“Wala Na Bang Iba?!” Community Questions Govt Office’s Choice of Blockchain For National Project

Following the announcement of NPO partnering with Venom blockchain, the Philippine crypto community expressed their views over the selection.

The Philippines’ National Printing Office has chosen the relatively new Venom blockchain for a national initiative to digitize and preserve official documents.

On August 2, Bitpinas shared that the Philippines’ National Printing Office (NPO) chose the Venom blockchain for a national blockchain initiative to preserve the country’s “accountable forms.”

What’s the Significance: The choice of Venom over more prominent options raises questions about its suitability and the selection process, impacting perceptions of blockchain technology adoption in government projects.

What is Venom?

According to its website, Venom Blockchain is built on the Threaded Virtual Machine (TVM), which efficiently handles account interactions. 

• TVM uses the Actor model to isolate and parallelize actors, allowing efficient management of complex systems. 
• The sharding protocol groups accounts into shards, improving efficiency and enabling contracts to execute asynchronously.

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It aims to support a wide range of use cases, including decentralized finance (DeFi), non-fungible tokens (NFTs), and enterprise solutions.

Blockchain Focus:

• Essential Infrastructure
• Support for Inbound Projects
• Developer-Friendly Platform

Key features of Venom Blockchain:

• Scalability: Handles high transactions per second, ideal for large-scale applications.
• Security: Uses advanced cryptographic techniques for transaction and data integrity.
• Interoperability: Supports seamless integration with other blockchain networks.
• Decentralization: Maintains a node network for transparency and to prevent censorship.
• Smart Contracts: Enables development of decentralized applications (dApps).

Governance: Allows stakeholders to participate in network decisions and upgrades.

Opinions on Blockchain Selection

In a Cryptoday post, industry thought leader Luis Buenaventura shared his perspective on the selection of Venom blockchain on the country’s accountable forms under the NPO. 

Here are some of his points:

• Venom’s blockchain currently processes a small number of transactions per block and has a modest daily trading volume, indicating limited adoption and use in the broader cryptocurrency market compared to more established platforms.
• Venom’s blockchain technology is based on work from EverX Labs, previously TON Labs, which is known for its association with the Telegram Open Network (TON). This connection is not mentioned in Venom’s public documents, potentially misleading stakeholders about its technological origins.
• There is concern over why the NPO chose Venom, a newer and less proven blockchain, instead of more established options like Ethereum or TON.
  • Ethereum and TON offer larger, more secure networks, which might be better suited for handling critical government data.

Blockchain Expert’s views:

Paul Soliman, the CEO of BayaniChain, commended Buenaventura’s breakdown of the topic and noted that a public blockchain by itself is inadequate because certain data must remain private and securely stored in a database.

“The challenge is ensuring accountability for this private data. Prismo.Technology addresses this by creating an accountability ledger that tracks all movements of private data, allowing everyone to see when and how this data is being accessed or transferred. This is our use case with DBM,” he added.

PH Community Reaction:

On the other hand, the BitPinas community also shared their opinion on the matter:

• Most of the comments inquired what Venom blockchain is.
• Community members pointed out that there are many reputable and established chains, but then the government chose a “random” one that even experienced Web3 users haven’t heard of.
• While others are questioning the ability of the blockchain, there are also members that defend it.

• There is also one commenter that noted that Venom is the only one catering to CBDCs. They highlighted that it is actually more advanced than Solana and Avalanche blockchains, and it has lower transaction fees too.
  • However, it must be noted that Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. stated the country’s CBDC won’t use blockchain or distributed ledger technology.

Blockchain Recommendation:

In a separate post, the community discussed which blockchain they believe would better serve this government use case.

• Several of the comments mentioned the well-known blockchains such as Ethereum, Solana, Internet Computer Protocol, Ron, Ton, and many others, highlighting its already established reputation and use cases.
  • One of the community members even noted the partnership between the DOST-ASTI, The BLOKC, and Superteam Philippines to advance blockchain and web3 technology in the country  through educational activities, research support, and hands-on experience, formalized with a Memorandum of Agreement on July 19, 2024.
  • Eli Becislao, Managing Director of The BLOKC and member of the Superteam PH, added that if the government requires public and permissionless, there are many options, and the DOST could also be consulted for their expertise.
• One of the commenters suggested DevvX (DevvE) for its advantages in throughput, speed, cost-effectiveness, privacy, fraud/theft/loss solutions, ease of integration, and customizable shards for each application.
  • They believe it is the best option for large institutions, enterprises, or governments to implement asset tracking. Several institutions and sovereign states are already building on DevvX.

• Another pointed VelcorePLC, “due to their implementation of blockchain ETF, and AI market and trades.
• Paolo Dioquino, ETH63 Core member, mentioned that the selection depends on the requirements and doesn’t have to be permissionless; “R3’s Corda or IBM given their track record should have been a consideration.”

Between the lines: The reaction to Venom’s selection underscores the ongoing debate about the maturity and reliability of newer blockchain technologies compared to established ones. It reveals a gap between government decisions and community expectations.

However: While Venom’s technology may be promising, its limited track record and lower network size compared to established blockchains raise concerns about its readiness for critical government use.

What to watch: Monitor how the NPO’s digital transformation project progresses and whether Venom meets the expectations set by the selection. 

This article is published on BitPinas: Philippine Crypto Community Questions NPO’s Choice of Venom Blockchain for National Project

What else is happening in Crypto Philippines and beyond?

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