What is Venom Blockchain? Venom Blockchain is a Blockchain platform developed by the Venom Foundation, aiming to provide infrastructure for governments and web3 projects while empowering emerging economies in the Middle East and North Africa with technology. Venom’s unique technology.
So what is Venom Blockchain? What’s special about it? Let’s find out in this article!
What is Venom Blockchain?
Overview of Venom Blockchain
Venom Blockchain is a Blockchain platform developed by the Venom Foundation, aiming to provide infrastructure for governments and web3 projects while empowering emerging economies in the Middle East and North Africa with technology. Venom’s unique technology.
Venom Foundation is an Abu Dhabi-based organization that contributes to technology development and supports building the Venom ecosystem. The Foundation will sponsor ideas and projects that contribute to the development of the Venom ecosystem. In early 2023, Venom Foundation launched a $1 billion fund to invest in Web 3 and Blockchain.
Venom Blockchain is a Layer 0 blockchain, using Sharding technology to divide into Chains that process multiple transactions at the same time called Shardchain. Shardchains can continue to split into many other Shardchains or multiple Shardchains can be merged into one Shardchain to match the state of the network.
Developers can build Workchains that suit their ideas on Masterchain. Workchain can be Public Blockchain or Private Blockchain.
Interaction cases of Public Blockchain or Private Blockchain (Workchain):
- Workchains Public vs. Public: Being open to communication with each other and being able to maintain shared liquidity within it means they can easily share value between networks. It is useful for DeFi applications, such as decentralized exchanges, cross-chain lending, etc.
- Workchains From Private to Private: Suitable for CBDC and crypto payments where privacy and compliance are required. These job chains are often not publicly polled and may be operated by a single organization or corporation. Private-to-Private can securely and privately serve sensitive data and transactions, such as financial and personal information.
- Workchains from private arrive Public: Callows the creation of a system in which the two asset classes are tightly connected. The first, protected by regulation and compliance, resides on private networks, while the second, which is transparent and participates in open DeFi markets, exists on public networks.
Basechain is a first-of-its-kind Layer 1 Workchain for end users, supporting dApps and serving as a platform for executing smart contracts. Basechain uses TVM, which provides fast speeds and cheaper transaction fees than the Masterchain network.
Mechanism of action
Architecture of Venom Blockchain
The architecture of Venom Blockchain consists of 3 Chains divided into 3 interconnected layers:
- Masterchain: Layer 0 facilitates Workchain, Shardchain, and Accounts to communicate with each other. This is the layer that stores and distributes the current Shard configuration as well as the latest block hash of each Shard. Masterchain is the backbone of the Venom Blockchain, providing security to all the pieces connected to it.
- Shardchain: Can be thought of as separate processing units, each with its own memory space to perform calculations. These are Chains separated from the Masterchain to process transactions sent from the Workchain. Thanks to the division into many Shardchains, the network can process many transactions at the same time.
- Workchain: Is a Layer 1 Blockchain connected to Masterchain and inherits security from Masterchain. There are state transition functions, virtual machines (TVM), transaction or block structures. Each Workchain is customized to fit the requirements of the dApps it hosts, providing flexibility to developers.
Working mechanism of Venom Blockchain
Dynamic sharding
Initially, all transactions are processed by a group of validators belonging to Shardchain Ø. However, as the number of transactions increases and the Shardchain becomes overloaded, the network triggers a fork event, in which the Shardchain is split into two Shardchains. Then, if the load on some Shardchains remains high, these Shardchains can be further divided until the load is properly distributed. If the load on the network decreases, the network can trigger a merge event where Shard chains are merged back into one Sharchain.
The fork event is announced several blocks in advance, first in the header of the corresponding Shardchain block and then in the Masterchain block referring to this Shardchain block. If in 100 seconds (~50 blocks currently) Shardchain blocks are at least 90% full. Note that these values are configurable and can be adjusted within the Masterchain.
