What is Venom blockchain?
Venom blockchain is a decentralized network created to provide scalable, high-speed, and safe solutions for an array of industries. Its developer, the Venom Foundation, got the 1st Abu Dhabi Global Market crypto license. It means it adheres to laws, unlike other blockchains.
Venom's core characteristics include:
- Dynamic sharding It splits a blockchain into parts, called shards, for faster transaction processing. To adjust the shard count, Venom considers the network's needs, so it can manage many transactions while staying secure and decentralized.
- Hybrid consensus protocol It uses proof-of-stake and Byzantine fault tolerance algorithms. The first one chooses validators for making new blocks and concurring on the blockchain's state, while the latter ensures they all agree on this state.
- Asynchronous architecture It allows many transactions to be processed separately. When there are too many transactions, validators are divided into groups to work on them at the same time.