Let us dive into understanding the concept on which @VenomFoundation are operating on. I will keep this thread as simple as possible.
@VenomFoundation seeks to solve the Blockchain trilemma by providing decentralization accompanied by security and scalability. Let’s look one after the other what venom is Building and operating on
The Venom blockchain is a Turing-complete proof-of-stake blockchain that uses the Byzantium Fault Tolerance consensus algorithm for block validation and creation as well as the security of the network.
What is proof of stake?
Proof of stake (PoS) is a consensus protocol in blockchains. It is a way to decide which user or users validate new blocks of transactions and earn a reward for doing so correctly.
What is Byzantine Fault Tolerance (BFT)?
In a few words, BFT is the property of a system that is able to resist the class of failures derived from node failure Problem. This means that a BFT system is able to continue operating even if some of the nodes fail or act maliciously.
This is one of the key features of Venom Blockchain. This protocol is designed to handle a high volume of transactions, making it an ideal solution for industries that require fast and reliable transactions.
This is another critical feature of Venom Blockchain. It uses advanced consensus mechanisms (PoS consensus based on the Byzantine and fault-tolerant consensus algorithm) and distributed network structure to ensure that all transactions are secure and tamper-proof.
Venom is an interoperable protocol that is designed to work seamlessly with other blockchain solutions. The blockchain achieves this through its cross-chain communication protocol that maintains interoperability between workchains.
Threaded Virtual Machine (TVM) Venom uses the Threaded Virtual Machine (TVM). A Turing complete machine on the basis of its ability to execution of machine-level instructions. The TVM is used to execute smart-contract code in the masterchain and base workchain of the protocol.