Discover Venom's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Venom?

Venom (VENOM) is a cryptocurrency built on a layer zero blockchain with dynamic sharding, allowing for 100,000 transactions per second at an average fee of less than $0.002. It operates with a zero-emission policy and features a non-custodial wallet, Venom Scan blockchain explorer, and staking solutions. The Venom ecosystem supports decentralized applications, interchain transactions, and a variety of use cases across industries such as DeFi, CBDC, and GameFi.

How is Venom used?

The Venom (VENOM) token is the primary currency used within the Venom blockchain ecosystem. It serves as a utility token, providing several essential functions. Here are some key ways VENOM is used:

  1. Transaction Fees: VENOM is used to pay for transaction fees on the Venom blockchain. These fees are designed to be low, with an average cost of less than $0.0002 per transaction.

  2. Staking and Validation: VENOM tokens can be staked to support the network's security and validation processes. Users who stake their tokens can earn rewards for helping to secure the network.

  3. Cross-Chain Transactions: The Venom Bridge allows users to transfer assets seamlessly between different blockchain networks, including Ethereum, Binance Smart Chain, and others. This enables the transfer of tokens, NFTs, and even cross-chain smart contract calls.

  1. Decentralized Applications: VENOM is used within decentralized applications (dApps) built on the Venom blockchain. These dApps can be developed using the Venom Foundation's developer tools and can leverage the blockchain's fast transaction speeds and infinite scalability.

  2. NFT Marketplace: The Venom blockchain hosts an NFT marketplace where users can buy, sell, and trade unique digital assets using VENOM tokens.

  3. Web3World: VENOM is used in Web3World, a decentralized exchange that allows users to trade digital assets without intermediaries.

Overall, the VENOM token plays a central role in facilitating transactions, staking, and the overall functionality of the Venom blockchain ecosystem.

How do I store Venom?

To store Venom (VENOM) tokens securely, consider using a cold wallet, which is a wallet that is not connected to the internet. There are two types of cold wallets:

  1. Paper Wallet: Generate a public and private key offline using a program, then print them on a piece of paper. Store the paper in a secure location. The keys are printed as QR codes, which you can scan for future transactions.

  2. Hardware Cold Wallet: Use a physical device like a USB drive to store your cryptocurrency. This method is preferred by most users, especially for large amounts of tokens.

For added security, you can also use a hardware wallet in conjunction with the Venom Wallet, which supports VENOM and other TIP-3 and TIP-4 tokens.

How to buy Venom?

To buy Venom (VENOM) tokens, you can follow these steps:

  1. Create an Account: Sign up on a cryptocurrency exchange that supports VENOM, such as MEXC or KuCoin. Ensure you provide the required personal information and set up a strong password for your account.

  2. Verify Your Account: Complete the Know-Your-Customer (KYC) process by uploading a valid Photo ID and providing additional personal details. This step is crucial for securing your account and enabling transactions.

  3. Add a Payment Method: Link a payment method such as a credit/debit card, bank account, or third-party payment services like Simplex, Banxa, or Mercuryo. This will allow you to deposit funds into your exchange account.

  1. Deposit Funds: Deposit a stablecoin like USDT or other supported cryptocurrencies into your exchange account. You can use various methods like credit card, global bank transfer, or peer-to-peer trading.

  2. Buy VENOM: Navigate to the spot market on the exchange and find the VENOM trading pair. Place an order to exchange your deposited funds for VENOM tokens. You can choose from different order types, such as market orders or limit orders, depending on your trading strategy.

  3. Store Your Tokens: Once you have purchased VENOM tokens, you can store them in your exchange account or transfer them to a personal wallet for added security. Make sure to follow best practices for securing your wallet and protecting your assets.

By following these steps, you can successfully buy and manage your Venom (VENOM) tokens.

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History of Venom

Venom (VENOM) is a cryptocurrency that operates on the Venom blockchain, a scalable and secure infrastructure designed to support a wide array of applications from Web3 development to the creation of fiat-backed stablecoins and central bank digital currencies (CBDCs). The Venom blockchain is led by CEO Christopher Louis Tsu, a seasoned entrepreneur with a rich history in technology innovation.

The Venom blockchain is built with several key features, including the Threaded Virtual Machine (TVM), Mesh Network protocol, account abstraction, and Dynamical Sharding. These features enable horizontal and vertical scaling up to 100,000 transactions per second and beyond, ensuring faster and more secure consensus with high-speed block finality time and low transaction costs.

Venom is not available for trading on the Coinbase Exchange but is supported on Coinbase Wallet, allowing users to access and manage their Venom assets. The Venom Foundation, the organization behind the blockchain, aims to provide infrastructure for governments and Web3 projects while empowering emerging economies in the Middle East and North Africa with its unique technology.

Venom Foundation is a new layer 0 blockchain, similar to Cosmos, allowing other blockchains to build their Layer 1 on top of Venom’s layer 0. It is fully regulated by financial authorities in Abu Dhabi and envisions a global economy built on decentralized, blockchain-based financial systems. The foundation offers various tools and services, including a non-custodial wallet, explorer, and staking pools, and is focused on funding blockchain and Web3 projects in areas such as payment solutions, asset management, DeFi, and GameFi.

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How Venom works

Venom (VENOM) is a cryptocurrency that operates on the Venom blockchain, a scalable layer 0 blockchain designed for high performance and security. Here's an overview of how it works:

Consensus Protocol

The Venom blockchain uses the Byzantine fault-tolerant consensus algorithm, which ensures the integrity and security of the network. This consensus protocol is based on a proof-of-stake (PoS) mechanism, where validators are responsible for confirming transactions and maintaining the network's integrity. Users can participate in the validation process by staking their VENOM tokens, earning rewards for their contributions.

