The Venom Network is a multi-blockchain platform that aims to provide scalable and secure solutions for Web3 applications, especially in the fields of decentralized finance (DeFi) and global payments.
In this blog post, we’ll dive deep into the fascinating world of the Venom Network, exploring its unique features, ecosystem, and the impact it’s making on the crypto landscape
What is the Venom Network?
The Venom Network, a layer 0 blockchain, employs dynamic sharding for remarkable throughput and minimal latency. It excels in supporting interchain communication and cross-chain transactions, facilitating smooth cooperation across different blockchains.
This robust network operates on the Threaded Virtual Machine (TVM), rooted in the Actor model, enabling parallel smart contract execution and asynchronous messaging. The TVM additionally offers features like account abstraction, external messaging, and arbitrary workchains, providing developers with a versatile and adaptable platform.
VENOM, the native token of the Venom Network, serves various functions such as covering transaction fees, enabling staking, governance, and accessing network services.
Furthermore, they can influence network upgrades and proposals via the Venom DAO.
Why the Venom Network should be in your “must watch” list?
Venom Network is a cutting-edge blockchain project worth your attention for several reasons:
- It provides a secure platform for Web3 applications, particularly in DeFi and global payments.
- Facilitates interchain transactions and smart contracts for blockchain interoperability.
- Features its own user-friendly programming language for smart contracts.
- Boasts a vibrant user, developer, and partner community driving ecosystem growth.
- Offers a high-potential token for staking, governance, and more with a limited supply.
Another compelling point to remember is that Venom Network boasts a seasoned and capable team, supported by a respected and licensed entity, the Abu Dhabi Global Market (ADGM), a prominent global financial hub.
This solid financial backing affords them ample resources to advance the project further.
As the Venom Network steadily evolves, the chances of multiple Airdrop campaigns emerge, aimed at compensating those who contribute to the network’s development during the testnet phase.
You too can become an early contributor by taking part in the Venom Blockchain Testnet Campaign.
Our comprehensive guide will assist you in completing all the required tasks successfully.
The Venom Network ecosystem
The ecosystem of the Venom Network is a collection of tools and services that enhance the user experience on the network. Some of the notable tools and services are:
- Venom Wallet: A non-custodial wallet that supports multiple assets and currencies. You can use it to send and receive payments, interact with dApps, and stake VENOM tokens.
- Venom Explorer: A web interface that allows you to search and explore the Venom blockchain. You can view transactions, blocks, accounts, contracts, and more.
- Venom Pools: A staking platform that lets you delegate your VENOM tokens to validator nodes or run your own node. You can earn rewards for securing the network and participate in governance.
- Venom Bridge: A cross-chain solution that enables you to transfer assets between Venom and other blockchains, such as Ethereum, Binance Smart Chain, and Polkadot.
- Venom Swap: A decentralized exchange that allows you to swap assets, provide liquidity, and farm available assets. You can enjoy low fees, fast transactions, and high returns.
- Venom Marketplace: An NFT marketplace that lets you create, trade, and collect unique digital assets. You can discover and buy NFTs from various categories, such as art, music, games, and more.
- Venom ID: A decentralized identity app that lets you create and manage your self-sovereign identity. You can store and control your personal data securely and privately. You can also use your Venom ID to access online services that require identity verification.
These are some of the main components of the Venom ecosystem.
What are the use cases of the Venom Network?
Venom Network is a blockchain platform designed for scalable Web3 applications. It employs proof-of-stake and dynamic sharding for speed and low fees, and it intends to enable:
- DeFi: Quick, low-cost transactions for lending, swapping, and more via apps like Venom Swap, Pools, and Bridge.
- Global Payments: Fast, affordable cross-border payments using Venom Wallet and expanding access to global markets.
- NFTs: A marketplace for trading and creating NFTs, with user-friendly features and low fees.
- DID: Support for decentralized identity, enabling secure, private data management and identity verification.
Venom Network’s native VENOM token serves various purposes, and it has a total supply of 10 billion tokens, with 40% allocated for public sale.
Launched by the Venom Foundation in April 2023, the network is in its testnet phase, facing competition from similar platforms.
How to add a new Blockchain Network to KEYRING PRO Wallet?
As the Venom Network has not yet been released, it does not currently possess a Blockchain ID. However, once it becomes available, you can seamlessly integrate the Venom Network into the KEYRING PRO Wallet by following these steps:
- Download KEYRING PRO wallet.
- Create/import your wallet.
- Go to option!
- Manage Chain.
- Enter the information.
- Add chain.
- Tap on any chain you already have.
- Use this address for other chain.
- Choose the newly added chain.
- All done!