Venom (VENOM): A Scalable Layer 0 Blockchain

Venom is a brand-new blockchain that hopes to become an essential part of web3 infrastructure. Its ecosystem promises users a helpful blend of scalability and buildability. However, it has plenty of competitors, so achieving its goal may take some time. To see whether or not Venom is worth investing in, explore this helpful guide.

Key Takeaways:

• Venom is a Layer 0 blockchain network with dynamic sharding capabilities and a proof of stake (PoS) consensus mechanism. 

• Venom aims to provide a convenient and scalable infrastructure for building a variety of web3 products.

• Looking to trade Venom tokens? Bybit now offers the VENOM/USDT Spot trading pair. To celebrate this listing, Bybit is also holding an exclusive event where you can earn a share of the 720,000 VENOM prize pool!

What Is Venom?

Venom is a Layer 0 blockchain network with dynamic sharding capabilities and a proof of stake (PoS) consensus mechanism. Its secure blockchain platform aims to provide a convenient and scalable infrastructure for building a variety of web3 products.

What Is the Venom Foundation?

The Venom Foundation is a decentralized community dedicated to promoting Venom’s network. Members work together to find new applications for their blockchain technology and new features for the Venom ecosystem.

The Venom Foundation began to take shape in 2018, when Christopher Louis Tsu and Dr. Kai-Uwe Steck joined an investment group based in the UAE looking to launch a next-generation blockchain capable of scaling to any workload. The project came to fruition in 2024, as the Venom mainnet was launched alongside a roster of Venom-based DApps. Since its launch, Venom has been listed on a number of top crypto exchanges and continues to grow, with a variety of projects joining the Venom ecosystem.

What Does Venom Aim to Achieve?

Venom’s motto is, "Secure by design, scalable by nature." This phrase refers to its two main goals: to provide maximum security without sacrificing scalability. Unlike popular blockchains such as Bitcoin, Venom hopes to handle enormous numbers of smart contracts without slowing down or charging users high transaction fees.

The ultimate aim of the Venom blockchain platform is to create a system that can support the web3 future. By increasing transaction processing speed, Venom hopes to be able to manage the vast amounts of data transfers needed to run decentralized applications (DApps), games and DeFi products. In the long run, Venom aspires to become the leading infrastructure for global web3 design.

How Does It Work?

Venom is distinctive due to its unusual asynchronous architecture. This system is a type of dynamic sharding that allows the blockchain platform to break up into smaller pieces and function independently. 

Asynchronous architecture gives Venom extreme scalability. Any time the network has a lot of smart contracts to process, validators split off into smaller shard chains that process transactions in parallel, and when traffic slows down, the shard chains merge back into the masterchain. This parallel processing ends up increasing transaction processing speed without raising transaction fees or computing requirements.

The other essential mechanism of the Venom system is its proof of stake (PoS) decentralized consensus mechanism. POS consensus allows validators to confirm blocks simply by staking tokens on the blockchain network. Since they don't have to continuously run computers in order to provide processing power, validators can confirm large amounts of blocks more efficiently. Venom’s decentralized consensus mechanism uses a Byzantine fault-tolerant algorithm known for providing enhanced network security.

Features of Venom

Once its mainnet goes live, Venom plans to offer users the following features.

Venom Wallet

The Venom Wallet is required to interact with the Venom blockchain. It offers both personal and corporate accounts, and users can choose to set up the wallet for multi-signature authentication when they transfer assets. Venom also provides seed phrases for users to help keep their wallets secure.

Venom Explorer

The Venom Blockchain Explorer lets people look at real-time activity on the Venom blockchain. This feature is especially useful for developers trying to analyze their code by checking on a Venom testnet contract. However, it can also be helpful for individual users trying to confirm transactions or to see what's happening on Venom.

Venom Bridge

Venom Bridge connects Venom’s Threaded Virtual Machine (TVM) to other chains. It allows you to transfer assets and send information between chains. The bridge is currently available for Fantom Opera, Binance Smart Chain (BSC) and Ethereum.

