Workchains Working chains are layer 1 blockchains that hang below the master chain. Each working chain has its own state transition functions, cryptographic primitives, transaction or block structures, and its own cryptocurrencies, while ensuring the security of the master chain. Work chains can perform different roles and function independently of each other.
Shardchains Each shardchain has the same DNA as the working chains. However, liability is much more limited, as it only lies with a subset of accounts. Each chain has its own memory space, which consists of a set of smart contracts stored on the blockchain. Shardchain is limited to transactions of these contracts only.
Scalability up to 1M+ transactions per second The technology that speeds up this architecture and solves the scalability problem is called dynamic sharding. This divides the blockchain into smaller, faster pieces known as: shards. This has the advantage that many more transactions can be processed at the same time, as there is no queue. Transactions are processed in parallel, which improves scalability.
On well-known blockchains like Ethereum, the number of transactions often spikes, resulting in longer processing times and a significant increase in transaction costs. By enriching the Tier 1 blockchain with dynamic sharding, you are solving one of the biggest scalability problems of our time.
Key Features of the Venom Blockchain Dynamic Partitioning Venom Blockchain uses dynamic partitioning to speed up transaction processing and increase network bandwidth. Dynamic sharding is the process of dividing a blockchain network into smaller shards, called shards, that can process transactions at the same time. Venom uses this feature to adjust the number of shards based on the volume of network requests. This ensures that the platform can process large volumes of transactions without sacrificing security or decentralization.
Protocol and Consensus Algorithm Venom Blockchain uses a hybrid consensus protocol that combines Proof of Stake (PoS) and Byzantine Fault Tolerance (BFT) algorithms. Using the PoS algorithm, validators are selected that participate in the consensus process and create new blocks. The BFT algorithm ensures that the state of the blockchain is negotiated by the selected validators. This consensus protocol completes transactions quickly, making them fast and irreversible.
Asynchronous architecture Venom is a blockchain of blockchains and has a distinctive asynchronous architecture. Ultimately, the protocol consists of Masterchain, Workchain and Shardchain blocks. The heterogeneity of the protocol makes its various components work together as part of the powerful Venom blockchain technology.
Multithreaded Virtual Machine (TVM) Similar to Ethereum's EVM, Venom uses a Threaded Virtual Machine (TVM). TVM is used to execute the smart contract code on the master chain and the underlying working chain (base chain) of the protocol. However, other work chains on the Venom blockchain may use other virtual machines instead of TVM (e.g. EVM). By design, TVM has an asynchronous communication model between accounts. Each account can only influence the status of another account by sending a message or transaction.
Threaded Solidity (T-Sol) The Venom smart contract programming language is called Threaded Solidity (T-Sol). It is similar to Solidity, a robust programming language for creating smart contracts on the Ethereum blockchain. T-Sol was created specifically to implement the Venom Actor model and provides built-in functionality for creating dApps and managing smart contracts.
One of the features of T-Sol is its support for parallelism, a feature that is not available in the classic Solidity used in blockchains like the EVM. This feature allows you to create smart contracts that can perform additional tasks while waiting for input or output operations to complete, making it a great language for building complex and scalable dApps on the Venom blockchain.
Since the same language is used by the founder of smart contracts, Ethereum, this programming language is popular and has a strong developer community, which makes it easy to learn, adapt and integrate.
Competitive Advantages of the Venom Blockchain The Venom blockchain is a blockchain that has a number of advantages over other technologies in the industry. Some of its benefits:
Scalability – The Venom blockchain can handle a large volume of transactions, making it ideal for industries that need fast and reliable transactions. With its scalable architecture through dynamic sharding and horizontal scalability, the network adapts to load changes, improving performance and achieving high transaction throughput.
Security – The Venom blockchain secures transactions with advanced consensus mechanisms (PoS consensus based on the Byzantine fail-safe consensus algorithm) and a distributed network structure.
Regulation is an area where most existing blockchains fail. Venom is designed to meet a variety of regulatory requirements, making it the ideal solution for industries where strict compliance needs to be met. Venom Blockchain provides a transparent and verifiable platform that allows regulators to track and enforce compliance. Venom Foundation is the first blockchain company in the world to be licensed by the Abu Dhabi Global Market (ADGM).
Interoperability - Venom is an interoperable protocol designed to work seamlessly with other blockchain solutions. Blockchain achieves this with an internetworking protocol that supports communication between working chains. This allows data, assets, and value to be exchanged across work chains in an ecosystem without third-party bridges.
Discreet Gas Payments - The stablecoin (or CBDC) on the Venom blockchain can charge transaction fees in any on-chain currency, creating a simple user experience. Other blockchains usually require their own native token to pay for gas, which makes the process more complicated. The Venom blockchain simplifies the process of paying transaction fees by allowing users to pay in any currency.
Venom Token $Venom is the native token of the Venom blockchain ecosystem. It is currently an inflationary utility token designed to access the core functionality of the protocol. In the future, the token will switch to a deflationary model after achieving sufficient utility, volume and acceptance.
Venom does not have a fixed supple. However, the initial supply after the token generation event (TGE) is 7.2 billion tokens.
Of this initial offer, 15.5% (1.116 billion) will be unlocked immediately, while 84.5% (6.084 billion) are in a blocked state. Locked tokens include 10% (720 million) allocated for distribution to validators. Projected annual inflation rate is ~1% (~72,000,000 VENOM)