Venom VENOM Price

What is Venom (VENOM)?

Venom (VENOM) is a blockchain protocol designed to enhance the scalability and interoperability of decentralized applications (dApps). Launched in 2023, Venom aims to provide a robust infrastructure that supports a wide range of applications across various sectors, including finance, gaming, and supply chain management. Utilizing a unique consensus mechanism known as Proof-of-Stake (PoS), Venom can process transactions at scale, boasting speeds of up to 1,000 transactions per second (TPS) while maintaining low fees.

Who are the Founders of Venom?

Venom was founded by a group of experienced professionals in the blockchain and technology sectors. The core team includes Dr. Ibrahim Almoayyed, who has a background in computer science and has worked extensively in fintech, and Mr. Khaled Alharthi, a blockchain entrepreneur with prior experience in developing blockchain solutions for businesses. Their combined expertise in technology, finance, and blockchain positions Venom as a promising player in the crypto space.

How does Venom Work?

Venom operates on a multi-layer architecture that separates the consensus layer from the execution layer. This design allows the network to handle a high volume of transactions efficiently. Venom’s consensus mechanism is a modified PoS, which incentivizes validators to secure the network while minimizing energy consumption. Developers can build smart contracts using Venom's native programming language, allowing for flexibility and ease of use. Additionally, the platform employs sharding technology, allowing different parts of the network to process transactions simultaneously, thus enhancing throughput and scalability.

Key Features of Venom:

• Scalability: The sharding technology enables the network to scale horizontally, accommodating a growing number of dApps and users.
• Low Transaction Fees: Transaction costs on the Venom network are significantly lower than many competitors, often less than $0.01 per transaction.
• Interoperability: Venom supports cross-chain communication, allowing dApps on different blockchains to interact seamlessly.

Top Use Cases of Venom

Venom has several promising use cases across various industries, including:

• Decentralized Finance (DeFi): Venom enables the creation of DeFi applications such as lending platforms, decentralized exchanges, and yield farming protocols.
• Gaming: The platform supports the development of blockchain-based games, allowing for true ownership of in-game assets through NFTs.
• Supply Chain Management: Venom’s blockchain can be utilized to track products throughout the supply chain, improving transparency and traceability.
• Identity Verification: Venom can offer solutions for secure digital identity verification, enhancing security for users in various online transactions.
• Healthcare: The protocol can facilitate secure sharing of medical records, ensuring privacy while allowing for data accessibility.

How to Keep your Venom Safe?

Securing your VENOM tokens and assets on the Venom network involves several best practices:

• Use Hardware Wallets: For long-term storage, consider using hardware wallets, which provide offline storage and protection against hacking.
• Enable Two-Factor Authentication (2FA): Always enable 2FA on exchanges and wallets to add an extra layer of security.
• Stay Updated: Keep your software, wallets, and devices updated to protect against vulnerabilities and threats.
• Be Wary of Phishing Attacks: Always verify the authenticity of websites and communications before entering sensitive information.
• Backup Your Wallet: Regularly backup your wallet and store the recovery phrase in a secure location to avoid losing access to your funds.