Venom Foundation is a new layer 0 blockchain. Like Cosmos, for example. In other words, other blockchains can build their Layer 1 on top of Venom’s layer 0. They’re active in the financial space. From the get-go, they are fully regulated by financial authorities in Abu Dhabi.
So, let’s have a closer look at what Venom Foundation is all about.
The Venom Foundation envisions a global economy built on decentralised, blockchain-based, financial systems.
Our mission is to be the infrastructure for the next generation of digital services and products.
Here's how we're going about it: 🧵https://t.co/ymzWOjy6Nw
— Venom Foundation (@VenomFoundation) March 15, 2023
What Is Venom Foundation?
Venom Foundation is a new player in the financial appchain space. It is the layer 0 chain, on which other chains can build. Their main goal is to offer RWA or real-world assets with the transparency of a blockchain. For this purpose, they also have grants available to the tune of $1 billion. This is in combination with investment manager Iceberg Capital. They are looking to fund blockchain and Web3 projects. This is one of the bigger, fast-growing narratives in crypto right now.
The focus for these funds will be, for instance, on,
- Payment solutions.
- Asset management.
- And GameFi.
Venom released a new website and there’s more news in the pipeline. On their site, they offer a few features, for example,
- Venom Wallet is a non-custodial, multi-sig wallet with Ledger support. Available as a mobile app and browser extension.
- Explorer which scans all information about transactions and new blocks.
- Venompools, stake your VENOM token
- Bridge, for interoperability.
- Web3.World, a DEX.
- Oasis Gallery, their NFT marketplace. Currently on testnet.
Most features are still under development and are only accessible with a password. Some of their use cases include, among others,
- DID, digital identity
- And GameFi
Below is a picture of their Venom Wallet.
Source: Venom Foundation
How Does the Venom Foundation Work?
The Venom Foundation is a modular blockchain. This is different from the linear or monolithic blockchains we know. A linear chain handles all chain functions by itself. Here we look at three important factors, like,
- Availability of data
- Executing transactions
Now, a modular blockchain works differently. It will have another blockchain handle one of these three components. In other words, they outsource some of these functions. In return, this allows them to remain fast and secure. For example, like the upcoming sharding update on Ethereum. Venom also uses sharding.
Sharding is a technology that processes transactions faster. Think of it as a supermarket where only one cashier is open. As a result, there’s a queue. But, once the supermarket opens more cashiers, the queues disappear in no time.
We already mentioned that Venom wants to offer RWA and financial services. However, they also intend to bank the unbanked. So, they aim to include these people in the financial system. The way to do this is with blockchain technology. In DeFi, there are no middlemen or KYC procedures. Obstacles that can make banks inaccessible for many. The only thing you need is a mobile phone and an internet connection. Currently, they are still in the testnet phase. That’s where we can step in and help with testing.
We introduce Venom Foundation, a new layer 0 blockchain. Venom offers a traditional DEX but looks beyond this as well. One of their main goals is to bank the unbanked. Furthermore, they also offer RWA’s and financial services. This is all done in a DeFi setting, eliminating middlemen. And there is one crucial achievement they already managed to reach. The Abu Dubai financial authorities approved them. As a result, they are a regulated blockchain firm.
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