Venom's Public Testnet Launch Brings Scalable and Licensed Blockchain Solutions to Abu Dhabi Global

World Economic Forum Predicts 10% of Global GDP Stored on Blockchain by 2025, Emphasizing the Need for Scalable Solutions

There has never been a greater need for reliable systems that can process international financial transactions and store and protect digital assets than in the present day. With its safe, transparent, and decentralised solutions, blockchain technology has the potential to transform many sectors of the economy. Existing systems suffer considerable issues in scalability, energy consumption, and acceptance rates, yet the need for innovative and highly scalable blockchain infrastructure is more pressing than ever.

By 2025, the World Economic Forum predicts, 10% of global GDP will be kept on blockchain technology (WEF, 2021). This statistic highlights the critical role that blockchain technology will play in the global economy. McKinsey & Company also found that the financial services sector may save between $80 billion and $110 billion per year thanks to the implementation of blockchain-based solutions (McKinsey, 2019). The need for creative and scalable blockchain infrastructure to satisfy the expanding requirements of the digital world is highlighted by these numbers.

Venom Paves the Way for a New Blockchain Ecosystem with 100,000+ TPS and Enhanced Interoperability

After years of development, the Abu Dhabi Global Market (ADGM) is home to Venom, the first licenced blockchain in the area, which has debuted its public testnet. This development is a major step forward for Venom as it prepares for the launch of its mainnet and paves the way for a new and exciting ecosystem.

Ten of Venom's own dApps have been released on the testnet and are now accessible to users and developers. Ultra-fast rates of 100,000+ transactions per second (TPS), an asynchronous structure, and dynamic sharding all contribute to the licenced chain's goal of assisting organisations and enterprises in adopting blockchain technology on a large scale.

By allowing developers to put their dApps and blockchain protocols through their paces on the public testnet, the ecosystem as a whole benefits from increased creativity and collaboration. The Venom Wallet is available as a mobile app via the App Store or Google Play, or on the desktop as a Google Chrome extension, making it simple for users to get access to the testnet.

“We are thrilled to announce the opening of Venom's public testnet, a critical milestone in preparation for our future mainnet launch," said Peter Knez, Chair of the Venom Foundation Council. We're certain that our highly scalable and stable asynchronous blockchain will allow developers to create cutting-edge dApps, and that end users will enjoy trying them out for themselves.

The increased characteristics of the Venom blockchain, like as its lightning-fast 100k TPS and dynamic sharding, make it a potent tool for developers. Furthermore, its enhanced interoperability and reduced transaction costs make it a desirable alternative for users all across the world. Venom's focus on scalability and innovation makes it a frontrunner in the blockchain revolution.

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