{"id":774,"date":"2023-08-11T09:00:37","date_gmt":"2023-08-11T09:00:37","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=774"},"modified":"2024-04-29T09:05:42","modified_gmt":"2024-04-29T09:05:42","slug":"what-is-venom-network-project","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/what-is-venom-network-project\/","title":{"rendered":"What Is Venom Network?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/what-is-venom-network-project\/#Whats_Venom_Network\" title=\"What&#8217;s Venom Network?\">What&#8217;s Venom Network?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/what-is-venom-network-project\/#Venom_Foundation_and_Team\" title=\"Venom Foundation and Team\">Venom Foundation and Team<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/coinengineer.net\/blog\/what-is-venom-network-project\/#Venom_Token_and_Tokenomics\" title=\"Venom Token and Tokenomics\">Venom Token and Tokenomics<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Whats_Venom_Network\"><\/span><strong>What&#8217;s Venom Network?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"color: #282828;\"><strong>Venom<\/strong> is a network that authorizes participants to develop a blockchain ecosystem. Maintaining the highest standards of governance, <strong>Venom Foundation<\/strong> is the first blockchain chain licensed from Abu Dhabi Global Market (ADGM) to comply with international law.<\/span><\/p>\n<p><span style=\"color: #282828;\">\u00a0The Venom blockchain was designed to address scalability issues and non-experienced users of decentralized applications. The performance of operations is slower than other blockchains to detect problems. High transaction fees and low scalability problems have been being tried to be solved.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Venom_Foundation_and_Team\"><\/span><span style=\"color: #282828;\"><strong>Venom Foundation and Team<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"color: #282828;\">The Venom Foundation works for the development of the Venom blockchain and the dissemination of its use. He also manages, <\/span><span style=\"color: #282828;\">The Foundation offers opportunities for many industry sectors. It aims at sustainability in the functionality and security of the network so that it can be by international standards. <\/span><span style=\"color: #282828;\">These features allow individual and corporate users to take advantage of the possibilities of blockchain technology.<\/span><\/p>\n<p><span style=\"color: #282828;\">Aiming to increase efficiency and reduce costs, when the Foundation provides sufficient resources, developers and enterprises will strive to create decentralized networks (business chains) in the Venom network. The Foundation also offers to work with other projects and institutions to be able to expand more, be recognized, and demonstrate its innovative approach.<\/span><\/p>\n<p><span style=\"color: #282828;\">The Venom Foundation team wants to expand blockchain technology even wider around the world by offering innovative technologies. In addition, The Venom Foundation team, which aims at scalability, security, and interoperability in blockchain technology, says that it will cooperate with developers, financial institutions, and other stakeholders. Moreover, they promise to provide regular reports on their activities.<\/span><\/p>\n<blockquote><p><strong>You might also like: <a class=\"row-title\" href=\"https:\/\/coinengineer.net\/blog\/wp-admin\/post.php?post=2161&amp;action=edit\" target=\"_blank\" rel=\"noopener\" aria-label=\"\u201cArtificial Intelligence (AI) Crypto Projects Followed By Whales\u201d (Edit)\">Artificial Intelligence (AI) Crypto Projects Followed By Whales<\/a><\/strong><\/p><\/blockquote>\n<p><strong style=\"color: #282828; font-size: 23.04px;\">Venom Network Ecosystem and Participants<\/strong><\/p>\n<p>Currently, there are many applications in the Venom ecosystem which has a testnet. The users can participate in these testnets and collect NFTs with Venom Wallet. After connecting to the Testnet with Venom Wallet, the transactions we make to try out the network allow us to use many platforms. Thanks to this, we can see that Venom Network is very willing to improve itself in every field. It is being considered as a possible airdrop when switching to mainnet in the future. In addition, the Venom Network has Venom Scanner to monitor transactions on the network.\u00a0\u00a0 It has a decentralized wallet for usage on the apps. Users can stake Venom assets and receive certain rewards thanks to Venom Pools. Moreover, there are decentralized exchanges called Web3World and Venom Bridge platforms for bridge transactions.<\/p>\n<p>It provides opportunities for developers, users, and validators. Validators are essential to verify transactions on the network and prevent transactions such as fraud. Users also have a special importance. They contribute to the success of the network using dApps platforms.\u00a0 Briefly, the Venom blockchain enables the network to expand, develop and grow with the help of the transactions and platform usages made by the participants.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/06\/sssd.png\" alt=\"What Is Venom Network?\" width=\"932\" height=\"826\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Venom_Token_and_Tokenomics\"><\/span><strong><span style=\"color: #282828;\">Venom Token and Tokenomics<\/span><\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The VENOM token is the primary currency used on the Venom blockchain. Thanks to the Venom token, paying network fees will be possible in the ecosystem and platforms. In addition, those who act as validators in transactions on the network are rewarded with the VENOM token. Validators are responsible for generating new blocks on the network and verifying transactions. Participants can stake their tokens to become validators and thus token holders can participate in the consensus mechanism by transferring their tokens to validators. At the same time, participants will be able to vote for the development of the network using the <strong>VENOM<\/strong> token.<\/p>\n<p>Since Venom does not have a maximum token supply, it is conceivable that it may cause inflation in the future. That&#8217;s why the Venom Foundation is looking for solutions. One of them is the idea of burning fees used in transfer transactions. The Venom Foundation announced that it will continue to develop the network and evaluate new approaches. Venom&#8217;s initial token supply is <strong>7,200,000,000 VENOM<\/strong>. 84.5% of this initial supply is locked.<\/p>\n<p>The token distribution is as follows:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2023\/06\/sss.jpg\" alt=\"What Is Venom Network?\" width=\"654\" height=\"532\" \/><\/p>\n<blockquote>\n<p class=\"graf graf--p\">You can learn all the news, announcements, and analyses about <strong>Venom Network<\/strong> by following our <strong><a class=\"markup--anchor markup--p-anchor\" href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noopener\" data-href=\"https:\/\/t.me\/coinengineernews\">Telegram<\/a><\/strong> and <strong><a class=\"markup--anchor markup--p-anchor\" href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noopener\" data-href=\"https:\/\/www.youtube.com\/@CoinEngineer\">YouTube<\/a><\/strong> channels.<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>What&#8217;s Venom Network? Venom is a network that authorizes participants to develop a blockchain ecosystem. Maintaining the highest standards of governance, Venom Foundation is the first blockchain chain licensed from Abu Dhabi Global Market (ADGM) to comply with international law. \u00a0The Venom blockchain was designed to address scalability issues and non-experienced users of decentralized applications.<\/p>\n","protected":false},"author":1,"featured_media":775,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18,5],"tags":[254,256,255,257,258,260,261,259],"class_list":["post-774","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-altcoin-projects","category-project-review","tag-venom","tag-venom-ecosystem","tag-venom-network","tag-venom-tokenomics","tag-whats-venom","tag-whats-venom-ecosystem","tag-whats-venom-initial-token-supply","tag-whats-venom-network"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Is Venom Network? - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Venom is a network that authorizes participants to develop a blockchain. 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