Venom (VENOM)

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Decentralized Applications (dApps)

Venom allows developers to build and deploy dApps quickly on its asynchronous blockchain. These apps can serve many purposes, including finance, social networks, and community projects.

Cross-Chain Communication

Venom supports communication between different blockchains, enabling shared liquidity and value transfer. This is useful for decentralized finance (DeFi) applications like exchanges and lending platforms.

Private and Public Workchains

Venom offers both public and private workchains. Public workchains enable open communication and shared liquidity, while private workchains are suited for privacy-focused uses like crypto payments and central bank digital currencies (CBDCs).

Native Token Use

The Venom token is used to pay transaction fees, secure the network through staking, and support validators. It also acts as the main currency within the Venom ecosystem.

Smart Contracts and Token Standards

Venom supports smart contracts and token standards similar to Ethereum’s ERC-20 and NFTs, allowing for versatile asset creation and management on the network.

Pros

• High Scalability: Venom can process over 100,000 transactions per second, with a potential maximum of 1 million, making it very fast.
• Low Transaction Fees: Average fees are extremely low (around $0.0002), which helps users save money.
• Regulated Foundation: Venom Foundation is licensed by the Abu Dhabi Global Market, showing a commitment to legal compliance.
• Hybrid Consensus Mechanism: Uses Proof of Stake (PoS) combined with Byzantine Fault Tolerance (BFT) for security and scalability.
• Self-Custody Wallets: Users control their own assets without relying on third parties.
• Developer Friendly: Supports high-level programming languages and plans to enable compatibility with Ethereum’s EVM for easier app porting.
• Strong Security: Employs advanced consensus and security models to protect the network.
• Focus on Web3 and DeFi: Designed to support decentralized finance, NFTs, and other blockchain applications efficiently.

Cons

• EVM Compatibility Not Yet Fully Available: The Threaded Virtual Machine (TVM) currently isn’t fully compatible with Ethereum’s EVM, which may limit some app transfers for now.
• Relatively New: As a newer blockchain (launched in 2021), it may have less adoption and ecosystem maturity compared to older blockchains.
• Ongoing Development: Some features, like cross-chain compatibility and deflationary token models, are still being planned or tested.

Overall, Venom offers fast, low-cost, and secure blockchain solutions with strong regulatory backing, but some technical features are still evolving.

Founders and Leadership

Venom was founded by a team led by Louis Tsu, who serves as CEO and CTO of the Venom Foundation. Another key figure is Peter Knez, Chair of the Venom Foundation Council and former Global Chief Investment Officer at BlackRock. Shahal M. Khan is also involved as a founder and supporter, known for his leadership in various companies.

Foundation and Support

The Venom Foundation, established in 2022 and licensed in Abu Dhabi Global Market (ADGM), supports the project with a panel of technology thought leaders including the founders mentioned above. The foundation self-funds the project to maintain its vision and independence.

Investors in Venom

• Venom Foundation and Abu Dhabi-based investment manager Iceberg Capital Ltd are key investors.
• They launched a $1 billion crypto venture fund called Venom Ventures Fund (VVF) to invest in early-stage blockchain and Web3 startups.
• Venom Ventures focuses on seed to Series A rounds, especially in Europe and Asia, with a presence in Geneva and Abu Dhabi.
• The fund targets projects in payments, asset management, banking services, gaming, and other Web3 areas.
• Mustafa Kheriba was an early investor and supporter but has resigned from his position at Venom Foundation.

These investors and funds help support Venom’s growth and development in the blockchain space.

Halal Status of Venom

Venom is generally considered halal because it is a blockchain network designed for real-world use, managed by a non-profit foundation, and emphasizes compliance with international laws. It does not inherently involve interest (riba) or prohibited activities, which aligns with key Islamic finance principles. However, final judgment depends on individual interpretation and consultation with a qualified Islamic scholar.