VENOM: AI-Driven Website and Application Design Platform

What is VENOM

Friends, imagine we are living in an era of information explosion, with all kinds of digital transactions and applications emerging endlessly. However, our current “digital highway”—the blockchain we often talk about—can sometimes get extremely congested, just like city roads during rush hour: slow speeds, high fees, and poor user experience. VENOM (project code VENOMAI, but our focus is on the blockchain project VENOM) is an ambitious initiative aiming to build a brand new, super spacious and efficient “digital highway” to solve these problems.

Simply put, VENOM is a high-performance blockchain platform that serves as both the “foundation” (Layer 0) and the “main road” (Layer 1), designed to provide a fast, scalable, and adaptable infrastructure for various decentralized applications (dApps), digital finance (DeFi), global payments, and enterprise-level solutions. Its target users are very broad, including ordinary individuals, large institutions, and even governments. You can think of it as an “operating system” for the future digital world, on which you can run all kinds of applications, such as:

• Payment systems: Like Alipay or WeChat Pay, but more decentralized and efficient.
• Central Bank Digital Currencies (CBDCs): Helping central banks issue and manage their own digital currencies.
• Stablecoins: Cryptocurrencies pegged to fiat currencies (like the US dollar), making digital assets more stable in value.
• Digital identity and registration solutions: For example, your digital driver’s license or property certificate can be securely recorded and verified on the blockchain.
• Decentralized Finance (DeFi): Offering lending, trading, and other financial services without traditional banks.
• Gaming and NFTs: Supporting in-game economies and non-fungible tokens (NFTs, which you can think of as digital art or collectibles).
• Tokenization of real-world assets: Mapping real-world assets (like real estate, artwork) onto the blockchain as digital tokens for trading.

Although there isn’t a detailed typical usage flow, you can imagine that in the future you might use the VENOM wallet (VenomWallet) to easily send and receive digital assets, participate in various decentralized applications, or transfer assets between different blockchains via the cross-chain bridge (VenomBridge)—as conveniently as traveling between different cities.

It’s important to note that search results also mention a project called “VENOMAI,” described as an “AI-driven web architect” focused on creating and designing websites and applications. Additionally, CoinMarketCap lists a token named “VENOMAI,” whose information differs from the blockchain project VENOM we’re discussing. Since your question is about the blockchain project, this introduction focuses on the “Venom blockchain” and its native token $VENOM.

Project Vision and Value Proposition

The vision of the VENOM Foundation is very grand—they hope to drive widespread adoption of blockchain technology by building a new “macro infrastructure.” Imagine if blockchain technology is the next stage of the Internet, then VENOM wants to be the “backbone network” of this new Internet, enabling everyone to use blockchain services safely and efficiently.

The core problems they want to solve are just like the pain points of the “digital highway” mentioned earlier:

• Insufficient scalability: Many existing blockchains process transactions slowly and cannot meet the needs of large-scale applications. VENOM aims to process 100,000 to 1,000,000 transactions per second—like widening a single-lane road into a multi-lane highway.
• Poor user experience: Long transaction confirmation times and high fees deter ordinary users. VENOM is committed to providing a smooth user experience and lowering transaction costs.
• Poor interoperability: Different blockchains are like different countries with language barriers, making asset flow difficult. VENOM hopes to enable seamless connection between blockchains through cross-chain communication protocols, allowing free exchange of data and assets.
• Drawbacks of traditional financial systems: Traditional finance suffers from bureaucratic processes, low transparency, slow innovation, and high costs. VENOM aims to offer solutions for financial inclusion and digital identity protection through blockchain’s transparency and efficiency.

VENOM’s differentiators compared to similar projects include:

• Dynamic sharding and mesh networks: Like dividing a highway into many parallel lanes, each lane can process traffic independently and the number of lanes can be dynamically adjusted based on traffic, greatly increasing throughput.
• Regulatory compliance: VENOM Foundation is one of the first blockchain companies globally to obtain a license from Abu Dhabi Global Market (ADGM), meaning legal and regulatory considerations were built in from the start—crucial for attracting institutional and government users.
• Institutional-grade application focus: VENOM explicitly states its design goal is to support CBDCs, real-world asset (RWA) tokenization, and other institutional platforms, aiming to connect traditional finance with the Web3 world.

