The Venom Foundation is building a blockchain that will be the major framework for the global ecosystem of Web3 applications, which will provide a more secure, efficient, and transparent alternative to traditional financial systems.

To achieve that purpose, it has developed a testnet, which is a copy of a live blockchain that internal developers can utilize to test and effect changes on the protocol without interrupting the network. External developers also make use of testnets to test-run their applications using the native cryptocurrency and protocol to make sure that they are properly integrated before launch.

Testnets are very important to the development of a blockchain network and cryptocurrency, it ensures that it can be launched smoothly and updated, when necessary, without causing notable errors or significant network downtime.

An innovative testnet platform has been launched by Venom, it provides users, developers, and blockchain enthusiasts with a secure and user-friendly testing environment to interact with decentralized finance (DeFi) protocols, decentralized applications (dApps), and non-fungible tokens (NFTs) outside of the live blockchain.


What is Venom?

Venom is a multi-layer blockchain solution that is scalable and was designed as a platform that will provide the structure for the global adoption of real-world applications. Venom is a blockchain amongst the few whose center of attention is seeking to bridge the gap between financial institutions, services, and fintech such as central bank digital currencies (CBDCs).

The average transaction fee of the Venom blockchain is just $0.0002 and within 0.2-0.3 seconds has the ability to reach a real-life processing rate above 100,000 transactions per second (tps), This is done by utilizing dynamic sharding and a proof of stake (PoS) consensus mechanism that is hybrid coupled with the Byzantine fault tolerance (BFT) algorithm.

The network’s security is maintained by validators of Venom’s blockchain who stake their VENOM tokens for the ability to participate in processing transactions with other validators. This staking indicates demonstrates that they have a permanent interest in the safety of the token and the continued operation of the network.

The more tokens staked by validators, the harder it is for malicious attackers to get in and create multiple identities to control the network. Validators propose blocks and vote on blocks proposed by other validators, making use of the (BFT) algorithm to make sure the consensus process stays reliable.

Venom encourages interplay as a “Blockchain of Blockchains,” through its unsynchronized architecture, which combines a master chain with multiple work chains and shard chains. This structure allows transactions to be processed in “shards”, or smaller pieces that validator nodes can verify at the same time for faster tps rates.

The number of users that can transact on the blockchain has no technical limit; this is a critical feature that will aid the widespread adoption of blockchain technology in financial services.

The accessibility of public blockchain networks to any user with an Internet-connected device has made it possible for projects like Venom to transmit the unbanked into a new DeFi system without needing traditional financial institutions.

The Venom Foundation registered with the Abu Dhabi Global Market (ADGM) and obtained a license allowing it to operate a blockchain and issue utility tokens. ADGM is popularly known in the Middle East as an international center for investors and financial services firms from around the world.

                                  An Overview of Venom’s Testnet

Testnets are parallel, experimental networks that developers employ to test functionalities, upgrades, and new features before they are deployed on the main blockchain, regarded as a mainnet. They help to ensure the security, stability, and efficiency of the blockchain.

The blocks on a testnet have a marker that limits them from being added to the live blockchain and stops the transfer of cryptocurrencies between the two. Updates on the testnets can be run by development teams to analyze how they will operate in the real environment and look for bugs or errors in the code. In this way, they can discover and address any potential problems before implementing the update on the live blockchain.

The Venom Foundation has launched its testnet that will enable users and developers to build and explore the Venom blockchain.

The Venom Testnet aims to improve the security of the network by inviting developers and security researchers to report errors and perform stress tests; to improve user experience with intuitive user interfaces and ultra-fast speed; and to also build community by engaging in conversations that will improve the network and dApps.

Eight dApps will be introduced to the Venom ecosystem by the testnet, they include the following:

  • Venom Wallet, a multi-signature, non-custodial wallet with Ledger support that is available as a mobile app and browser extension
  • VenomScan Explorer, which scans all information about transactions and new blocks
  • World, a decentralized exchange (DEX)
  • VenomPools, which enables users to stake their VENOM tokens
  • VenomBridge, which creates connections to other chains for interoperability.
  • VenomStake, which enables users to maximize their staking rewards
  • Oasis Gallery, an NFT marketplace
  • VenomPad, a launchpad for crowdfunding projects to launch on the blockchain


Featured Image Source: CryptosRus

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