Venom Network, a layer 0 blockchain created by the Venom Foundation, is the first network to be overseen by the global financial hub ADGM, or Abu Dhabi Global Market.

Venom addresses scalability issues and lowers transaction fees by utilizing a concept akin to modular blockchains. Venom has a theoretical processing capacity of 100,000–1,000,000 TPS.

Three layers make up Venom's blockchain structure: Masterchain, Workchain, and Shardchain. These layers allow transactions to be processed concurrently using a consensus method.

1). Masterchain: This Layer 0 is in charge of setting up the communication environment amongst the three tiers. Masterchain makes ensuring the system's validators have access to all the data they need to reach a consensus. The Masterchain stores crucial data, including voting rounds, validator scope, network setup, and deployment.

2). Workchains: Layer 1 is a layer that sits atop the Masterchain, runs on its own, and performs unique tasks including block, transaction structure, threaded virtual machine (TVM), and state transition function. Workchains can be tailored to meet the needs of dApps that are developed on them and even have their own tokens.

3). Shardchains: On certain Workchains, they function similarly to a Layer 2. While they perform only a fraction of the transactions on the Workchains, Shardchains share many of the same characteristics as Workchains. Venom's blockchain can handle a high amount of data processing and transactions by supporting an infinite number of Shardchains.

Features of Venom Network

~ Threaded Virtual Machine (TVM): Venom offers the architecture necessary for smart contracts to be carried out on the Threaded Virtual Machine (TVM). Similar to EVM, TVM aids in boosting processing speed and enhancing network performance.

~ Transaction Processing Capability: Venom processes transactions through the Dynamic Sharding method. Shardchains will initially process transactions through validators; however, as a result of an increase in transaction volume and overload, two separate Shardchains will be created. The Shardchain will stay split until it reaches stable processing levels if the transaction volume on that Shardchain stays high. Ethereum 2.0 and Everscale have both employed this approach.

Venom Network has a mechanism in place to guarantee quick transaction processing at a consistent gas price. Venom's asynchronous approach of smart contract communication is by design. This is a result of the requirement to preserve calls between contracts that are handled by various validator task groups and are spread across multiple shards. This means that the only way for any smart contract to change the status of another account is through message transmission; when a smart contract is executed, a transaction is the outcome.

Projects Built on venom Network

The primary goal of the Venom Foundation is to create and maintain an independent blockchain ecosystem. This has drawn developers to work on a number of projects, including:

1). VenomWallet: a non-custodial wallet with ledger support and multisig option.

2). VenomScan: which allows you to view transaction history.

3). VenomGet: a simple way to access Venom tokens.

4). VenomBridge: which permits interchain transactions.

5). VenomPools: which allows you to stake on validator nodes.

6). Web3.World: a native decentralized exchange.