VENOM

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Venom

Use Cases of Venom

Venom is a versatile blockchain platform that offers a range of use cases across various industries. Here are some of the key applications:

• DeFi: Venom enables quick, low-cost transactions for lending, swapping, and more via apps like Venom Swap, Pools, and Bridge. This facilitates efficient and affordable financial services on the blockchain.

• Global Payments: Venom provides fast, affordable cross-border payments using Venom Wallet, expanding access to global markets and making international transactions more accessible.

• NFTs: Venom offers a marketplace for trading and creating NFTs, with user-friendly features and low fees. This allows users to create, trade, and collect unique digital assets.

• DID (Decentralized Identity): Venom supports decentralized identity, enabling secure, private data management and identity verification. This helps users maintain control over their personal data.

• DAOs (Decentralized Autonomous Organizations): Venom can be used to manage community projects, create decentralized investment funds, and run online social networks through DAOs, where decisions are made through a voting system open to token holders.

• CBDC (Central Bank Digital Currencies): Venom can support the development and implementation of CBDCs, offering a secure and scalable platform for central banks to issue digital currencies.

• TradeFi: Venom can be used for trade finance applications, providing a secure and efficient way to manage trade transactions and supply chain finance.

• GameFi: Venom can support gaming applications, enabling the creation of decentralized gaming platforms and ecosystems.

• SocialFi: Venom can be used for social finance applications, providing a platform for social media and community-driven financial services.

These use cases demonstrate the versatility and potential of Venom in various industries and applications.

Advantages of Venom

• Scalability: Venom supports up to 1,000,000 transactions per second, making it highly scalable and efficient for large transactions.
• Low Transaction Fees: Transaction fees start from just $0.0002 per transaction, reducing the costs associated with transactions on the network.
• Fast Transaction Confirmation: Transaction confirmation times are fast, ranging from 0.2 to 0.3 seconds, providing a quick and efficient user experience.
• Regulatory Compliance: The Venom Foundation is regulated by the Abu Dhabi Global Market, ensuring reliability and regulatory compliance.
• User-Friendly Interface: The platform is designed with an intuitive and easy-to-understand user interface, making it accessible to users with limited technical knowledge.
• Security: Venom uses advanced cryptographic techniques and a decentralized architecture to protect the network from hacking attempts and ensure data integrity.

Disadvantages of Venom

• Compatibility Issues: Venom is not currently compatible with EVM (Ethereum Virtual Machine), which may limit interoperability with applications and smart contracts on the Ethereum network.
• Newly Launched: As a newly launched blockchain, only testnets have been released, leaving many untested and uncertain factors.
• Limited Cross-Chain Integration: While Venom aims for cross-chain integrations, it currently relies on bridging ERC-20 tokens using the Venom Bridge, which may not be as seamless as native compatibility.

Founders of Venom

The founders of Venom include Christopher Louis Tsu and Dr. Kai-Uwe Steck. They spearheaded the development of the Venom blockchain, aiming to create a scalable and adaptable platform for Web3 applications.

Investors in Venom

• Alpha MBM Group: A private investment office of His Highness Sheikh Mohammed bin Maktoum bin Juma Al Maktoum, a member of the Dubai Royal Family, has invested in Venom to launch digital currency initiatives across Africa.
• Venom Ventures Fund: A billion-dollar fund established by Venom Foundation and Iceberg Capital, aimed at investing in web3 projects. The fund is led by Peter Knez and Mustafa Kheriba.
• Other Investors: Notable investors include loomdart, Ajit Tripathi, palmer, nani, and MoonPay, though specific details about their investments are not provided.

No, the Shariah status of Venom is not clearly confirmed as halal. According to Sharlife, a platform that evaluates cryptocurrencies for Shariah compliance, Venom has a moderate risk in terms of Shariah and legitimacy, and an invalid value for people risk. This suggests that Venom does not meet all the criteria for being considered halal under Islamic finance principles.

Key Points:

• Shariah Status: Not confirmed as halal.
• Legitimacy Risk: Moderate.
• People Risk: Invalid value.
• Reason: Does not meet all criteria for Islamic finance principles.