Technical Features

The reason VENOM’s “digital highway” can run fast and carry a large load is its unique technical design. Let’s use some vivid analogies to understand these features:

Technical Architecture and Consensus Mechanism

• Layer 0 and Layer 1: Imagine Layer 0 as the “foundation” of the digital world, and Layer 1 as the “main road” built on top. VENOM is both the foundation and the main road, providing a very solid and comprehensive infrastructure.
• Heterogeneous multi-chain structure: Like a large transportation hub, not just with one main road but many specialized “side roads” (Workchains). These can be customized for different application needs, such as one for financial transactions and another for gaming data.
• Proof of Stake (PoS) consensus mechanism: Like a community “voting system.” Here, it’s not about who has the most computing power, but who holds more tokens and is willing to “stake” them to help secure the network—those have greater voting power to validate transactions and create new blocks. This is more energy-efficient and effective than traditional Proof of Work (PoW, e.g., Bitcoin).
• Byzantine Fault Tolerance (BFT) algorithm: This ensures the “voting system” is fair and just. Even if some “voters” in the network are dishonest or malfunction, the system can still reach consensus, ensuring finality and security of transactions.

Core Technical Innovations

• Dynamic Sharding Protocol: VENOM’s “secret weapon” for high scalability. Imagine when highway traffic increases, the system automatically adds more lanes; when traffic decreases, extra lanes merge—ensuring efficiency and saving resources. Each “shard” (Shardchain) is like an independent lane, processing transactions in parallel.
• Mesh Networks: An advanced network topology that enhances scalability and supports cross-chain communication. It allows different blockchains (including the main chain and various workchains) to communicate securely and seamlessly, like cities connected by a vast transportation network for exchanging goods and information.
• Asynchronous architecture: Most blockchains are synchronous, processing tasks one after another. VENOM’s asynchronous architecture allows different tasks to be processed in parallel, greatly improving efficiency and reducing wait times.
• Threaded Virtual Machine (TVM): VENOM’s “smart contract processor.” Highly efficient and scalable, it can execute smart contracts in parallel, like a multi-core processor running multiple programs simultaneously.
• Account Abstraction: Makes blockchain accounts more flexible and secure. Think of accounts as smart “digital identities” whose behavior and rules can be defined by smart contracts, rather than being fixed.
• External Messaging: Allows VENOM blockchain to interact seamlessly with the outside world—even if the sender isn’t an on-chain entity, it can receive external data and events and trigger on-chain actions.
• T-Sol: VENOM supports the Solidity programming language, meaning many smart contracts and applications developed for Ethereum can be more easily migrated to VENOM.

Tokenomics

Every blockchain project has its own “fuel” and “currency,” and VENOM is no exception. Its native token is $VENOM.

Token Basic Information

• Token symbol: VENOM
• Issuing chain: Venom blockchain
• Total supply: 8,000,000,000 VENOM. At mainnet launch, the initial supply was 7,200,000,000 VENOM.
• Current circulating supply: Depending on the time, reports cite about 988 million or about 2.12 billion tokens. These numbers change as tokens are unlocked and released.
• Inflation/Burn: VENOM currently uses an inflationary model, meaning there is no fixed maximum supply. However, the VENOM Foundation is actively exploring ways to transition to a deflationary model, such as burning a portion of transaction fees to reduce total supply—like permanently removing some “currency” from circulation, theoretically increasing the scarcity of remaining tokens.

Token Utility

The $VENOM token plays multiple roles in the ecosystem, like a multi-purpose tool:

• Paying transaction fees: Just as you pay tolls on a highway, any operation on the VENOM blockchain requires a small amount of $VENOM as a fee.
• Staking and Farming: Users holding $VENOM can stake it to help secure the network and earn rewards—like depositing money in a bank to earn interest.
• Governance: $VENOM holders can participate in community decision-making, voting on the project’s future direction, giving community members a voice in development.
• DeFi access: $VENOM is the bridge connecting users to decentralized exchanges and various financial tools.
• Gaming and NFTs: Supports in-game economies and NFT marketplaces.
• Cross-platform integration: Seamless use across applications in the VENOM ecosystem (such as VenomWallet, VenomBridge, etc.).

