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Market Cap:
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Bitcoin:
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BTC Dominance:
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Market Cap:
$2.38 T

What Is Venom Network?

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What’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.

 The 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.

Venom Foundation and Team

The Venom Foundation works for the development of the Venom blockchain and the dissemination of its use. He also manages, 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. These features allow individual and corporate users to take advantage of the possibilities of blockchain technology.

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.

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.

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Venom Network Ecosystem and Participants

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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.   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.

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.  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.

What Is Venom Network?

Venom Token and Tokenomics

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 VENOM token.

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Since Venom does not have a maximum token supply, it is conceivable that it may cause inflation in the future. That’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’s initial token supply is 7,200,000,000 VENOM. 84.5% of this initial supply is locked.

The token distribution is as follows:

What Is Venom Network?

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