long transaction processing times, high transaction fees, and limited interoperability with other networks. 

The Venom blockchain was developed by the Venom Foundation to address these challenges and to promote the mass adoption of blockchain technology. 

Venom is a highly scalable, secure, and transparent Layer-0 blockchain designed to provide the infrastructure for a global ecosystem of DeFi and Web3 applications as well as global payment services. The multi-layer blockchain is bridging the gap between fintech and blockchain-based financial services (such as CBDCs [central bank digital currencies]) and provides corporations as well as institutions the architecture for the widespread adoption of real-world, blockchain-based applications. 

As a scalable blockchain solution, Venom is designed to host real-world applications and meet their technological demands. Thanks to its architecture, decentralized applications built on the Venom blockchain benefit from a high level of both performance and security. 

The Venom blockchain processes transactions at a speed of more than 100,000 transactions per second (tps), with a fast time to finality of 0.2-0.3 seconds, and low transaction fees of $0.0002 per transaction (on average).

The Venom blockchain consists of a masterchain, workchains, and shardchains.

Dynamic sharding, a hybrid Proof-of-Stake (PoS) consensus mechanism, and a Byzantine fault tolerance (BFT) algorithm are used to accomplish the high processing speeds in combination with low transaction fees.

As a Turing-complete Proof-of-Stake (PoS) blockchain, Venom is capable of hosting smart contracts (i.e. self-executing programming scripts). This functionality enables Venom to power Web3 applications.

Venom’s vision is to provide the infrastructure needed to bridge the gap between decentralized ledger technologies and traditional finance. Its blockchain provides businesses and institutions with the ideal balance between decentralization, cost-effectiveness, transaction speed, and transparency makes it an excellent fit for a wide range of use cases. Here are some of Venom’s use cases and target markets:

This wide set of potential use cases and supported verticals provide the foundation for Venom’s mission of providing the infrastructure for the next generation of digital products and services.