# Venom introduction! By [Venom Ecosystem](https://paragraph.com/@venomecosystem) · 2023-04-26 --- The Venom Foundation envisions a global economy where governments, businesses and consumers operate with vastly expanded transactional capabilities through decentralised blockchain based financial systems. It’s evident that distributed ledger technology is a critical component of what the economy of tomorrow needs to become in order for humanity to achieve the next step of financial evolution. While some collective progress has been made towards this essential evolution, it’s the belief of the Venom Foundation that further iterations of this technology are required before the problem can be considered solved. The essence of this challenge is the core of The Venom Foundation itself; how does one organisation evolve the entire global economy? As you would expect, it begins with revolutionising the basics. ![](https://storage.googleapis.com/papyrus_images/583e2f5a9eca50e70fe6939fcab03d12c7a75b4784c4b9e677e5ab6c5785eda5.webp) The transactional capabilities associated with present day financial systems such as the Fiat banking network are severely limited and outdated. The long term value and use application of Fiat currencies have suffered severely at the hand of improper financial policy making and excessive regulatory roadblocks. Simultaneously, current next generation technologies such as Bitcoin and Ethereum also fail to solve the full scope of issues associated with designing a truly next generation financial system. Once again, the use application of these blockchain based systems have been severely limited due to a variety of operational design failures including excessive energy consumption and macro scalability issues. Economic and technological innovation is a complicated process, one which we at The Venom Foundation have been closely observing for many years. Through the process of observing and analysing these prior failures, our developers have engineered a solution which bypasses these critical system failures at the design level. We are proud to announce that our talented team has developed an interoperability friendly next generation consensus mechanism and system architecture capable of processing 100,000 transaction per second with an average transaction fee as low at $0.0002. This technological breakthrough represents a substantial achievement, and was only made possible by the extensive experience within our team, consisting of Ex Blackrock executives and system engineers from companies such as Apple and Huawei. In response to these technological innovations, The Venom Foundation has been granted the world’s first Abu Dhabi Global Market cryptocurrency license to operate a blockchain and issue utility tokens within the United Arab Emirates. We recognise that working with governments is an essential component of mass adoption for next generation financial technologies and we look forward to a productive working relationship with the United Arab Emirates Government. In the coming months, we will be commencing our initial public roll out of this next generation financial infrastructure and will be sharing additional regular updates. [Website](https://venom.foundation/) | [Twitter](https://twitter.com/VenomFoundation) | [Blog](https://medium.com/@venom.foundation) | [Discord](https://discord.com/invite/venomfoundation) |  [Mirror](https://mirror.xyz/venomecosystem.eth/subscribe) --- *Originally published on [Venom Ecosystem](https://paragraph.com/@venomecosystem/venom-introduction)*