The Venom Foundation, known for its scalable and regulated blockchain infrastructure, has published a detailed sketch to analyze and explore the technical aspects of Web3 to keep financial services fraud-free. The main purpose of this publication is to inform users about the potential of Web3 to bring financial services to a seamless and fraud-free infrastructure. Venom Foundation is a FinTech company specializing in providing high-performance blockchain solutions by providing streamlined financial services to domestic and international enterprises.
Essentially, this guide article sheds light on the current security concerns and attacks that are wreaking havoc on the Web3 ecosystem, while providing seven countermeasures to minimize their impact to some extent. This guide article reveals eight basic fraud groups currently threatening the entire Web3 ecosystem.
Venom’s hybrid consensus model enhances Web3 security standards
These scams include phishing attacks, rug pulling, Ponzi schemes, money laundering operations, pump-and-dump operations, smart contract abuse, fraudulent token offerings, and address poisoning. Web3’s core provides seven technical solutions that ensure real-time transaction tracking. Furthermore, the decentralized consensus mechanism eliminates account abstraction with single points of failure, mandatory smart contract auditing, and customized security features.
Additionally, dynamic sharding for parallelism means anomaly detection, standardized token protocols, and systematic integration capabilities. Additionally, Venom’s infrastructure is specially designed through various mechanisms such as Hybrid Proof-of-Stake and Byzantine Fault-Tolerant consensus, which require validator consent for transaction approval.
Venom’s high-performance network redefines Web3 reliability
Christopher Lewis Tzu, CEO of the Venom Foundation, explains this well. He elaborated, “The inherent transparency of blockchain technology has reversed the fraud equation. In traditional finance, tracking illicit funds requires court orders and cross-border cooperation. With public blockchains, anyone can track funds in real time. While this does not eliminate fraud, it dramatically increases the cost and risk for bad actors.”
The network is actively exploring its capabilities to the entire world by performing more than 100,000 transactions per second, and is also sending a powerful message by setting this example in practice. All these transactions are carefully monitored to ensure scalability by enabling proactive fraud detection at scale.
In short, Venom Foundation protects users’ assets with a strong security system and covers all aspects such as security, speed, and regulatory matters while charging very reasonable fees. The Venom Foundation also emphasizes five practical security practices for its users, including utilizing hardware wallets for large holdings, never exchanging seed phrases or private keys, and carefully checking URLs and wallet addresses.
