Venom Blockchain is a decentralized network designed for fast, secure, and scalable solutions across various industries. Developed since 2017, it has evolved into a stable network named Everscale, capable of handling thousands of transactions efficiently.
What is Venom
Here’s how it works:
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Proof-of-Stake Consensus: Uses Byzantium Fault Tolerance, a consensus algorithm ensuring security by having network nodes agree on new blocks.
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Turing-Complete Network: Can perform any computation represented as an algorithm.
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Smart Contract Execution: Uses TVM (Threaded Virtual Machine) for executing smart-contract code, allowing asynchronous communication between accounts.
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Account Abstraction: Each account acts as a smart contract, offering flexible authentication and enhanced security features like custom permission levels and account recovery mechanisms.
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Cross-Chain Communications: Features a native protocol for interaction between different workchains, facilitating the transfer of data and assets without third-party intermediaries.
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Interoperability: Supports interaction between various types of workchains, enhancing liquidity and transaction capabilities across networks.
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Invisible Gas Fees: Allows transaction fees to be paid in stablecoins or central bank digital currencies (CBDCs), simplifying the user experience.
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Two Main Networks:
- Masterchain: The backbone providing high-level security and coordination among workchains, validators, and accounts.
- Basechain: The primary layer for end-users, focusing on dApps and smart contract execution.
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Consensus Protocol: Involves multiple validator sets and a round-robin system for block generation, ensuring fair and decentralized consensus.
In summary, the Venom Blockchain is designed to enhance transaction efficiency and security in the blockchain ecosystem, with features supporting smart contract execution, interoperability, and user-friendly transaction systems.
Team of Venom
Mustafa Kheriba
Member of the Board
Mustafa Kheriba a member of the Board, and Managing Director of multiple family offices in the UAE. Currently he is also a Member of the Board of Directors of Mirabank, Australian Gulf Capital, Evrensel Capital Partners, and a Steering Committee Member of Pathway 20.
Peter Knez
Adviser
Peter Knez is a former Chief Investment Officer at BlackRock, following its acquisition of Barclays Global Investors (“BGI”) where he was Global Chief Investment Officer for fixed income. In BGI, Peter grew AUM from $5 billion to $40 billion in the U.S., doubled AUM to $80 billion globally, and achieved 28% revenue growth year over year.
Venom review
Pros
Efficient Performance
Handles 100,000 tps with a transaction cost of $0.0002, ideal for various uses.
Advanced Security
Offers sophisticated authentication and control for accounts.
Flexible Account Interactions
Each account as a smart contract allows for diverse functionalities.
Cross-Chain Capability
Facilitates seamless interaction between different workchains.
User-Friendly Fees
Enables paying transaction fees in any on-chain currency.
Sharding Scalability
Utilizes sharding for increased capacity and faster transaction processing.
Custom Web3 Services
Enables creation of innovative Web3 services through interoperability.
Cons
Development Complexity
Advanced features may complicate development and implementation.
Learning Requirements
Unique functionalities present a steeper learning curve for new users.
Network Stability Risks
Innovative features could impact network reliability.
Ecosystem Growth
Faces challenges in building a widespread user and developer base.