Validator groups generate blocks for a Shardchain almost simultaneously, then it takes about a second for the Masterchain block to be released, including the hashes of the Shardchain blocks. The Shardchain block included in the Masterchain block is considered complete and the system relies on its immutability. Masterchain contains references to blocks of all Sharchains that represent the overall state of the system and can be used as an indicator of state updates of the blockchain.
Consensus (Consensus)
The Venom blockchain uses a Proof of Stake (PoS) consensus mechanism with a Byzantine fault tolerance (BFT) algorithm to achieve consensus agreement between validators. This approach ensures network security and provides protection against Sybil.
The main goal of a consensus protocol is to provide a mechanism for all parties participating in the network to reach agreement on the current state of the blockchain and to ensure that all transactions contained in a block are Validity and blockchain state are updated consistently and securely across all levels (Shardchains, Orkchains and Masterchain).
The consensus protocol can be decomposed into many separate components, each responsible for a specific protocol aspect such as voting, block generation, consensus, and message passing.
Threaded Virtual Machine (TVM)
The Venom blockchain provides the basis for smart contracts to be executed on a TVM (Threaded Virtual Machine), a Turing complete machine based on the ability to execute machine-level instructions. On Workchain, you can use virtual machines on Venom such as TVM or other typical virtual machines such as EVM.
By design, TVM has an asynchronous communication model between accounts. Each account can only influence the status of another account by sending messages. It allows the simultaneous processing of multiple smart contracts, which can lead to significant performance improvements compared to traditional virtual machines.
The Venom blockchain uses an asynchronous communication model, where messages are a way for the sender to initiate actions on an account (smart contract) and potentially change its state. Messages are sent to accounts and contain instructions for executing smart contracts. Theoretically, each account can operate independently and interact with external actors separately from other accounts. However, to improve efficiency, accounts are grouped into segments as part of dynamic segmentation protocol.
This approach allows contracts to execute in asynchronous mode, where threads of execution can run in parallel and participants are unaware of each other’s current state. TVM does not need to wait for calls between contracts located in different segments to be processed as long as there are no dependencies linking those contracts.
Development Roadmap
Update…
Core Team
Peter Knez: Chairman
- In 1982, Peter graduated with a Bachelor’s degree in Economics from the University of Arizona, then he successfully went on to earn a PhD in Philosophy and Finance in 1994.
- In 1987, Peter worked for Goldman Sachs as a Quantitive Research Associate.
- In 1996, Peter moved to work at Lincoln Capital Management, where he held roles such as Principal, Quantitive Research Analyst, Head of Quantitive Fixed Income Research, Managing Director, Fixed Income, Member of Executive Management Committee.
- In 2003, Peter began working for BlackRock, where he held positions such as Global Head of US Fixed Income Research, Barclays Global Investors; Global Chief Investment Officer, Head of Fixed Income & Fixed Income Research, Barclays Global Inves; Co-Chief Investment Officer Blackrock Fixed Income; Senior Advisor.
- Currently Peter is Chairman at the Venom Foundation.
Christopher Louis Tsu: Chief Technology Officer
- Chistopher successfully obtained a Bachelor’s degree in Electrical Engineering at the University of Limerick.
- Currently, he is Chief Technology Officer at the Venom Foundation.
Daryll Caspar N: Chief Strategy Officer
- In 2020, Daryll became Proprietary Trader at AudaCity Capital Management.
- In 2019, Daryll founded Netscher Capital and currently he is the Chief Strategy Officer of the Venom Foundation.
Investors
Update…
Tokenomics
Update…
Exchanges
Update…
Information Channel of Venom Blockchain
- Website: https://venom.foundation/
- Twitter: https://twitter.com/VenomFoundation
- Discord: https://discord.venom.foundation/
- Medium:
Summary
Venom Blockchain is a platform that provides high-throughput and scalable solutions to build Layer 1 to develop dApps that bring solutions to the Crypto market. One of the first Blockchains to successfully develop and apply Sharding technology.
So I have clarified what Venom Blockchain is? Overview of the Venom Blockchain cryptocurrency. Hope this article provides you with a lot of useful knowledge!