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Venom Cutting-Edge Blockchain Launches Testnet and Promises Rewards
05/23/2023

Venom Cutting-Edge Blockchain Launches Testnet and Promises Rewards

05/23/2023
4,6

Venom, a Layer-1 blockchain based in Abu Dhabi, has recently launched its highly anticipated testnet.

According to Venom Foundation, "the testnet is designed to suit both ecosystem users and developers and allows developers to test and debug dApps and blockchain protocols".

The Venom blockchain sets itself apart as a Turing-complete proof-of-stake blockchain that utilizes the Byzantium Fault Tolerance consensus algorithm for block validation and creation, ensuring a secure and efficient network, according to project’s whitepaper.

The Venom Foundation is the company behind the Venom blockchain, which is claimed to be the the first company authorized to run a blockchain and issue utility tokens within the Abu Dhabi Global Market (ADGM).



Being Turing-complete grants Venom the ability to support self-executing programming scripts, known as smart contracts, similar to Ethereum (ETH). This feature allows Venom to host and execute Web3 applications across various sectors, including decentralized finance (DeFi), decentralized autonomous organizations (DAOs), and Game Finance (GameFi), among others. 

The Venom Foundation has adopted a heterogeneous multi-blockchain architectural approach. The Venom blockchain is structured into three layers: the Masterchain, Workchains, and Shardchains. This layered framework enables parallel transaction processing, empowering Venom to handle an impressive throughput of 100,000 to 1 million transactions per second (TPS).

As the Venom testnet unfolds, too ensure users can fully engage with the Venom blockchain and its dApps, the team has introduced a series of social and on-chain tasks. These tasks will offer users will give users an interactive experience and a first-hand look at how the Venom ecosystem works and what's new about it.

Participating in the Venom testnet is a straightforward process requiring just two simple steps. Early users who actively engage in the testnet actions will have the opportunity to receive an airdrop when the VENOM token is officially launched.

First, users need to install the Venom wallet as a Google Chrome browser extension or obtain it from the app or Google Play Store. Second, users can initiate their exploration of the Venom ecosystem by claiming testnet VENOM tokens. Here is a step-by-step guide to get started:

1.    Visit the Venom testnet page.
2.    Download and connect the Venom wallet.
3.    Log in using your Twitter account.
4.    Follow the Venom Foundation on Twitter.
5.    Click on the "Claim" button.
6.    Receive 50 VENOM testnet tokens as a reward.
7.    Scroll down to "Explore the Venom Ecosystem" and complete tasks to earn NFTs.

Venom has also collaborated with Snipa Finance, a comprehensive DeFi portfolio tracker that aggregates data from various platforms into a unified interface. By connecting their wallets with Snipa Finance during the testnet phase, users can unlock additional VENOM testnet tokens and NFT rewards by completing specific tasks associated with the project.

 


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