Token Allocation and Unlocking

$VENOM tokens are allocated to various stakeholders, including the ecosystem, community, foundation, market liquidity, validators, early supporters, team, and the public. Most token releases follow a “cliff mechanism” unlocking schedule, meaning tokens are locked for a period and then gradually released, with the entire unlocking process continuing until 2032. At mainnet launch, about 15.59% (1.116 billion) of the initial supply was unlocked and immediately tradable, while about 84.56% (6.084 billion) remained locked.

Team, Governance, and Funding

Core Team and Features

The VENOM blockchain project began development in 2018, led by Christopher Louis Tsu and Dr. Kai-Uwe Steck. The project is backed by the VENOM Foundation, a non-profit organization responsible for managing the development and promotion of the VENOM blockchain. The foundation is committed to building a community-driven network, encouraging users, validators, and developers to participate and shape the ecosystem’s future together.

Governance Mechanism

VENOM’s governance mechanism aims for decentralized decision-making, giving all participants a voice in network development. This means community members can participate in important decisions through a voting system, such as the operation of decentralized autonomous organizations (DAOs), ensuring transparency and sustainability.

Treasury and Funding

The VENOM project received early support from UAE investment groups. In 2022, it was reported that the VENOM Foundation partnered with Iceberg Capital to establish a $1 billion venture fund (Venom Ventures Fund) to invest in Web3 projects. However, reports indicate the fund was inactive after initial investments, and in December 2023, articles mentioned the “Venom Foundation dissolution,” raising doubts about its ability to deliver on commitments. Nevertheless, other sources (including some updated reports) still discuss VENOM as an active blockchain project, possibly indicating the foundation underwent restructuring or related entities changed.

Regulatory Compliance

A major highlight of the VENOM Foundation is its regulatory efforts. In 2022, it obtained a license from Abu Dhabi Global Market (ADGM), becoming one of the first blockchain companies globally to do so. This shows VENOM’s commitment to operating within legal and regulatory frameworks, which is crucial for attracting traditional institutions and promoting widespread blockchain adoption.

Roadmap

The development history and future plans of the VENOM project are like an unfolding map, guiding its path forward.

Key Historical Milestones and Events

• 2018: VENOM blockchain development officially began, with Christopher Louis Tsu and Dr. Kai-Uwe Steck leading the team’s conception and advancement.
• 2022:
  • VENOM Foundation established.
  • VENOM closed testnet launched.
  • Obtained ADGM operating license, becoming one of the first blockchain companies to do so.
  • Signed cybersecurity agreement with DGC.
• April 2023: Public testnet officially launched for public testing.
• June 2023: Testnet performed well, recording over 277 million transactions.
• March 2024: VENOM mainnet officially launched, along with the native token $VENOM.

Future Key Plans and Milestones (per whitepaper roadmap stages)

The VENOM whitepaper roadmap divides project development into several stages:

• Stage 0: Proof of Authority (PoA) launch: Focused on building a solid foundation, ensuring network stability and efficient problem-solving through PoA.
• Stage 1: Proof of Stake (PoS) and Governance: Plans to transition to PoS consensus and implement decentralized governance, enabling community participation in decision-making.
• Stage 2: Workchains and Interoperability: Introduces the workchain framework, allowing developers to create customized workchains and enabling collaboration and innovation between applications via cross-workchain communication.
• Ongoing development:
  • Continued exploration and refinement of the tokenomics model, including possible transition to a deflationary model.
  • Committed to connecting with other major blockchains (like Ethereum) and supporting easy migration of EVM-based applications to VENOM.

