What is Venom Network? Information about VENOM Token?

What is Venom Network?

Venom Network is a layer 0 blockchain developed by Venom Foundation and is also the first network supervised under the jurisdiction of ADGM – Abu Dhabi Global Market, an international financial center.

Venom Network launched its testnet in late April 2023 with the aim of becoming a super-fast transaction blockchain with unlimited scalability to meet the needs of an ever-growing user community. Recently, Venom announced an airdrop for those who participated in testing the network. These participants must have verified OKX accounts to receive tokens from the project.

OKX has also officially announced the listing of Venom on its spot trading platform.

Structure of Venom Network

Venom employs a design similar to modular blockchains to address scalability challenges while reducing transaction fees. In theory, Venom can process from 100,000 to 1 million TPS.

The blockchain structure of Venom consists of three layers: Masterchain, Workchain, and Shardchain, to process transactions in parallel based on a consensus mechanism.

• Masterchain: This Layer 0 is responsible for creating an environment for the three layers to communicate with each other. Masterchain ensures all necessary information for consensus among validators in the system. Important information such as network configuration, deployment, validator scope, and voting rounds are stored on the Masterchain.
• Workchains: Layer 1 resides above the Masterchain, operates independently, and has its own functions such as state transition function, Threaded Virtual Machine (TVM), transaction structure, or block. Workchains can have their own tokens and can be customized to suit the requirements of dApps built on them.
• Shardchains: Operate similarly to a Layer 2 on specific Workchains. Shardchains have features similar to Workchains; however, they are only responsible for processing a portion of transactions on the Workchains. Venom can contain unlimited Shardchains, allowing the blockchain to process a large volume of transactions and data.

Highlights of Venom

• Threaded Virtual Machine (TVM): Venom provides infrastructure for smart contracts to be executed on TVM (Threaded Virtual Machine). TVM helps increase processing speed and improve network performance, operating similarly to EVM.
• Transaction Processing Capability: Venom uses the Dynamic Sharding mechanism to process transactions. Initially, transactions will be processed by validators on Shardchains, but when the transaction volume increases and becomes overloaded, Shardchains will be divided into two. If the transaction volume on that Shardchain remains high, the Shardchain will continue to be subdivided until it achieves stable processing levels. This mechanism has been used by Everscale, Ethereum 2.0.
• Cost: Venom Network has a system to ensure high transaction processing speed while maintaining stable gas fees at a low level.

Related: OKX Announces Listing of Venom (VENOM)

What is VENOM Token?

Token Key Metrics

• Token name: Venom Token
• Ticker: VENOM
• Blockchain: Venom Network
• Token Standard: Updating…
• Contract: Updating…
• Token Type: Utility, Governance
• Total Supply: Updating…
• Circulating Supply: Updating…

Token Allocation

VENOM is allocated as follows:

• Community: 22%
• Ecosystem: 28%
• Foundation: 15%
• Early backers: 7.5%
• Team: 7%
• Public: 0.5%
• Market liquidity: 10%
• Validators: 10%

Token Release Schedule

Roadmap

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Development Team

The project team includes:

• Peter Knez: Former CIO at BlackRock and Barclays Global Investors (BCI).
• Mustafa Kheriba: Board member at Mirabank, Australian Gulf Capital, Evrensel Capital Partners.

Investors

The team behind Venom Network includes Venom Ventures and Iceberg Capital investment funds. Previously, Venom Foundation and Iceberg Capital announced a $1 billion fund for investment in Web3.

Partners

Some notable partners of Venom include DAO Maker, DGC, Developer DAO, Hacken, Hub71, Everscale, HaweX.

Project Information

• Website
• Twitter

Conclusion

Through the article “What is Venom Network? Information about VENOM Token?” we have provided an overview of the Venom Network project and information about the VENOM Token. If readers still have questions, they can leave comments below for us to discuss together!