Venom Pools

Venom Pools are staking pools in which users can stake their VENOM tokens. Staking in a pool contributes to blockchain network health because it lets validators create new blocks. It also provides token owners with a way of earning passive income.

Web3.World

Web3.World is a decentralized exchange (DEX) that runs on Venom’s TVM. Its main purpose is to swap tokens, but once the Venom mainnet goes live, it might also provide some liquidity pools and farming rewards as well.

Oasis Gallery

Oasis Gallery is an NFT marketplace that runs on the Venom testnet. It allows users to browse various NFT collections, buy NFTs and sell NFTs.

Venom Road Map

Venom has a two-stage road map listed in its white paper. The first (and current) stage consists of transitioning to a PoS model and establishing decentralized, community-led governance. Meanwhile, the next stage of the Venom system will entail the creation of an interoperable workchain system. This will allow developers to design custom workchains for creating DApps and other products.

Upcoming Venom Mainnet Launch

Venom has a fully operational testnet. Since this highly scalable blockchain solution has worked well, it plans to launch its main chain in late March 2024. After this, Venom hopes to focus on bringing more developers on board and creating new DApps for its secure blockchain platform.

VENOM Tokenomics

VENOM is the native crypto token for the Venom blockchain. It can be converted into three smaller units — NanoVENOM, MicroVENOM and MilliVENOM — and will be used for things like transaction fees and validation. The Venom blockchain has an initial supply of 7.2 billion VENOM tokens, of which only 15% will be unlocked at first. Venom will distribute these tokens in the following manner:

• Venom ecosystem: 28%

• Venom community: 22%

• Venom Foundation: 15%

• Liquidity: 10%

• Validators: 10%

• Early backers: 7.5%

• Venom team: 7%

• Public: 0.5%

VENOM Price Prediction

Since the Venom mainnet hasn't launched with its native token yet, no one is quite sure what the price of the VENOM crypto will be. Users in the Venom Foundation community predict that VENOM tokens might reach a value of $1 or even $2.

Where to Buy VENOM

Looking to trade Venom tokens? Bybit now offers the VENOM/USDT Spot trading pair. To get started, you’ll need to first create a Bybit account, fund it with cryptocurrency, and navigate to the VENOM/USDT Spot trading pair. 

To celebrate this listing, Bybit is also holding an exclusive event where you can earn a share of the 720,000 VENOM prize pool!

The first 2,400 new users who complete the following two steps between Mar 25, 2024, 8AM UTC and Apr 8, 2024, 8:59AM UTC will receive 150 VENOM each:

1. Sign up for a Bybit account and complete Identity Verification.

2. Accumulate a deposit volume of at least 500 VENOM, or deposit 100 USDT and use your Bybit account to buy 100 USDT worth of VENOM via your first Spot trade.

If you’re already a Bybit user (prior to Mar 25, 2024, 8AM UTC), no worries — because you can still earn 75 VENOM! Simply accumulate a deposit volume of at least 500 VENOM, or deposit at least 200 USDT and trade at least 200 USDT worth of VENOM using your Bybit account. Please note that rewards will be distributed on a first come, first served basis to the first 4,800 existing users.

Is VENOM A Good Investment?

Initially, Venom was poised to be an exciting investment. It was one of the first blockchains to get a lot of attention from traditional investors in the MENA region, and its design claims a highly scalable blockchain solution that developers would love. If the blockchain delivers on all of its great features, it could do surprisingly well.

However, those who do choose to purchase VENOM need to do their research beforehand and monitor the market closely, because there's a good chance the price could drop drastically due to the volatile nature of cryptocurrencies.

The Bottom Line

Ultimately, Venom presents itself as a promising project to look out for in the near future, especially with its dynamic sharding capabilities and its aim of providing maximum security without sacrificing scalability.

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