Web3 revolution with Venom blockchain
Introduction
Blockchain technology is our future. Our free, empowered, magnificent future. And you want to go into that future hand in hand with reliable partners in whom you can be confident.
Well, such partners occasionally appear on the horizon - blockchain projects whose teams put their heart and soul into developing innovative, technological and efficient solutions.
One such project is a bright star in the vast sky of Web3 - Venom blockchain.
This is Layer-0 with a unique architecture, designed to move into the era of decentralization and the absence of borders.
Architecture
Unlike many Layer-1 solutions, the Venom blockchain is a multiblockchain system with dynamic sharding capabilities. This sets the project apart from others. It is the strongest foundation for solving the scalability problem, one of the most important factors in the mass adoption of blockchain technology.
Briefly about the building blocks of Venom blockchain:
1. The masterchain is a layer-0 chain, facilitating coordination and communication among workchains, shardchains, and accounts
2. A workchain is a specialized layer-1 blockchain secured by the global validators set. By being connected to the masterchain, workchains also benefit from its security, as the masterchain validators' efforts protect them
3. The basechain is the first layer-1 workchain for end-users, supporting dApps and serving as the platform for executing smart contracts
4. Shardchains can be thought of as separate processing units, each with its own private memory space for executing computations
Dynamic sharding technology deserves special attention. Splitting and distributing a large database into smaller chunks, known as "shards," is a common practice used in database management. This approach, called database sharding, improves efficiency and scalability by distributing the database across multiple machines in parallel.
Threaded Virtual Machine
Everyone has heard of the Etherium Virtual Machine (EVM), a technology that once revolutionized the world. The Venom blockchain has its own solution, the Threaded Virtual Machine.
By design, TVM has an asynchronous model of communication between accounts. Each account can only affect the state of another account only by sending a message. It enables concurrent processing of multiple smart contracts, which can result in significant performance improvements compared to traditional virtual machines.
Consensus
The Venom blockchain utilizes a Proof of Stake (PoS) consensus mechanism with The Byzantine fault-tolerant (BFT) algorithm to reach a consensus agreement between validators. This approach ensures network security and provides Sybil resistance.
The validator maintains the network's security by staking its VENOM tokens and committing to participate in consensus rounds with other validators. By staking their tokens, validators demonstrate a vested interest in the network's wellbeing and help to achieve Sybil resistance. The more tokens staked on the network, the more difficult it becomes for an attacker to create multiple identities and gain control over the network.
(source: https://docs.venom.foundation/learn/consensus)
PoS is a good old-fashioned, time-tested consensus mechanism that ensures system stability, allowing for decent rewards for all participants. When combined with the BFT consensus algorithm, we get a totally secure environment.
Token
Like other blockchains, the Venom blockchain has its own native token, VENOM. There are also smaller transferable units:
The VENOM token has several uses:
1. Paying for transaction fees to maintain the network
2. Securing the network through POS mechanisms
3. Supporting validators by network participants through DePools staking
Testnet
My modest attention was attracted to the project by the proposed activity in the test network. As an ordinary user, it is extremely important for me to explore all the possibilities of the ecosystem before I even enter the main network.
Well, when I started the testnet campaign, my surprise was boundless. For a project at this stage, everything works just amazing. And what surprised me even more: the way the ecosystem projects look. They look like they were worked on by people with great skills and undying enthusiasm.
At the moment you can mint 8 NFTs on the test network by completing simple tasks. And most importantly, you can learn about such a promising project firsthand.
My opinion
The project certainly deserves your attention, because it has all the chances to produce a Web3 revolution. This article does not disclose even 5% of all the benefits of this blockchain and is an overview.
I recommend that each of you at least be active in the test network. And even better, if you become more familiar with all the unique features of this project.