Venom Network has recently been in the spotlight as a blockchain platform that brings significant changes to the way we interact with digital assets and cryptocurrencies.

 

Through an approach that addresses the challenges often faced by traditional blockchain networks, Venom Network offers a secure, scalable, and user-friendly environment to conduct transactions and develop decentralized applications.

 

To better understand what Venom Network is all about, from its history and development, security and scalability, tokenomics, to its advantages, check out the following review.

Translated with DeepL.com (free version)

 

 

What is Venom Network?

 

Venom Network is a blockchain platform developed to overcome the challenges often encountered in conventional blockchain networks.

 

With the ability to process transactions quickly and high scalability, the platform ensures optimal operational efficiency.

 

Security is a key focus in the blockchain ecosystem, and Venom Network stands out with its use of cutting-edge cryptographic technology and decentralized structure that provides resilience against potential attacks.

 

One of the most striking things about Venom Network is its friendly user interface. The goal is to make blockchain technology accessible to everyone, including those without in-depth technical knowledge.

 

History and Development

 

Venom Network is the first regulated blockchain network based in Abu Dhabi, United Arab Emirates. Since the Venom Network testnet was launched on April 26, 2023, over 1,000,000 wallets have been registered in less than 3 months.

 

Christopher Louis Tsu, CTO and CEO Venom, expressed surprise at this rapid growth, saying, “I was really surprised. We managed to reach 250,000 users in the first six (6) days.”

 

In addition, the Venom Network has recorded significant growth since its launch. In June 2023 alone, the Venom blockchain recorded 277,000,000 transactions. Not only that, the number of non-fungible tokens (NFTs) generated increased by 93% month-on-month.

 

With such impressive achievements, Venom Network is proving itself to be one of the leading blockchain platforms in the industry today.

 

Security and Scalability

 

Venom Network uses advanced cryptographic techniques to secure the transactions and data processed on its network. This includes the use of strong algorithms to encrypt data and ensure its integrity and confidentiality.

 

Venom’s architecture is designed to be decentralized, meaning that no single entity controls the entire network. This helps prevent attacks aimed at a single point of control and improves overall security by distributing power and responsibility among the various nodes on the network.

 

In addition, Venom utilizes a sharding, solution, which divides data and transaction processing into small sections called shards. Each shard can operate independently, increasing the network’s capacity to process more transactions in parallel.

 

This allows Venom to increase throughput or the number of transactions that can be processed per second, keeping network performance efficient even as the number of users and transaction activity increases.

 

Friendly User Interface

 

Venom Network is designed with a user interface that is intuitive and easy to understand, even for users who do not have in-depth technical knowledge of blockchain technology.

 

It allows users to quickly understand and utilize the features available without facing any significant technical barriers.

 

Not only that, Venom Network also provides easy and direct access to blockchain technology for everyone. By simplifying the navigation and interaction process, the platform aims to reduce the accessibility gap between experienced users and beginners in the blockchain ecosystem.

 

Essentially, it will help more people to tap into the potential and benefits offered by Venom Network without undue hardship.

 

Comprehensive Venom Ecosystem

 

The Venom Network offers a series of well-integrated products, such as Venom Wallet, VenomStake, VenomBridge, Web3World, and Oasis Gallery.

 

Venom Wallet provides a secure and easy-to-use storage solution for digital assets. Through VenomStake, users can stake VENOM tokens and earn rewards.

 

VenomBridge facilitates interoperability between blockchains, enabling the transfer of digital assets between different platforms. Web3World is a metaverse platform that brings the experience of interacting, gaming, and creating in a virtual world.

 

Meanwhile, Oasis Gallery serves as a marketplace for digital assets, where users can buy, sell, and trade NFTs.

 

Tokenomics Venom Network

 

The Venom Tokenomics model has key groups that include Users, Validators, Developers, and the Venom Foundation. The following is a breakdown of each, namely:

 

• Users

 

Users play a central role in the Venom blockchain network, and their participation is crucial to the network’s success. By making transactions and using decentralized applications (dApps), users create value and expand the capabilities of the network.

 

They can also participate in governance by voting and shaping the direction of the network through voting.

 

• Validators

 

Validators are responsible for verifying and validating transactions, as well as generating new blocks based on consensus mechanisms to ensure network integrity.

 

The participation of validators is crucial to maintaining the decentralization of the blockchain, preventing fraudulent or malicious transactions from being introduced to the network.

 

• Developers

 

Developers play an important role in the development and evolution of the Venom blockchain. They create and develop applications that utilize 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 sustainability of the network, facilitating the wider use of the platform by users.

