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Introduction Blockchain technology has gained immense popularity in recent years, mainly due to its ability to provide secure and decentralized transactions. However, current blockchain solutions have faced challenges such as scalability, high transaction fees, and limited interoperability with existing systems. Apart from these, industry events such as the FTX saga, the implosion of LUNA, government scrutinies, and regulation as well as the hack of several cryptocurrency exchanges have hampered the widespread adoption of this decentralized ledger technology. In response to these challenges, Venom Foundation, recognized as the world’s first licensed blockchain company by the Abu Dhabi Global Market (ADGM), went on to develop the Venom blockchain. The project is committed to upholding the highest governance standards with its mission to promote mass adoption of blockchain technology via Innovative blockchain solutions that address scalability, security, and interoperability issues; partnerships and collaborations within Web3 communities and Web2 institutions to foster innovation and create new opportunities; and governance and transparency to build a safe and secure ecosystem. The Venom Foundation is a non-profit organization responsible for managing the development of the Venom blockchain and promoting its adoption. Venom Blockchain The Venom blockchain is a Turing-complete proof-of-stake blockchain that uses the Byzantium Fault Tolerance consensus algorithm for block validation and creation as well as the security of the network. It is a decentralized network built on innovative technology that provides fast, secure, and scalable solutions for various industries. The Venom Foundation is the organization behind the technology. The foundation completely understands the status quo of the industry and the several problems it’s facing. However, the team strongly believes that the disruptive effect of blockchain technology will revolutionize social and financial services. The core feature of the technology is speed, decentralization, transparency, and security, which are the recipes of financial inclusion, digital identity, and personal data protection. This will boost efficiency and accessibility while reducing censorship — all that Venom assures. The Venom Ecosystem The Venom ecosystem is a hub of various tools and services to provide users with a seamless user experience and promote the adoption of the technology. Here are some of the base components of the Venom ecosystem:
Each of these products was created by independent teams participating in the Developer Program, showcasing the potential for developing solutions on the Venom blockchain. Core Features of Venom Blockchain Dynamic sharding: Venom Blockchain uses dynamic sharding to increase its transaction throughput and network capacity. Dynamic sharding is a process of partitioning a blockchain network into smaller segments called shards, which can process transactions in parallel. Venom uses this feature to adjust the number of shards based on network demand. This ensures that the platform can handle large transaction volumes without compromising on security or decentralization. Consensus Protocol and Algorithm: Venom Blockchain uses a hybrid consensus protocol that combines proof-of-stake (PoS) and Byzantine fault tolerance (BFT) algorithms. The PoS consensus is used to select validators who can participate in the consensus process and produce new blocks while the BFT algorithm is used to ensure that the selected validators agree on the state of the blockchain. This consensus protocol is highly efficient and provides fast finality, which means that transactions are confirmed quickly and are irreversible. Asynchronous Architecture: Venom is a blockchain of blockchains and has a distinctive asynchronous architecture. The protocol ultimately consists of Masterchain, Workchain, and Shardchain blocks. The heterogeneity of the protocol makes its different components work together as part of Venom’s powerful blockchain technology. Competitive Advantage of Venom Blockchain Venom Blockchain has positioned itself as a powerful blockchain due to its exceptional features, which give it a competitive edge over other existing technologies in the industry. Some of its competitive advantages include: Scalability — This is one of the key features of Venom Blockchain. This protocol is designed to handle a high volume of transactions, making it an ideal solution for industries that require fast and reliable transactions. With its scalable architecture via dynamic sharding and horizontal scalability, the network adapts to changes in load by splitting or merging shardchains as needed, improving overall performance and achieving high transaction throughput. Security — This is another critical feature of Venom Blockchain. This blockchain technology uses advanced consensus mechanisms (PoS consensus based on the Byzantine and fault-tolerant consensus algorithm) and distributed network structure to ensure that all transactions are secure and tamper-proof. Regulation — This is an area where the majority of the existing blockchains lack. Venom is designed to comply with various regulatory requirements, making it an ideal solution for industries that require strict adherence to regulatory guidelines. Venom Blockchain provides a transparent and auditable platform that enables regulators to monitor and enforce compliance. Venom Foundation is the world’s first blockchain company to be licensed under the Abu Dhabi Global Market (ADGM), ensuring trust among its blockchain users. Adoption — Venom Blockchain has made it easy for industries to adopt blockchain technology and leverage its benefits to improve their operations and enhance their competitive edge. This is because the protocol adheres to legal regulations in a secure environment for individual users, institutions, and governments. Interoperability — Venom is an interoperable protocol that is designed to work seamlessly with other blockchain solutions. The blockchain achieves this through its cross-chain communication protocol that maintains interoperability between workchains. This allows for the exchange of data, assets, and value between workchains in the ecosystem without third-party bridges. Threaded Virtual Machine (TVM) Like Ethereum’s EVM, Venom uses the Threaded Virtual Machine (TVM). A Turing complete machine on the basis of its ability to execution of machine- level instructions. The TVM is used to execute smart-contract code in the masterchain and base workchain (basechain) of the protocol. However other workchains on the Venom blockchain may use other virtual machines instead of the TVM (e.g. EVM). By design, TVM has an asynchronous model of communication between accounts. Each account can only affect the state of another account only by sending a message or transaction. The TVM has several features, including smart contract upgradeability, initialization, and utilizing the Actor model for concurrent computation. Threaded Solidity (T-Sol) The smart contract development language of the Venom blockchain is Threaded Solidity (T-Sol). It is similar to Solidity, a robust programming language that empowers developers to build smart contracts on the Ethereum blockchain. T-Sol is tailor-made to facilitate the Venom Actor Model and provides built-in functionalities for building dApps and managing smart contracts. |
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