red 
Content:
Venom is a new blockchain that aims to become an important part of the Web3 infrastructure. Its ecosystem offers users a useful combination of scalability and scalability. However, it has many competitors. So it may take some time to reach its goal. Let’s take a quick look at this blockchain and learn how to buy VENOM coins on India’s most trusted crypto exchange.
What is Venom Blockchain?
Venom is a blockchain platform focused on privacy and scalability. It uses a unique consensus mechanism called Proof-of-Authority (PoA) that speeds up transaction processing while maintaining network security. Venom Blockchain offers an ecosystem for decentralized applications (dApps) and projects including NFT market and cross-chain transactions. Additionally, it is backed by a comprehensive knowledge base for users and developers alike, making it an attractive option for building blockchain-based solutions.
Key features of Venom
- Scale. The Venom Blockchain is designed to handle a large number of transactions per second, ensuring fast and efficient processing for users.
- Privacy. It protects user identities and transaction details with advanced privacy features such as ring signatures and secret addresses.
- Proof of reputation. Venom uses a unique consensus method called Proof-of-Authority that ensures the security of the network while providing fast block validation and high transaction throughput.
- Flexibility. The platform offers developers a versatile environment to build Decentralized Applications (dApps), enabling customized solutions for different use cases and industries.
- Interoperability. Venom supports cross-chain communication, facilitating easy integration with other blockchain networks and enabling seamless exchange of assets and data.
- Management. The governance model of the Venom blockchain promotes a decentralized, community-based approach, allowing stakeholder participation in decision-making processes.
The work of The Venom Blockchain
Venom stands out due to its unique asynchronous architecture, which is a form of dynamic sharding that allows the blockchain platform to be broken down into smaller, independently functioning chunks.
This asynchronous architecture enables Venom to achieve exceptional scalability. When the network has high volumes of smart contract processing, validators are split into smaller shard chains to process transactions in parallel. When traffic drops, these shard chains merge back into the main chain. This parallel processing increases the speed of transactions without increasing transaction fees or computational requirements.
Another key component of the Venom system is its Proof-of-Stake (PoS) decentralized consensus mechanism. PoS allows validators to validate blocks by placing tokens on the blockchain network. Validators can efficiently validate large numbers of blocks without constantly running computers to provide processing power. Venom’s decentralized consensus mechanism uses a Byzantine fault-tolerant algorithm that enhances network security.
VENOM Token Use Cases
When the Venom Network is launched on the mainnet, users with VENOM will enjoy several benefits:
- Payment of transaction fees on the Venom network.
- Participation in governance and voting.
- Bet delegation for network security.
Venom Tokenomics
VENOM is the native cryptocurrency of the Venom blockchain. It can be divided into three smaller units, NanoVENOM, MicroVENOM and MilliVENOM, and will be used for purposes such as transaction fees and validation. Venom’s initial blockchain supply is 7.2 billion VENOM tokens, with only 15% initially available.
Venom will distribute these tokens as follows:
Community of Poison: 22%
Venom Ecosystem: 28%
Venom Foundation: 15%
Early Backers: 7.5%
Team Venom: 7%
Public: 0.5%
Liquidity: 10%
Validators: 10%
Source:
Buying Venom (VENOM) in India
Below are some simple steps to follow and buy 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 trading; To get answers to all your P2P trading questions, click here.
Step 1 – Register on the WazirX platform
To start buying and selling VENOM, you need to register on the WazirX platform. If you already have an account, you can log in directly.
For your reference, here is 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 registering on the WazirX platform, you will receive a confirmation link on your registered email. Clicking on that link will give you two options to keep your account secure: an authenticator app and a mobile SMS.
Note: The Authenticator app is a more secure way to stay safe than mobile SMS as there is a risk of late reception or SIM card cracking.
Step 3 – Complete the KYC process.
After selecting your country, you can proceed to complete the KYC process. Click here for a detailed overview.
Note: You need to complete your KYC before you can do P2P trading or withdraw funds on the WazirX app.
Step 4 – Add funds to your WazirX wallet.
To add funds, simply go to your account in the WazirX app or on the web. Click on “Funds” and then “Deposit INR”.
You can deposit INR using any mode (NEFT/RTGS/IMPS).
You can also buy VENOM via P2P on WazirX wallet. VENOM will act as funds to help you buy your favorite cryptos.
Step 5 – Finally, buy VENOM on WazirX.
Now you can easily get VENOM tokens using INR deposits. For P2P trading, check out VENOM to USDT here.
After logging into your WazirX account, you can select INR from the “Exchange” tab. You can also check all price charts, order book information and order entry form on the right side of the screen.
After entering the amount and verifying the total INR payable, click ‘Buy’.
Your order will be processed according to the price you entered. And with P2P trading, the seller who wants to sell at the price will be notified, then you can exchange tokens via P2P.
The order may take a few minutes, but as soon as it is done, you will receive the VENOM Tokens you purchased in your WazirX wallet.
Happy trading!
Disclaimer: Cryptocurrency is not legal tender and is currently unregulated. Please ensure that you carry out a sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information presented in this section does not represent any investment advice or the official position of WazirX. WazirX reserves the right, at its sole discretion, to modify or amend this blog post at any time and for any reason without prior notice.