Common Risk Reminders

Friends, like any emerging technology and investment, blockchain projects come with various risks. Understanding these risks is crucial for making informed decisions. Here are some common risks VENOM may face:

Technical and Security Risks

• Blockchain technology is still in its early stages: Despite its promising future, blockchain is a relatively young field with new challenges and vulnerabilities constantly emerging.
• Smart contract vulnerabilities: VENOM supports smart contracts, but the code may have flaws or bugs, potentially leading to asset loss or system failure.
• Private key loss risk: In the blockchain world, your private key is the only credential to access your digital assets. If lost, your assets are permanently unrecoverable.
• Network attack risk: Any blockchain network may face various cyberattacks. Although VENOM uses PoS and BFT for security, risks remain.

Economic Risks

• High volatility of digital assets: Crypto markets are known for dramatic price swings. $VENOM’s price may rise or fall sharply in a short time, posing significant investment risk.
• Transaction cost fluctuations: Blockchain transaction fees are variable and may increase at any time, affecting your activity costs on the network.
• Intense market competition: The blockchain space is highly competitive, with many projects vying for market share and users. Whether VENOM can stand out remains to be seen.

Compliance and Operational Risks

• Regulatory uncertainty: Although the VENOM Foundation has ADGM approval, global crypto regulation is evolving, and future policy changes may impact operations.
• Project execution risk: Any project may face poor execution or failure to deliver on promises. Notably, reports in December 2023 mentioned “Venom Foundation dissolution” and questioned the activity of its $1 billion venture fund. While other sources indicate ongoing development, this information gap warrants attention and further verification. It may mean the foundation was restructured or reports were misunderstood, but in any case, it adds operational uncertainty.
• Centralization risk: Although the project aims for decentralization, there may still be some degree of centralization in early stages or certain aspects, such as the foundation’s influence in decision-making.

Please note: The above risk reminders are not exhaustive. Digital asset investment is highly risky; you should conduct thorough research and judgment after understanding all potential risks. This introduction does not constitute investment advice.

Verification Checklist

To help you better understand the VENOM project, here are some key sources you can consult and verify:

• Official website: venom.foundation
• Whitepaper: Usually available on the official website or blockchain research platforms. The whitepaper is the most authoritative document for understanding technical details and vision.
• Block explorer: venomscan.io. Here you can view real-time transactions, block info, account balances, total supply, active accounts, validator numbers, and more to understand network operations.
• GitHub activity: Visit VENOM’s GitHub page (e.g., github.com/venom-blockchain). By checking code commits, update frequency, and developer community participation, you can assess development activity and transparency.
• Community channels: Follow VENOM’s official social media (e.g., Twitter: @venomfoundation) and community forum (forum.venom.foundation) for the latest updates and discussions.
• Audit reports: If the project has third-party security audit reports, be sure to review them to assess smart contract and system security.

Project Summary

In summary, the VENOM blockchain project is an ambitious “digital highway” builder, aiming to solve core challenges in scalability, user experience, and interoperability in the blockchain space through innovative technologies like dynamic sharding, mesh networks, and asynchronous architecture. Its vision is to build macro infrastructure supporting personal, institutional, and even government-level applications, with a unique focus on CBDCs and real-world asset (RWA) tokenization. Regulatory approval from ADGM also adds confidence in its compliance and future development.

However, like any cutting-edge technology project, VENOM comes with significant risks. The inherent volatility of digital asset markets, potential technical vulnerabilities, and the ever-changing regulatory environment are all factors to watch closely. Notably, reports of “Venom Foundation dissolution” highlight information inconsistencies, reminding us to remain highly vigilant and objective when evaluating projects.

VENOM’s tokenomics are designed for multiple uses, aiming to incentivize network participants and maintain ecosystem health, but its current inflationary model and future deflationary exploration require ongoing attention. The team’s background and roadmap show a clear development path, but actual execution and market acceptance will be key to long-term success.

As a blockchain research analyst, my goal is to provide you with an objective, comprehensive project overview to help you understand its core concepts and potential impact. But please remember, this introduction is for educational and informational reference only and does not constitute any form of investment advice. Before making any decisions, be sure to conduct your own independent research (DYOR) and consult professional financial advisors. The blockchain world is full of both opportunities and risks—caution is always the golden rule.

For more details, please research on your own.