Venom Foundation Testnet Is Live

The Venom Foundation announces that its Testnet is live. They are officially licensed by the ADGM. That’s the Abu Dhabi Global Market. They offer a legal system and regulatory regime. With the Testnet, Venom takes another step closer to their mainnet. 

So, let’s take a closer look at the Testnet of the Venom Foundation.

What Is The Venom Foundation?

The Venom Foundation is a new player in the layer 0 blockchain space. As already mentioned, the Abu Dhabi authorities authorized them. To clarify, they are a legal entity from the very start. They claim to be the first compliant blockchain. 

That’s a great start for their project. So, to find out more about the Venom Foundation, you can check our introductory article on them. We also mentioned them in a recent video. That was only two weeks ago.

Their main goal is the offering of RWA or real-world assets. Which, currently, is one of the hottest items in the blockchain space. Their focus is on, for instance,

  • Asset management.  
  • Payment solutions.
  • DeFi.
  • And GameFi.

The picture below shows the Venom Foundation’s website.

Venom Foundation

Source: Venom Foundation

What Is The Testnet?

The Testnet is also an important step for the Venom Foundation on their way to the mainnet. Typical for a testnet, Venom asks users to help to test the testnet. You can get involved in this as well. There are three easy steps to follow.

  1. Set up your Venom Wallet. This is available as a mobile app or a browser extension.
  2. Get free Venom testnet tokens. You can get 50 Venom testnet tokens from a faucet. You will also need them for testing Dapps, the next step.
  3. Test Dapps and receive NFTs as a reward.

The date for the mainnet is not available yet. That’s why the testnet first needs some serious testing. However, they have set themselves great goals. For instance,

  • Dynamic sharding. This makes the network fast. For example, think of a supermarket with only one cashier. This leads to a queue. Once the supermarket opens up more cashiers, the queue disappears.
  • Low fees.
  • Ultra-fast speed at 100,000 TPS or transactions per second. 
  • And scalability.

So far, there have already been over 43 million transactions. In the meantime, the wallet has already seen 531,000 downloads. This helps both users and developers. The developers can test their Dapps. At the same time, we, the users, can try them out and provide feedback. The following picture shows the testnet, with 1 task completed.

Venom Foundation

Source: Venom testnet

What Does Testnet Offer? 

Currently, the testnet offers 9 working Dapps. You can test these until the mainnet goes live. For example, taking part in testing these Dapps rewards you with NFTs. Each Dapp has some simple tasks to complete. Once you complete the tasks, you can claim such an NFT. The current active Dapps are, for instance,

  1. The Venom Wallet. A non-custodial wallet with Ledger support.
  2. Their Venom Scan. A blockchain explorer.
  3. Various VenomPools. For staking your VENOM in validator pools.
  4. A Venom Bridge. Interchain options, currently with BSC and Fantom.
  5. Venom Stake. Options to stake your VENOM.
  6. Web3.World. First DEX on Venom.
  7. WeUp. Trading in DeFi.
  8. NFT Mint. Mint a Venom Network NFT.
  9. Oasis.Gallery. An NFT marketplace.

So, completing all the tasks is fun and won’t keep you busy for too long. There are also a few more Dapps in the making. For example,

  • Snipa. A DeFi portfolio tracker.
  • Nümi. A metaverse.
  • Amon. Decentralized and secure email.
  • OneArt. A multifunctional wallet.

The picture shows the first completed task. Minting the Venom Network NFT.

Venom Foundation NFT
Venom Testnet

The Venom Foundation started their incentivized testnet. By taking part and completing easy tasks, you can earn NFTs. Currently, 9 Dapps are live. However, more Dapps are going live soon. So, don’t hesitate to get involved, it’s fun and easy.

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The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. This article has been sponsored by Venom. Copyright Altcoin Buzz Pte Ltd.


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