Venom blockchain development

Venom stands as an unparalleled, diverse blockchain solution created to cater to the requirements of decentralized applications (dApps). Its distinctive structure and multi-threaded virtual machine (TVM) empower it to achieve unparalleled levels of performance and security, establishing it as an optimal platform for the progressive evolution of Web3.

Venom boasts a multitude of exceptional characteristics that distinguish it from other existing blockchains.

The multi-threaded virtual machine (TVM) provides a highly efficient and scalable means of engaging with accounts within the Venom blockchain. By isolating and parallelizing tasks, TVM facilitates the smooth operation of intricate distributed systems, allowing for the grouping of accounts into segments to enhance efficiency and enable asynchronous contract execution.

Account abstraction is another distinctive feature offered by the Venom blockchain. It furnishes developers with enhanced flexibility and modularity in their applications by abstracting an account within a smart contract. Smart contracts precisely define the behavior of the account and establish rules for interactions, such as balance checks and asset transfers.

The inclusion of external messages within this blockchain permits seamless interaction with off-chain information or data from other blockchains. This functionality empowers the maintenance of an independent data provision network on the Venom blockchain.

Arbitrary working blockchains, known as Layer 1 Workchains, present a versatile and efficient solution to address the diverse needs of decentralized applications (dApps) across various domains.

T-SOL, a developer-friendly programming language, offers limitless potential and ease of use. Derived from Solidity, T-SOL allows developers familiar with languages like C, C++, JavaScript, and C# to easily adapt due to the similar syntax. T-SOL equips developers with the necessary tools to create intricate smart contracts that seamlessly interact with other Venom blockchain accounts.

The Locklift development tool serves as a modular and flexible development environment, facilitating the creation of Venom contracts. It empowers developers to choose the most suitable tools and libraries for their specific project requirements.

Venom Blockchain Architecture:

The Venom blockchain embodies a heterogeneous multi-blockchain system with dynamic network sharding capabilities.

At the core, the Masterchain, a Layer 0 blockchain, facilitates coordination and interaction between Workchains, Shardchains, and accounts. It assumes responsibility for message routing, network configuration maintenance, and storage of information regarding validators, their stakes, and election rounds. Additionally, the Masterchain stores and distributes the current shard configuration and the latest block hashes of each corresponding shard. It serves as the foundation for the entire Venom blockchain, providing a high level of security for all interconnected components.

A Workchain represents a dedicated Layer 1 blockchain safeguarded by a global set of validators. By establishing a connection to the masterchain, production blockchains also benefit from its security measures, with the efforts of masterchain validators offering protection.

Based on the security of the masterchain, a production blockchain possesses the autonomy to establish its own state transition function, virtual machine, cryptographic primitives, transaction or block structures, and even its own cryptocurrencies.

This network design approach ensures horizontal scalability, as the workload is distributed among numerous independent blockchains, each with its specific set of validators. Operational blockchains contribute to increased productivity, faster transaction processing, and enhanced overall network efficiency.

The proprietary cross-chain communication protocol enables worker blockchains to communicate freely with one another in a trustless manner, eliminating the need for third-party cross-chain bridges or intermediaries. This seamless interoperability between operational blockchains facilitates the transfer of data, assets, and value.

The Basechain, the initial end-user Workchain, serves as a platform for executing smart contracts within decentralized applications (dApps). Both networks employ a streaming virtual machine (TVM) for smart contract execution, with the underlying blockchain offering lower storage and execution fees compared to the masterchain.

Lastly, Shardchains represent smaller segments of blockchain state responsible for handling a specific subset of accounts defined by a binary prefix. Each range is validated by a group of validators tasked with processing transactions exclusively within that range.

Venom Consensus Mechanism

The consensus mechanism employed by the Venom blockchain utilizes a unique Proof of Stake (PoS) algorithm accompanied by a Byzantine fault tolerance (BFT) protocol to achieve consensus among validator nodes. This innovative approach guarantees robust network security while effectively countering potential Sybil attacks.

Validators play a crucial role in upholding network integrity by staking their VENOM tokens and committing to participate in consensus rounds alongside other validators. The magnitude of tokens staked on the network directly influences the difficulty for attackers to create multiple accounts and seize control over the network.

During the consensus process, validators propose candidate blocks and engage in voting on blocks put forth by their peers. The Byzantine Fault Tolerant (BFT) algorithm is instrumental in ensuring a dependable consensus mechanism. If a proposed block receives approval from at least two-thirds of the validators, it is securely committed to the blockchain. In the event that a proposed block fails to garner sufficient approval within a specified timeframe, it is skipped, and the subsequent round commences.

The Venom consensus protocol falls within the deterministic finality algorithm category. This guarantees the completion of transactions during the commit phase. The utilization of BFT greatly minimizes the likelihood of forks, as they can only occur if a majority of validators deviate from proper behavior.

The validator ecosystem encompasses three primary types:

• Common set of validators: This is a weighted list comprising all validators chosen to partake in the validation process.
• Set of Masterchain validators: From the general set of validators, a selection is made based on the highest stake. These validators assume responsibility within the Masterchain context.
• Shardchain validator set: A specific network segment is supported by a group of validators drawn from the common set of validators. They facilitate block processing within their designated segment.

Threaded Virtual Machine(TVM)

The Venom blockchain leverages a cutting-edge multithreaded virtual machine (TVM) to execute smart contracts. TVM operates as a Turing complete machine, proficient in executing machine-level instructions.

The masterchain and underlying blockchain employ the multithreaded virtual machine to execute smart contract code. However, alternative production blockchains within the Venom ecosystem may opt for different virtual machines, such as the EVM, based on the preferences of developers.

TVM adopts an asynchronous communication model between accounts, mandating that account interactions occur exclusively through message exchanges. This innovative architecture enables concurrent processing of multiple smart contracts, resulting in substantial performance enhancements compared to conventional virtual machines.

VENOM token

VENOM serves as the native currency of the Venom network, mirroring the role of ETH in the Ethereum blockchain. VENOM tokens are utilized for transaction fee payments, network maintenance through validator operations, network security via Proof-of-Stake mechanisms, and participant support of validators through staking activities.