The Venom Foundation is building a blockchain that is intended to function as the main infrastructure for a global ecosystem of Web3 applications, providing a more transparent, secure, and efficient alternative to traditional financial systems.
To do that it has developed a testnet, which is a copy of a live blockchain that internal developers can use to test changes to the protocol without disrupting the network. External developers can also use testnets to test their applications using the protocol and native cryptocurrency to ensure that they are integrated correctly before launch.
Testnets are crucial to the development of blockchain networks and cryptocurrencies, ensuring that they can be launched and updated without causing significant network downtime or errors.
Venom has launched an innovative testnet platform that provides a secure and user-friendly testing environment for developers, users, and blockchain enthusiasts to interact with decentralized applications (dApps), non-fungible tokens (NFTs), and decentralized finance (DeFi) protocols outside of the live blockchain.
What is Venom?
Venom is a scalable, multi-layer blockchain solution that is designed to provide the architecture for the widespread adoption of real-world applications. Venom is one of the few blockchains that is focused on bridging the gap between fintech and blockchain financial services such as central bank digital currencies (CBDCs) and financial institutions.
The Venom blockchain can reach real-life processing rates above 100,000 transactions per second (tps), a time to finality of 0.2-0.3 seconds, and average transaction fees of just $0.0002. It does so by using dynamic sharding and a hybrid proof of stake (PoS) consensus mechanism with and Byzantine fault tolerance (BFT) algorithm.
Venom’s blockchain validators maintain the network’s security by staking their VENOM tokens for the ability to participate in processing transactions with other validators. Staking their tokens demonstrates that they have a vested interest in the safety and continued operation of the network. The more that validators stake tokens, the harder it is for malicious attackers to create multiple identities to control of the network. Validators propose blocks and vote on the blocks proposed by other validators, using the (BFT) algorithm to ensure the consensus process remains reliable.
Venom promotes interoperability as a “Blockchain of Blockchains,” through its asynchronous architecture, which incorporates a masterchain with multiple workchains and shardchains. This structure allows transactions to be processed in “shards”, or smaller pieces that validator nodes can verify simultaneously for faster tps rates. There is no technical limit to the number of users that can transact on the blockchain, a critical feature to enable the widespread adoption of blockchain technology in financial services.
The accessibility of public blockchain networks to any user with an Internet-connected device creates a way for projects like Venom to bring the unbanked into a new DeFi system without the need for traditional financial institutions.
The Venom Foundation is the first cryptocurrency foundation that has registered with the Abu Dhabi Global Market (ADGM), giving it a license to operate a blockchain and issue utility tokens. ADGM is well known as an international centre for investors and financial services firms in the Middle East and from around the world.
Venom’s Testnet: An Overview
Testnets are experimental, parallel networks that developers use to test new features, functionalities, and upgrades before they deploy them on the main blockchain, known as a mainnet. They help ensure the blockchain’s stability, security, and efficiency.
The blocks on a testnet contain a marker that prevents them from being added to the live blockchain so that cryptocurrencies cannot be transferred between the two. Development teams can run updates on the testnet to analyse how they will operate in the real environment and look for bugs or errors in the code. In this way, they can iron out any potential problems before implementing the update on the live blockchain.
The Venom Foundation has launched its testnet to enable developers and users to explore and build on the Venom blockchain.
The Venom Testnet aims to enhance the network’s security by inviting security researchers and developers to perform stress tests and report errors; improve user experience with ultra-fast speed and intuitive user interfaces; and build community by engaging in conversations to improve the network and dApps.
The testnet will introduce eight dApps to the Venom ecosystem:
- Venom Wallet, a non-custodial, multi-signature wallet with Ledger support that is available as a mobile app and browser extension
- VenomScan Explorer, which scans all information about transactions and new blocks
- World, a decentralized exchange (DEX)
- VenomPools, which enables users to stake their VENOM tokens
- VenomBridge, which creates connections to other chains for interoperability.
- VenomStake, which enables users to maximize their staking rewards
- Oasis Gallery, an NFT marketplace
- VenomPad, a launchpad for crowdfunding projects to launch on the blockchain
Participating in Venom’s Testnet
For developers, the Venom Testnet presents the opportunity to build apps on the blockchain that make use of its fast transaction speeds and dynamic sharding. The Venom Foundation has prepared comprehensive documentation to give developers the knowledge they need to start building.
Blockchain users and enthusiasts can participate in a series of on-chain and social tasks so that they can experience the features of Venom blockchain dApps.
To participate in the testnet, users simply download and install the Venom Wallet – either as a Google Chrome browser extension or the app – and connect a Twitter account.
To set up a wallet, users can visit the Venom Testnet website. Locate and click on the “Install Venom Wallet” button within the “How it works” section.
There are options for installing the wallet via Apple iOS or Google Android app as well as the Chrome browser extension. Follow the on-screen instructions, including creating a secure password and noting down the unique seed phrase for backup.
Users can then join the testnet from the Venom.network website.
Locate and click on the “Start testnet” button within the “How it works” section.
Follow the on-screen instructions to connect the Venom wallet, logging in with a Twitter account, and follow the Venom Foundation on Twitter to claim 50 testnet Venom tokens. The test tokens will be credited to the wallet so that users can start exploring the ecosystem. To gain access to the various dApps, users need to follow the associated Twitter accounts for the apps and publish Tweets about them.
Users can mint and trade NFTs, send VENOM tokens from the wallet, swap VENOM for stablecoins and wrapped tokens such as WBTC and WETH, add tokens to pairs in liquidity pools, farm assets, and stake tokens in Venom Pools. They can also use Venom Bridge to transfer tokens between the testnet and an Ethereum Virtual Machine (EVM)-compatible chain, such as Ethereum, Binance Smart Chain (BSC), or Fantom.
By completing the tasks to test the dApps, users will receive eight NFTs as rewards. As the testnet grows and more tasks are added, there will be additional NFT rewards available.
Once users and developers have explored the Venom Testnet ecosystem, leaving feedback via Venom’s Discord server will help the developers refine and improve the way the blockchain operates.
The Future of Venom and Its Testnet
Venom’s development team anticipates that the testnet will foster innovation and collaboration among its growing community. It is an important step in the process of readying its full mainnet launch.
The Venom Testnet provides a powerful platform for members of the community to interact with dApps, NFTs, and DeFi protocols in a secure environment. The testing process will enable the Venom team to identify areas for development and improvement that they can incorporate into the mainnet before the launch.
As a licensed blockchain, Venom will help businesses and enterprises to implement blockchain technology on a large scale. The blockchain’s approach to scalability will facilitate the onboarding of billions of users. DeFi and CBDs have the potential to revolutionize the financial sector, introducing new financial products and services that are secure, transparent and accessible to all.
The testnet provides one way for developers and users to help identify pain points and limitations in the network so that Venom can find ways to improve its tools and infrastructure and enable the blockchain to fulfil its potential in changing the DeFi landscape.
Venom’s testnet is designed to bring users and developers into the Venom ecosystem to give them a preview of the innovations emerging from its multi-layer approach to blockchain architecture. It works as a staging ground that allows developers to build, test and debug blockchain protocols and apps within the ecosystem as they would work in a live environment, while providing users with an immersive first-hand experience of how apps and cryptocurrencies work on the blockchain.
The Venom Network has the potential to act as the primary infrastructure for a rapidly growing ecosystem of Web3 applications. It can provide fast transaction speeds and infinite scalability while maintaining high standards of security to meet the demands of expanding blockchain adoption in financial services.