Scalability presents a significant barrier within the domain of blockchain design, thereby restricting its complete potential.
@Venom_network_ try to tackle this obstacle by employing innovative architectural framework for their asynchronous blockchain.
Let's explore!
Table of Contents:
➡️ What is Venom Blockchain?
➡️ The Masterchain
➡️ Workchains and Basechain
➡️ Shardchains
➡️ Dynamic Sharding
➡️ Account Abstraction
➡️ TVM
➡️ $VENOM Token
➡️ Validators Management
➡️ Why @Venom_network_ ?
➡️ #VenomTestnet
Disclaimer:
Before we move forward, please note that this thread merely aims to share our understanding of the topic and should not be taken as financial advice.
The @Venom_network_ blockchain operates as a diverse, multi-blockchain system that exhibits heterogeneous characteristics:
- Asynchronous architecture (Masterchain, Workchains/ Basechain)
- Dynamic sharding capabilities (Shardchains)
The Masterchain is a pivotal component within @Venom_network_ ecosystem, serving as the foundational layer, commonly referred to as layer-0 or the consensus layer.
It enabling seamless coordination and synchronization among an extensive range of workchains and shardchains.
Workchains operate as layer-1 blockchains that are protected by the validators of the Masterchain, which ensures their security and integrity.
Each Workchain can be customized to fit the specific needs and requirements of the application it hosts, providing scalability.
Workchains also powered with the capability to customize their own commissions and set emission schemes, they will have complete control over their own economies.
In this respect, the Venom Blockchain is heterogeneous.
This allows for horizontal scalability, as the workload is distributed across multiple independent domain-specific blockchains with their specific validator set.
Workchains can lead to better performance, faster transaction processing, and improved overall network efficiency
Shardchains function as distinct processing units with dedicated memory for computations.
In this context, "memory space" denotes the specific address where smart contracts are stored within the blockchain. Each shardchain possesses its unique contract address range.
In the Venom blockchain, sharding splits smart contract execution into smaller threads called "shards," processed in parallel by different validator groups.
The Dynamic Sharding mechanism, dynamically adjusts the number and size of shards to match the current network load.
Venom Blockchain accounts are smart contracts with a unique identifier, address, balance, and the ability to transfer funds and interact with other contracts.
They offer various authentication options beyond private keys, eliminating the need for externally-owned accounts.
Venom Blockchain employs TVM, a highly efficient and scalable virtual machine for managing account interactions.
TVM is an advanced VM that maximizes parallelization through concurrent computation using the Actor Model, prioritizing scalability and resource allocation.
$VENOM is the native currency of the Venom Network, serving practical purposes:
- Transaction fees to maintain the network by validators
- Securing the network through POS mechanisms, and
- Supporting validators by network participants through DePools staking.
To manage its network, validators with the highest $VENOM stakes produce masterchain blocks.
Other validators generate shardchain blocks, each group handling its own. The protocol utilizes round-robin role transfers to prevent one group from dominating consensus.
Venom Blockchain aim is to bridging the gap between traditional finance to decentralized world, and they aim to achieve this by focusing on:
- Security
- Scalability
- Regulation Compliance and Adoption
- Interoperability
@Venom_network_ is currently conducting a public #VenomTestnet allowing users to explore and experiment with its functionalities, if you are interested you can check it here:
t.co/Vl9EzO8ERm
@VenomFoundation
@venompad
@VenomBridge
@w3w_exchange
@0asisgallery
More information about public #VenomTestnet can be found in this post:
twitter.com/VenomFoundation/status/1650883852238299137?s=20
References (link in ALT)