Venom Blockchain Price

Venom (VENOM) is a cutting-edge Layer 0 blockchain platform designed to redefine the Web3 ecosystem through its advanced architecture. It utilizes dynamic sharding to achieve transaction speeds exceeding 100,000 per second, maintaining very low average transaction costs below $0.0002. This positions Venom as a leader in providing scalable, secure, and cost-efficient blockchain solutions, especially notable for its commitment to sustainability via a zero-emission policy​.

Venom distinguishes itself with a modular architecture that includes a masterchain, workchains, and shard chains, operating independently to eliminate bottlenecks commonly found in monolithic blockchains. This structure allows for transactions to bypass a single consensus mechanism, facilitating limitless data sizes per transaction.

Venom's design aims for widespread blockchain adoption in regulated markets by offering a transparent, secure, and efficient alternative to traditional financial systems. A key feature of Venom's popularity stems from its substantial airdrop campaign, which attracted many users to its testnet in anticipation of gaining shares of the assets​.

At the heart of Venom's technology is the Threaded Virtual Machine (TVM), which efficiently handles account interactions through the Actor model. This model allows for the isolation and parallelization of actors, enhancing the system's ability to manage complex distributed systems. Venom’s approach to account abstraction through smart contracts offers developers greater flexibility in their dApp designs, promoting a more versatile and modular architecture​.

Although in its early stages, Venom's ecosystem already comprises various applications and services designed to provide a comprehensive blockchain experience. This includes a non-custodial Venom Wallet, VenomStake for secure token staking, VenomBridge for interchain transactions, and a native DEX called Web3World. Each component is designed to integrate seamlessly, providing users with a robust set of tools despite the network's recent launch.

Venom operates as a Layer 0 blockchain utilizing a dynamic sharding mechanism to achieve scalability and high transaction speeds. Its architecture is designed to support a wide range of applications and services, fostering an efficient and scalable blockchain ecosystem. Here's a breakdown of how Venom works:

Masterchain, Workchains, and Shard Chains

Venom's infrastructure includes a masterchain, workchains, and shard chains, each serving specific functions within the ecosystem. The masterchain coordinates the entire network, including routing messages and maintaining configurations. Workchains are specialized Layer-1 blockchains with their virtual machines, native cryptocurrencies, and state transition functions tailored for different applications. Shard chains are subsets of the blockchain that process transactions, enhancing the network's capacity and speed​.

Dynamic Sharding

Dynamic sharding is a pivotal feature of Venom, allowing the network to adjust shard sizes and numbers based on current demands and ensuring efficient processing. This flexibility helps the network handle varying transaction volumes by creating or merging shard chains as needed, promoting effective resource utilization, and maintaining high performance​.

Threaded Virtual Machine (TVM)

At the core of Venom's blockchain is the Threaded Virtual Machine (TVM), which enables the efficient handling of account interactions. Utilizing the Actor model, TVM isolates and parallelizes actors, facilitating the management of complex distributed systems. This approach allows for asynchronous contract execution and enhances the scalability and efficiency of the blockchain​.

Account Abstraction and External Messaging

Venom employs account abstraction through smart contracts, offering developers greater flexibility in designing dApps. External messaging is another feature, bridging the gap between off-chain and on-chain systems and enabling the blockchain to interact seamlessly with the external world. This supports off-chain data provision within the Venom ecosystem​.

Venom Ecosystem and Applications

Venom's ecosystem includes a variety of applications and services, such as the Venom Wallet, VenomStake for token staking, VenomBridge for interchain transactions, Web3World for decentralized exchange activities, and Oasis Gallery for NFT trading. These components are designed to offer users a comprehensive blockchain experience despite the network's relatively recent launch​.

Transaction Execution Process

Venom's transaction execution involves submitting transactions to shard chains, where they are validated and added to blocks. These blocks are then sent to the masterchain for validation and incorporation into the blockchain, with transactions finally executed on workchains. This process, supported by Venom's dynamic sharding protocol, ensures efficient transaction handling and scalability​.

Venom is spearheaded by Christopher Louis Tsu, a seasoned entrepreneur with extensive experience across multiple industries. Registered within the Abu Dhabi Global Market (ADGM) on October 6, 2022, the Venom Foundation aims to pioneer blockchain innovation, focusing on developing a comprehensive ecosystem supported by initiatives like VenomWallet and VenomScan​.

Venom (VENOM) officially launched its mainnet on March 18, 2024, marking a significant milestone in its development and the start of a new era for its platform and community. This launch followed the establishment of a new foundation for Venom in the Cayman Islands, a move aimed at leveraging the progressive regulatory frameworks of the Cayman Islands and the British Virgin Islands (BVI) to offer secure, reliable, and cutting-edge cryptocurrency services​.

Prior to its mainnet launch, Venom had its public testnet go live, which was announced on April 25, 2023. This testnet phase was crucial for both developers and users, allowing for the testing and debugging of dApps and blockchain protocols and enabling users to experience these applications firsthand. The Venom testnet was designed to foster innovation and community building within the ecosystem.

As for the founders or the leading figures behind Venom, one notable name mentioned is Peter Knez, the Chair of the Venom Foundation Council. Knez has been quoted expressing enthusiasm for the testnet launch and the foundation's aspirations for the blockchain's development, including the goal of achieving highly scalable and reliable asynchronous blockchain functionality.

The Venom (VENOM) token plays a crucial role within the Venom blockchain ecosystem, serving multiple key functions:

1. Pay Transaction Fees on Venom Network

Venom tokens are used to pay for transaction fees on the network. This is a common utility for native tokens on blockchain networks, facilitating the process of transactions and operations within the ecosystem​.

2. VENOM Staking and Network Security

VENOM secures the network through Proof of Stake (PoS) mechanisms. Users can stake their tokens to participate in network validation processes. Staking not only helps secure the network but also allows stakers to earn rewards for their participation​.

3. Decentralized Governance of Venom Blockchain

Holding VENOM tokens can grant users governance rights, enabling them to participate in decisions regarding the future development of the Venom blockchain, including protocol upgrades and changes. This decentralized governance model empowers token holders by giving them a voice in the ecosystem's evolution​).

4. Supporting Venom Blockchain Validators

The Venom ecosystem allows network participants to support validators through DePools staking. This collaborative effort enhances the stability and security of the blockchain, ensuring that it remains resilient and efficient​.

5. Wrapped Venom (WVENOM)

To facilitate ease of use within DeFi protocols on the Venom network, VENOM can be wrapped as WVENOM, a TIP-3 standard token. This process is typically handled by the protocols themselves and simplifies transactions, such as swaps on decentralized exchanges (DEXs), by integrating VENOM more seamlessly into the DeFi ecosystem​.

6. Trade VENOM on KuCoin

Trade Venom token against other crypto assets on the KuCoin Spot Market to make the most of changing market conditions. Buy or sell $VENOM or HODL if you believe in the long-term potential of the Venom ecosystem. Remember to do your own research (DYOR) before trading in the crypto market.