What Is Venom?
Venom is a multi-blockchain network being a basis for scalable Web3 applications in the DeFi and Global Payments markets. Blockchain provides the best transactional scalability solution and economic scalability.
Venom architecture is designed as a heterogeneous multi-blockchain platform with dynamic sharding. Venom masterchain is layer-0 blockchain, which is responsible for coordinating all the protocol entities such as workchains and shardchains. The masterchain state stores the network configuration, information about a set of validators, their stakes, and election rounds. Venom supports up to 2^32 workchains.
Venom provides a virtual machine that executes smart contract code on the Venom blockchain. It is the Turing complete virtual machine. Smart contracts in Venom give new, more flexible, and controlled flow over the execution of application logic. In Venom there are election mechanics for validator slashing, using a group of different task validators from the global validators set producing blocks for Shardchain, and guaranteeing decent decentralization.
Venom is designed as a distributed computing system with a scalability opportunity through infinity sharding. This means that Venom can share tasks between groups of validator nodes called "a validator task group" depending on the load, and one part of the tasks doesn't need to wait for other tasks to be completed.
Venom by design has an asynchronous model of communication between smart contracts. This is because of the need to maintain calls between contracts located in different shards, processed by different validator task groups. In this way each smart contract has the only way to affect the state of some other account by sending a message, the result of its execution of it will be a transaction. The order of execution of the outbound messages queue is guaranteed.
Venom Foundation main priority to develop and support a self-sufficient blockchain ecosystem has attracted developers to build various projects: VenomWallet (non-custodial wallet with a multisig option and ledger support), VenomScan (to access transactions history), VenomGet (an easy gateway to Venom tokens), VenomBridge (allowing the interchain transactions), VenomPools (to stake on validator nodes), Web3.World (native decentralized exchange).
Individual developers, companies, and government authorities will be able to use blockchain solution provided by Venom Foundation to establish new products such as NFT marketplace, derivative exchange, GameFi fiat-backed stablecoin, launchpad, and many others to come with the potential of wide adoption in the UAE, other MENA countries and globally in future.
Venom multi-blockchain is designed especially to improve scalability, which allows for increased transaction speeds and reduction of fees. Another fact to be highlighted, Venom makes it easier to build and run dApps while ensuring privacy and efficient interoperability with other blockchains.
$VENOM is the native utility PoS token of Venom network that is applied for payments, fees.