As blockchain technology is embraced and deployed to a variety of use cases, its performance and scalability will continue to be a source of wonder and interest. The performance of “blockchain 3.0” networks has improved significantly, although they are not yet widely used. Venom Foundation, an up-and-coming multi-blockchain network, has recently made headlines as the first company licensed to construct an infinitely scalable blockchain platform in the MENA region.
There are millions of nodes on public blockchain networks, such as Bitcoin and Ethereum, which facilitate cryptocurrency transactions. Due to the necessity to build confidence amongst entirely anonymous actors, a mining-based consensus technique that is computationally and temporally costly is used. Therefore, transaction completion takes a considerable amount of time, resulting in a transaction throughput in the single digits. This is the reason why public blockchains have poor speed and scalability, necessitating the usage of methods like side chains to offload transaction processing off the main chain.
Private permissioned blockchain platforms are used to construct a consortium with a restricted number of nodes for corporate use cases including B2B and B2C transactions between known parties. Using a more efficient consensus process that does not need a proof-of-work for committing transactions to the ledger increases the throughput significantly.
As a result, a new generation of blockchain systems, often known as blockchain 3.0, is built on distributed ledger technology concepts. These platforms aid in resolving the problem of performance and scalability. Among them, the Venom Foundation.
A Truly Innovative Player
Venom, a multi-blockchain network, is laying the groundwork for scalable Web3 applications in the areas of global payments and decentralized finance. The company’s blockchain provides the ideal option for transaction scalability, disclosing the optimal choice economically and paving the way for the operation of community-built task chains in the future. They control the blockchain and produce innovative solutions in three primary areas: core infrastructure, inbound project support, and developer-centric platforms. The Foundation’s principal focus is on technologies in the Middle East and North Africa (MENA) area that provide quick and safe migrations to Web3 for enterprises and governments, as well as the processing of huge transaction volumes with no increase in network latency or cost.
The Foundation’s primary objective is the development of a blockchain ecosystem capable of functioning independently. The non-custodial wallet known as VenomWallet, the transparent transaction querying tool known as VenomScan, the multi-chain bridging tool known as VenomBridge, the VenomPools for validator node staking, and the simplified access to Venom tokens known as VenomGet will all be part of the ecosystem.
A Significant Milestone for the Foundation
Venom Foundation is the first crypto foundation to be registered in the Abu Dhabi Global Market (ADGM), with permission to run a blockchain and issue utility tokens. For context, ADGM is a prestigious international financial center strategically positioned in the capital of the United Arab Emirates and is well renowned as a center of innovation in fintech and financial services.
The acquisition of this highly sought-after license will propel Venom Blockchain to the forefront of the MENA region, introducing a fresh, personalized approach to the worldwide market.
BlackRock’s Peter Knez on the Board
Not only is the Venom Foundation positioned in a high-potential market, but it also benefits from an exceptional panel of well-known professionals and influential figures in the tech industry and investment sector, including Peter Knez, Mustafa Kheriba, Osman Sultan, Shahal M. Khan, and a large number of other top executives.
Dr. Peter Knez is the former global chief investment officer of BlackRock and the founder of Knex Ventures. Peter increased AUM from $5 billion to $40 billion in the United States, doubled AUM to $80 billion internationally, and increased revenue by 28% annually. Prior to that, Peter held roles as head of quantitative research and fixed income at Lincoln Capital Management and Goldman Sachs. Before joining Goldman Sachs, Peter taught at the Kellogg School of Management, the University of Wisconsin, and the University of Chicago.
In conclusion, all winds are favorable for the Venom Foundation’s prognosis. With its cutting-edge blockchain technology, the Foundation intends to expedite the adoption of blockchains in real-world applications, while simultaneously establishing unique connections between diverse stakeholders. In addition, this is consistent with the Emirates Blockchain Strategy, which calls for the use of blockchain technology in government transactions.