Key Features
  • Threaded Virtual Machine (TVM): Venom's TVM allows for asynchronous transactions, executing them simultaneously rather than one by one. This enables faster transaction speeds and higher scalability.
  • Mesh Network Protocol: This protocol ensures reliable message delivery and facilitates interchain communication, enabling seamless interactions between different blockchain networks.
  • Account Abstraction: Venom provides wider authentication options beyond private key ownership, where every account is a smart contract with its own code. This feature allows for more flexible and secure user management.
  • Dynamic Sharding: This technology enables the blockchain to scale horizontally and vertically, handling up to 100,000 transactions per second with low fees and high-speed block finality.
Ecosystem Components
  • Venom Wallet: A non-custodial wallet that allows users to manage their assets securely and seamlessly on laptops, PCs, and mobile devices.
  • Venom Scanner: A blockchain explorer that tracks transactions and monitors the status of transfers on the network, providing real-time data on block production and transaction confirmation times.
  • Venom Pools: A staking platform where users can stake their VENOM tokens and earn rewards for supporting the network's security.
  • Venom Bridge: A cross-chain platform that enables seamless asset transfer between blockchain networks, including token transfers, NFTs, and cross-chain smart contract calls.
Airdrop and Token Distribution

Venom has conducted an airdrop, distributing VENOM tokens to participants based on a snapshot mechanism. Users can claim their tokens by connecting their wallets to the Venom airdrop website and following the specified steps.

Developer Program and Partnerships

The Venom Foundation supports the development of innovative applications and smart contracts through its Developer Program. This program has already led to the creation of various products, such as Web3World (a decentralized exchange) and 19 NFT Marketplace (a platform for buying, selling, and trading NFTs). Venom is actively pursuing partnerships and integrations to drive growth and adoption across various sectors.

Overall, Venom is designed to provide a secure, scalable, and user-friendly platform for decentralized applications and asset management, with a strong focus on innovation and community engagement.

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Venom's strengths

The Venom (VENOM) token has several strengths that contribute to its potential success and adoption:

  1. Scalability: Venom uses an asynchronous blockchain architecture with dynamic sharding and horizontal scaling, allowing it to process over 100,000 transactions per second and up to a maximum of 1 million transactions.

  2. Regulatory Compliance: The Venom Foundation has received a license to operate from the Abu Dhabi Global Market, ensuring compliance with local and international regulations and enhancing the platform's credibility.

  3. Security: Venom employs a combination of transaction security measures, including staking through Proof-of-Stake (PoS) and a Byzantine fault-tolerant consensus algorithm, ensuring the decentralization and security of the network.

  1. Versatility: The platform is designed to cater to a wide range of users and applications, from individuals to governments and NGOs, demonstrating its flexibility and broad applicability.

  2. Low Transaction Costs: Transactions on the Venom network are relatively inexpensive, with costs as low as $0.0002 per transaction, making it an attractive option for users.

  3. Fast Confirmation Times: Transactions are confirmed quickly, taking between 0.2 and 0.3 seconds, providing a fast and efficient user experience.

  1. Tokenomics: The VENOM token serves multiple purposes, including paying transaction fees, incentivizing validators, and securing the network through a proof-of-stake mechanism.

These strengths position Venom as a promising blockchain platform with the potential to meet the diverse needs of users and businesses.

Venom's risks

Venom (VENOM), a novel cryptocurrency, carries several financial risks that investors should be aware of. These risks include:

  1. Market Volatility: VENOM, like other cryptocurrencies, is subject to significant price fluctuations, which can result in substantial losses if not managed properly.

  2. Liquidity Risks: The liquidity of VENOM can be affected by various market factors, leading to difficulties in buying or selling the cryptocurrency quickly and at a stable price.

  3. Regulatory Changes: Changes in regulatory environments can impact the trading and use of VENOM, potentially leading to restrictions or increased scrutiny that may negatively affect its value.

  1. Credit Risk: The risk that a vendor or counterparty may be unable to meet their financial obligations, which can impact the stability of VENOM transactions.

  2. Leverage Trading Risks: Trading VENOM with high leverage can amplify both gains and losses, making it crucial for investors to understand and manage these risks effectively.

  3. Operational Risks: Contagion and operational risks are considered high in the financial markets, which can affect the stability and security of VENOM transactions.

  1. Credit and Liquidity Risks: High credit risk and liquidity risks can impact the overall stability of the financial system, which in turn can affect the value and usability of VENOM.

  2. Market Corrections: The cryptocurrency market is prone to corrections, which can result in significant losses if investors are not prepared.

  3. Counterparty Risks: The failure of counterparties, such as exchanges or service providers, can lead to losses and disruptions in VENOM transactions.

  1. Security Risks: The use of blockchain technology, while providing transparency and security, is not immune to security risks and potential fraud, which can impact the trust and reliability of VENOM.

Investors should carefully consider these risks and ensure they have a thorough understanding of the VENOM market before making investment decisions.

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Did Venom raise funds?

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Venom’s team

  • Christopher Louis Tsu: CEO of Venom Blockchain, a seasoned entrepreneur with a rich history in technology innovation.
  • Faraj Abutalibov: Core team member of the Venom Foundation, with details about his background and expertise not provided.
  • Peter Knez: Former Chief Investment Officer (CIO) of BlackRock, managing the $1B Venom Ventures fund to accelerate the growth of the Venom ecosystem.
  • Ari Last: Team member of the Venom Foundation, listed on their LinkedIn page.

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