Description

Here’s how it works:

• Proof-of-Stake Consensus: Uses Byzantium Fault Tolerance, a consensus algorithm ensuring security by having network nodes agree on new blocks.

• Turing-Complete Network: Can perform any computation represented as an algorithm.

• Smart Contract Execution: Uses TVM (Threaded Virtual Machine) for executing smart-contract code, allowing asynchronous communication between accounts.

• Account Abstraction: Each account acts as a smart contract, offering flexible authentication and enhanced security features like custom permission levels and account recovery mechanisms.

• Cross-Chain Communications: Features a native protocol for interaction between different workchains, facilitating the transfer of data and assets without third-party intermediaries.

• Interoperability: Supports interaction between various types of workchains, enhancing liquidity and transaction capabilities across networks.

• Invisible Gas Fees: Allows transaction fees to be paid in stablecoins or central bank digital currencies (CBDCs), simplifying the user experience.

• 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.

• 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.