In the crypto space full of excitement and potential, we are always looking for remarkable projects to invest in and participate in. Today, I would like to introduce to you a special project, a promising journey called Venom.

Together, we will explore an out-of-the-box blockchain platform, with cutting-edge Turing-complete Proof of Stake (PoS) technology and unique support from the Venom Foundation. Confirmed and registered in the Abu Dhabi Global Market (ADGM), Venom has made its mark as a notable name on the crypto map. In the first part, we learned the outstanding information about Venom Network. In this section, we will take a closer look at Venom!

Venom has several important competitive advantages:

• Regulatory compliance: Venom Foundation has received a license to operate from Abu Dhabi Global Market, becoming the first organization to achieve this. This demonstrates Venom’s commitment to local and international regulatory compliance, as well as its ability to expand globally.

• Scalability: Venom uses an asynchronous blockchain architecture with dynamic sharding and horizontal scaling. This allows Venom to process more than 100,000 transactions per second and up to a maximum of 1 million transactions.

• Compatibility: The Venom Foundation is working on a feature that connects to other major blockchains like Ethereum and allows easy porting of EVM-dependent applications between blockchains. Existing users can also spend their ERC-20 tokens on Venom through Venom Bridge.

• Security: Venom uses a method that combines transaction security, including staking through Proof-of-Stake (PoS) and a Byzantine fault-tolerant consensus algorithm. This increases security and ensures decentralization of the network.

• Versatility and Audience: Venom is designed to target a wide range of users and applications, from individuals, retail, large finance, governments to NGOs. This shows the high flexibility and wide applicability of the Venom platform in many different fields.

• With these advantages, Venom has the potential to become a remarkable blockchain platform and meet the diverse needs of users and businesses.

About Venom Network’s Tokenomics:

Venom’s Tokenomics model has the following main groups: Users, Validators, Developers, and Venom Foundation.

• Users: Users play a central role in the Venom blockchain network, and their participation is critical to the network’s success. By executing transactions and using decentralized applications (dApps), users create value and expand the network’s capabilities. They can also participate in governance by participating in voting and shaping the direction of the network.

• Validators: Validators take on the responsibility of verifying and validating transactions, as well as generating new blocks based on the consensus mechanism to ensure network integrity. Validator participation is critical to maintaining the blockchain’s decentralization, preventing fraudulent or malicious transactions from being added to the network.

• Developers: Developers play an important role in the development and evolution of the Venom blockchain. They create and develop applications that take advantage of the network’s potential and extend its functionality. By improving the protocol’s source code and developing new solutions, developers contribute to the success and durability of the network, facilitating wider use of the platform by users.

• Venom Foundation: As a non-profit organization, the Venom Foundation is responsible for managing the network’s growth, funding to promote adoption, and ensuring compliance with international laws and regulations. By partnering with users, validators, and developers, the organization facilitates the growth and expansion of the network, while ensuring its long-term sustainability.

Total supply

The Venom blockchain has an inflationary model, meaning no fixed maximum supply of tokens exists. However, the Venom Foundation is exploring ways to transition to a deflationary model.

One possible way to transition to a deflationary model is through part of the transaction fee burning (a crypto term for destroying). Fee burning permanently removes certain tokens from circulation by sending them to an address with no known private key, rendering them unusable.

This is not a final proposal. The transition to a deflationary model would require careful consideration and planning to avoid any negative impacts on the network’s stability and sustainability. The Venom Foundation will continue to evaluate the network participant’s behavior and explore the best approaches after launch to maintain a healthy and thriving ecosystem for all participants.

Token Release

The Venom blockchain’s initial supply of tokens for issue during the mainnet launch is 7,200,000,OOO VENOM. Of this initial supply, 15.596 (1.116B) is for unlock and immediately available, while 84.56(6.084B) is under lock. The locked tokens include 10% (720 million) of the initial supply as a stake of the initial validators.

The projected annual inflation rate is -1% (-72,000,000 VENOM)

Pros and cons of Venom Network

Advantage:

• Venom Foundation is regulated by the Abu Dhabi Global Market, ensuring reliability and regulatory compliance.

• The platform is highly scalable, supporting from 100,000 to 1 million transactions per second, meeting the needs of large transactions.Using TVM (Venom Virtual Machine) with Solidity programming language, the most popular smart contract development language, facilitates developers and users familiar with Solidity.

• Low transaction costs, from as little as $0.0002 per transaction, help reduce the costs associated with transactions on the network.

• Transaction confirmation time is fast, from 0.2 to 0.3 seconds, providing a fast and efficient user experience.

Disadvantage:

• Currently, Venom is not compatible with the EVM (Ethereum Virtual Machine), which may limit interoperability with applications and smart contracts on the Ethereum network.

• Since it’s a newly launched blockchain, only a testnet has been released, there could be many factors that are untested and certain.

Epilogue

Venom proposes a new approach in blockchain technology, supporting multiple layers and diverse blockchains. With the capacity to hold millions of blockchains and a good standing, Venom has the potential to become an important competitor in the Web3 space. With fast confirmation times, low costs, regulatory compliance, and information security, Venom facilitates development and real-world adoption.

To 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