Venom (VENOM) is a cryptocurrency built on a layer zero blockchain with dynamic sharding, allowing for 100,000 transactions per second at an average fee of less than $0.002. It operates with a zero-emission policy and features a non-custodial wallet, Venom Scan blockchain explorer, and staking solutions. The Venom ecosystem supports decentralized applications, interchain transactions, and a variety of use cases across industries such as DeFi, CBDC, and GameFi.
The Venom (VENOM) token is the primary currency used within the Venom blockchain ecosystem. It serves as a utility token, providing several essential functions. Here are some key ways VENOM is used:
Transaction Fees: VENOM is used to pay for transaction fees on the Venom blockchain. These fees are designed to be low, with an average cost of less than $0.0002 per transaction.
Staking and Validation: VENOM tokens can be staked to support the network's security and validation processes. Users who stake their tokens can earn rewards for helping to secure the network.
Cross-Chain Transactions: The Venom Bridge allows users to transfer assets seamlessly between different blockchain networks, including Ethereum, Binance Smart Chain, and others. This enables the transfer of tokens, NFTs, and even cross-chain smart contract calls.
Decentralized Applications: VENOM is used within decentralized applications (dApps) built on the Venom blockchain. These dApps can be developed using the Venom Foundation's developer tools and can leverage the blockchain's fast transaction speeds and infinite scalability.
NFT Marketplace: The Venom blockchain hosts an NFT marketplace where users can buy, sell, and trade unique digital assets using VENOM tokens.
Web3World: VENOM is used in Web3World, a decentralized exchange that allows users to trade digital assets without intermediaries.
Overall, the VENOM token plays a central role in facilitating transactions, staking, and the overall functionality of the Venom blockchain ecosystem.
To store Venom (VENOM) tokens securely, consider using a cold wallet, which is a wallet that is not connected to the internet. There are two types of cold wallets:
Paper Wallet: Generate a public and private key offline using a program, then print them on a piece of paper. Store the paper in a secure location. The keys are printed as QR codes, which you can scan for future transactions.
Hardware Cold Wallet: Use a physical device like a USB drive to store your cryptocurrency. This method is preferred by most users, especially for large amounts of tokens.
For added security, you can also use a hardware wallet in conjunction with the Venom Wallet, which supports VENOM and other TIP-3 and TIP-4 tokens.
To buy Venom (VENOM) tokens, you can follow these steps:
Create an Account: Sign up on a cryptocurrency exchange that supports VENOM, such as MEXC or KuCoin. Ensure you provide the required personal information and set up a strong password for your account.
Verify Your Account: Complete the Know-Your-Customer (KYC) process by uploading a valid Photo ID and providing additional personal details. This step is crucial for securing your account and enabling transactions.
Add a Payment Method: Link a payment method such as a credit/debit card, bank account, or third-party payment services like Simplex, Banxa, or Mercuryo. This will allow you to deposit funds into your exchange account.
Deposit Funds: Deposit a stablecoin like USDT or other supported cryptocurrencies into your exchange account. You can use various methods like credit card, global bank transfer, or peer-to-peer trading.
Buy VENOM: Navigate to the spot market on the exchange and find the VENOM trading pair. Place an order to exchange your deposited funds for VENOM tokens. You can choose from different order types, such as market orders or limit orders, depending on your trading strategy.
Store Your Tokens: Once you have purchased VENOM tokens, you can store them in your exchange account or transfer them to a personal wallet for added security. Make sure to follow best practices for securing your wallet and protecting your assets.
By following these steps, you can successfully buy and manage your Venom (VENOM) tokens.