In the last Edition of Venom we have analyzed briefly on Venom Critical Technical Analysis and how the technical structure built, while on this edition we will discuss the value addition. additional functionalities, moreover, how completely a new protocol building and shaping up to enter to the Crypto arena and creating a buzz in the Crypto market. A link to the 1st Edition attached below:
https://mirror.xyz/rocky123.eth/eCUQY5RHBl0LBI134CaQzUtMDOYEnp_ampgf1jOwoIs
Venom is building completely a new Ecosystem under its blockchain with dapps, ranges all verities and covers the current needs to the defi world. Venom is an open source platforms where builders can build, it is called “Venom’s Free and Open Source (FOSS) software program”, aimed at creating a thriving open-source ecosystem for developers to build upon the Venom blockchain. it provide developers a chance to get creative and contribute to the development of decentralized applications (dApps) and protocols on Venom.
Venom’s Secure & Efficient Blockchain with PoS Consensus: Venom’s Proof of Stake (PoS) consensus mechanism introduces and strengthened by the Byzantine Fault-Tolerant (BFT) algorithm, ensures exceptional security and efficiency. The Venom Foundation is a pioneer in the blockchain space, harnessing the potential of the Proof of Stake (PoS) consensus mechanism, combined with the Byzantine Fault-Tolerant (BFT) algorithm, to create a powerful and secure blockchain network.
Consensus Process in Venom: Consensus in Venom operates through rounds, where a set of validators propose, validate, and commit blocks. Validators propose candidate blocks and vote on others’ proposed blocks, all achieved using the efficient and reliable BFT algorithm. Venom’s PoS consensus mechanism offers deterministic finality, meaning once a transaction is committed to the blockchain, it becomes irreversible. This enhances network security and ensures the immutability of transactions.
Staking pool delegation": Venom fosters inclusivity with its delegated staking pools, enabling participants with minimum VENOM holdings to actively engage in the validation process. Users can delegate their stake to specific validators, giving them a voice in the consensus voting process and contributing to a representative validator set aligned with the community’s interests.
Decentralized Validator set: Venom’s validator sets consist of the overall validator set, master chain validator set, and shard chain validator set. Each shard has its group of validators responsible for block processing, ensuring power concentration is minimized and a fair and decentralized consensus is achieved.
RESULT: By combining the strengths of PoS and the BFT algorithm, Venom achieves an unparalleled consensus mechanism with numerous benefits such as, increased scalability without compromising the speed & security, POS reduces Energy consumption compare to POW (Proof of work) Blockchain so it is the ultimate Energy efficient, Sybil resistance (preventing malicious actors from accumulating excessive voting power), further BFT algorithm allows validators to swiftly reach an agreement, minimizing the chances of forks and enhancing overall network efficiency.
Venom is a Layer 0 blockchain with shading at its core combined the best element of Layer1 solutions to create a safe scalable and supercharged platform, the TVM (Threaded Virtual machine) is a lightweight and efficient virtual machine to execute smart contracts on Venom Blockchain. TVM is designed for the high performance and low resource consumption which allows fast and efficient execution of smart contracts, this efficiency translates into lower transaction fees for users making it most cost effective to build and deploy dapps on the platform, it is comparable to EVM byte code which makes easier to port their existing dapps from other blockchain platforms to Venom, further you can create and customize the smart contract on TVM, Venom offers the encryption features such as advanced cryptographic algorithm and optional anonymous transactions for added security.
As of now we are familiar with EVM (Ethereum Virtual Machine) but Venom introduces TVM platform, TVM or Threaded Virtual Machine is the part of Venom Blockchain that deploys and executes smart contracts. It can be viewed as a global decentralized computer containing millions of executable objects, each with its own permanent data storage. Technically speaking, TVM is a Turing complete machine that can execute machine-level instructions. In the Venom blockchain, threaded virtual machines execute smart-contract code in the masterchain and basechain. Other workchains may use other virtual machines (such as EVMs).
TVM utilizes the actor model to handle interactions between accounts, which is different from EVM-based networks. In EVM, transactions are executed sequentially, meaning each one must be completed before the next can start. From an actor model standpoint, this is not very efficient. All smart contracts on a network are united into one state and can be considered as a single actor within the system, while only external actors (for example user, web service or off-chain agents) are separate actors. This kind of setup causes delays in response times and increases the cost of network maintenance due to high demand from external sources. With TVM, you can execute smart contracts quickly and efficiently by using high-performance and low-resource resources thus making dApp development and deployment more cost-effective.The platform’s efficiency results in lower transaction fees for users.
TVM utilizes account abstraction. This means Venom accounts are not simply a set of token balances controlled by a set of keys but rather each account is a smart contract in its own right.
The main benefit of account abstraction is that a wider variety of authentication options beyond traditional private key ownership.
As of now we are familiar with Solidity programming language used in EVM blockchain but T-Sol is a programming language introduced by Venom on the TVM platform along with other Multiple high-level programming languages which can be utilized in conjunction with the native “assembly “language on the TVM platform. T-Sol (Threaded Solidity) the asynchronous dialect of solidity programming language adapted to TVM’s Actor Model.
T-Sol supports several features to support the Actor model:
Actor management: Managing actors, including creating new actors and deleting existing ones;
Message passing: Message passing, such as sending messages to other actors and receiving messages from other actors;
State management: Managing the state of actors, including reading and modifying the state of an actor;
Access control: Functionality for access control, such as defining which actors can read or write to another actor’s state;
Interoperability: Sending messages between actors on different shardchains and workchains as well;
State isolation: Actors should be isolated from each other so that the failure of one actor does not affect the execution of other actors.
That’s it for this edition, as Venom itself is a vast chapter to cover, we have covered today what the Venom Blockchain offers to the Developers, validators and Users in compare to other Blockchain. it is always easy to understand and remember things on parts when it comes to the technical aspects and critical analysis. On next Edition we will cover The Venom Ecosystem dApps and its use cases on the contemporary Crypto era. We are very much optimistic on venom as the more we explore the Venom Blockchain you will find it is different, appealing and fast adoptable when it will appear on the mainnet.
.You can Join the Venom Social Platforms with below links:
https://twitter.com/VenomFoundation
https://discord.gg/venomfoundation