 

• Venom Foundation

 

 

As a non-profit organization, the Venom Foundation is responsible for managing the growth of the network, 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.

 

Venom Network Advantages

 

It is important to note that Venom Network has a number of advantages, including the following:

 

• The Venom Foundation is regulated by Abu Dhabi Global Market, ensuring reliability and regulatory compliance.
• The platform is highly scalable, supporting from 100,000 to 1,000,000 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, makes it easy for developers and users familiar with Solidity.
• Low transaction fees, starting from just $0.0002 per transaction, help reduce the costs associated with transactions on the network.
• Transaction confirmation times are fast, from 0.2 to 0.3 seconds which provides a fast and efficient user experience.

 

Disadvantages of Venom Network

 

Despite its many advantages, Venom Network also has some disadvantages, including the following:

 

• Currently, Venom is not compatible with EVM (Ethereum Virtual Machine), which may limit interoperability with applications and smart contracts on the Ethereum network.
• As it is a newly launched blockchain, only testnets have been released so there are many untested and uncertain factors.

 

Popularity and Adoption

 

Venom Network has achieved a significant level of popularity among the blockchain community, characterized by rapid user growth and active participation in its ecosystem.

By offering innovative solutions and high scalability, Venom has managed to attract interest from a wide range of audiences, including individuals, enterprises, and application developers.

 

On the other hand, Venom Foundation has obtained a license from Abu Dhabi Global Market (ADGM), demonstrating their commitment to international regulatory compliance. This strengthens users’ and stakeholders’ confidence in the security and legality of Venom Network’s operations.

 

By adhering to strict legal standards, Venom ensures its operations are within a safe and secure framework for global expansion and collaboration with other institutions and companies around the world.

 

 

The Future of the Venom Network

 

Venom Network has a vision to become a leader in the Web3 era by offering solutions that enable broader and decentralized interactions in the digital world.

 

Their mission is to build an ecosystem that supports the growth of decentralized applications (dApps) and facilitates the adoption of blockchain technology across various economic and social sectors.

 

Furthermore, Venom Network has the potential to gain widespread adoption from a wide range of audiences, including individuals, corporations, governments, and non-profit organizations.

 

With evolving technologies, such as increased transaction speed, enhanced security, and better integration with other blockchains such as Ethereum, Venom can expand its scope of use and offer a more comprehensive solution.

 

Conclusion

 

In conclusion, Venom Network offers important innovations in the blockchain industry with several key competitive advantages.

 

These include strong regulatory compliance from the Abu Dhabi Global Market (ADGM), a highly scalable architecture with high transaction throughput, as well as enhanced compatibility with other blockchains such as Ethereum.

 

Venom Network is also known for its friendly user interface and focus on accessibility for users with limited technical knowledge.

 

On the other hand, the potential for Venom Network to transform the blockchain and digital asset landscape is immense, with a strong vision to lead the way in the Web3 era.

 

The platform promises not only widespread mainstream adoption, but also continuous technological development to enhance security, efficiency, and user convenience.

 

Therefore, it is important to stay connected to the latest developments of Venom Network to understand more about the technological advancements, new integrations, and opportunities offered by the platform.

 

By following Venom Network’s news and updates, we can capitalize on the rapidly growing investment and usage opportunities in the blockchain world.

 

As a disclaimer, it is important to understand that the above information is presented for informational purposes only and does not constitute financial or investment advice. As such, it is important to conduct your own research before making any investment decisions.

 

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FAQ

 

1. What is Venom Network?

Venom Network is a revolutionary blockchain platform designed to overcome the limitations of traditional blockchains, offering high transaction speeds, scalability, and robust security.

2. What are the main advantages of Venom Network?

Venom Network’s key advantages include low transaction fees, fast confirmation times, and the ability to support up to one million transactions per second, as well as regulatory compliance by Abu Dhabi Global Market.

3. How does Venom Network ensure transaction security?

Venom Network uses advanced cryptographic techniques and decentralized architecture to protect the network from hacking attempts and ensure data integrity.

4. What are the products in the Venom Network ecosystem?

Products in the Venom Network ecosystem include Venom Wallet for digital asset storage, VenomStake for token staking, VenomBridge for cross-blockchain interoperability, Web3World as the Metaverse platform, and Oasis Gallery as the marketplace for NFTs.

5. What makes Venom Network different from other blockchains?

Venom Network differs from other blockchains by offering a sharding solution to increase scalability, extremely low transaction fees, and extremely fast confirmation times, as well as a friendly and easy-to-use user interface.