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Venom is a novel blockchain that aims to become an important part of Web3 infrastructure. Its ecosystem offers users a useful combination of scalability and buildability. However, it has many competitors; thus, attaining its goal may take some time. Let’s take a quick look at this blockchain and learn how to purchase VENOM coins at India’s most trusted crypto exchange.
What is Venom Blockchain?
Venom is a blockchain platform focused on privacy and scalability. It employs a unique consensus mechanism called Proof-of-Authority (PoA), which accelerates transaction processing while maintaining network security. The Venom Blockchain offers an ecosystem for Decentralized Applications (dApps) and projects, including an NFT marketplace and interchain transactions. Additionally, it is backed by a comprehensive knowledge base for users and developers, making it an appealing option for creating blockchain-based solutions.
Key Features of Venom
- Scalability: Venom Blockchain is designed to handle a high volume of transactions per second, ensuring fast and efficient processing for users.
- Privacy: It safeguards user identities and transaction details with advanced privacy features such as ring signatures and stealth addresses.
- Proof-of-Authority: Venom utilizes a unique consensus method called Proof-of-Authority, which ensures network security while enabling rapid block validation and high transaction throughput.
- Flexibility: The platform offers developers a versatile environment for creating Decentralized Applications (dApps), allowing customized solutions across various use cases and industries.
- Interoperability: Venom supports cross-chain communication, facilitating easy integration with other blockchain networks and enabling seamless asset and data exchange.
- Governance: Venom blockchain’s governance model promotes a decentralized, community-driven approach by allowing stakeholder participation in decision-making processes.
Working of The Venom Blockchain
Venom stands out due to its unique asynchronous architecture, a form of dynamic sharding that allows the blockchain platform to divide into smaller, independently functioning segments.
This asynchronous architecture enables Venom to achieve exceptional scalability. When the network experiences high volumes of smart contract processing, validators split into smaller shard chains to process transactions in parallel. When traffic decreases, these shard chains merge back into the main chain. This parallel processing boosts transaction speed without increasing transaction fees or computational demands.
Another key component of the Venom system is its Proof-of-Stake (PoS) decentralized consensus mechanism. PoS allows validators to confirm blocks by staking tokens on the blockchain network. Validators can efficiently confirm large numbers of blocks without continuously running computers to provide processing power. Venom’s decentralized consensus mechanism employs a Byzantine fault-tolerant algorithm, which enhances network security.
VENOM Token Use Cases
When the Venom Network launches on the mainnet, users holding VENOM will enjoy several benefits:
- Paying transaction fees on the Venom network.
- Participating in governance and voting.
- Delegating staking to help secure the network.
Venom Tokenomics
VENOM is the native cryptocurrency of the Venom blockchain. It can be subdivided into three smaller units: NanoVENOM, MicroVENOM, and MilliVENOM, and will be used for purposes such as transaction fees and validation. The initial supply of the Venom blockchain is 7.2 billion VENOM tokens, with only 15% available initially.
Venom will distribute these tokens in the following manner:
Venom community: 22%
Venom ecosystem: 28%
Venom Foundation: 15%
Early backers: 7.5%
Venom team: 7%
Public: 0.5%
Liquidity: 10%
Validators: 10%
Buying Venom (VENOM) in India
Below are a few simple steps you can follow and buy the VENOM tokens in India with WazirX, India’s most trusted and widely used crypto exchange.
The best way to buy VENOM tokens is by depositing INR in your WazirX wallet. Alternatively, you can also buy VENOM using P2P trade; to get answers to all your queries related to the P2P trade, click here!
Step 1 – Sign-Up on the WazirX platform
To begin buying and selling VENOM, you must sign up for an account on the WazirX platform. If you already have an account, you can log in directly.
For your reference, here’s how you can open an account on WazirX.
Step 2 – Set up your account security by verifying your email address.
This step is about verifying your email address. After you sign up for the WazirX platform, you’ll get a verification link in your registered email. By clicking on that link, you’ll get two options to ensure the security of your account – the authenticator app and mobile SMS.
Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.
Step 3 – Complete the KYC process.
After choosing your country, you can proceed with completing the KYC process. Click here for a detailed overview.
Note: You must complete your KYC to be able to trade P2P or withdraw funds on the WazirX app.
Step 4 – Add funds to your WazirX wallet.
To add funds, simply go to your account on the WazirX app or web. Click on “Funds” and then on “Deposit INR.”
You can deposit INR using any mode (NEFT/ RTGS/ IMPS).
You can also buy VENOM through P2P to the WazirX wallet. The VENOM will act as funds to help you buy your favorite cryptos.
Step 5 – Finally, buy VENOM on WazirX.
You can now easily purchase VENOM tokens using INR Deposits. In the case of P2P trade, check VENOM to USDT here.
After logging in to your WazirX account, you can choose INR from the “Exchange” tab. You can also check all the price charts, order book data, and an order input form on the right side of the screen.
Click “Buy” after entering the amount and checking the total INR amount to be paid.
Your order will be placed according to the price you have input. And, in the case of P2P trade, a seller willing to sell at a price will be notified, and then you can exchange the tokens using P2P.
The order might take a few minutes to complete, but as soon as it is executed, you will receive the VENOM Tokens you purchased in your WazirX wallet.
Happy Trading!
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
