What is Venom Network?

Venom Network is a layer 0 blockchain developed by the Venom Foundation and is also the first network supervised under the authority of ADGM — Abu Dhabi Global Market.

Currently, Venom Network is launching a testnet from the end of April 2023 with the aim of becoming a blockchain with super-fast transaction speed and infinite scalability to meet the needs of a growing user community.

Website: https://venom.foundation/

Venom Ecosystem

Venom Network products include Venom Wallet, Venom Bridge, Venom Scan, oasis.gallery, Web3.World.

Structure of Venom Network

The structure of Venom is quite similar to Everscale — a Modular blockchain, and is composed of 3 main chains:

• Masterchain: Blockchain layer 0, responsible for securing all the information needed to reach consensus among validators in the system. Important information such as network configuration, deployment and scope of validators and voting rounds are all stored on the masterchain.

• Workchains: Layer 1 blockchains are on top of Masterchain, operate independently and have their own functions such as state transitions, cryptographic algorithms, transaction structures, and even their own tokens.

• Shardchains: Layer 2 blockchains operate on a specific number of workchains. They share the same features as workchains, including state transitions, cryptographic principles, transaction structures, and native tokens. However, shardchains are only responsible for processing part of the transactions on the workchains. Venom is capable of containing infinite shardchains, helping to process a large amount of transactions and data.

Structure of Venom Network

Highlights of Venom Network

• Dynamic sharding: Feature used by Everscale, Ethereum 2.0. Dynamic Sharding enables increased transaction processing capacity and network capacity. In addition, Venom Network allows to adjust the number of shards based on network needs to ensure that the platform can handle large transaction volumes without compromising security or decentralization.

• Threaded Virtual Machine (TVM): TVM helps to increase processing speed and improve network performance compared to traditional virtual machines. In addition, the TVM used on the Venom Blockchain is similar to the EVM on Ethereum, playing an important role in the execution of smart contracts and decentralized applications on the blockchain.

• Threaded Solidity (T-Sol): T-Sol is a new programming language exclusively for Venom Network. Therefore, T-Sol is still not as widely used and supported by the community as the Solidity language. This can be difficult for developers when they want to use T-Sol to build on Venom. However, given the size of Venom, it is expected that many people will support and use T-Sol in the future.

What is Venom Token?

Token VENOM Key Metric

• Token name: Venom

• Ticker: VENOM

• Blockchain: Venom Network

• Testnet Contract: 0:2c3a2ff6443af741ce653ae4ef2c85c2d52a9df84944bbe14d702c3131da3f14

• Token type: Governance, Utility

Token VENOM Use Cases

When Venom Network goes to mainnet, users holding VENOM have the following benefits:

• Payment of transaction fees on the Venom network.

• Participate in governance and voting.

• Delegate staking aims to protect the network.

VENOM Token Allocation:

• Ecosystem: 28%

• Community: 22%

• Foundation: 15%

• Market Liquidity: 10%

• Validator: 10%

• Early Backers: 7.5%

• Team: 7%

• Public: 0.5%

Venom Token Allocation

Token Release Schedule

VENOM is an unlimited supply token with an inflation rate of 1%. In addition, VENOM’s initial supply of 7.2 billion tokens includes 1,116 billion to be unlocked soon and 6.084 billion to be locked.

Regarding how to pay tokens, Venom Foundation will pay as follows:

• 28% Ecosystem: 10% TGE, the remaining 90% will be paid in installments within 90 months.

• 22% Community: 10% TGE, the remaining 90% is paid in 90 months.

• 15% Foundation: to be paid in installments within 72 months

• Market Liquidity Validators and Public are 100% unlocked.

• 7.5% for Early Backers paid in installments over 48 months.

• 7% of the Team is paid in installments over 48 months.

Team, investors and partners

Project team:

• Peter Knez: Former CIO (Chief Information Technology Officer) at BlackRock and also former CIO at Barclays Global Investors.

• Mustafa Kheriba: Board member of Mirabank, Australian Gulf Capital, and Evrensel Capital Partners.

Team, investors and partners

Investors

Investors of Venom Foundation includes: Venom Ventures Fund and Iceberg Capital.

Partners

Venom’s strategic partners include:

• Developer Knife

• Hacken

• Hub71

• Knife Maker

• EverscaleTo learn more about Venom, check out the following links:

  Website: https://venom.foundation/

  Testnet: https://venom.network/

  Whitepaper: https://venom.foundation/Venom_Whitepaper.pdf

  Documentation: https://docs.venom.foundation/

  Twitter: https://twitter.com/venomfoundation