Nischal Shetty, the creator of cryptocurrency exchange WazirX, has announced Shardeum, a new blockchain that would compete with Ethereum and Solana. This is one of India’s earliest layer-one blockchains.
Unlike previous blockchains, Shetty claims that Shardeum would address scalability and high transaction fees while preserving a high level of decentralization, something he claims is currently lacking in most blockchains.
If we look at the current global crypto market of 200 million people, this will grow to a billion people in the future. Existing blockchains will not be capable of supporting it. He explained that Sharding is a well-known solution to this problem, and Shardeum is based on it.
The startup, which was Co-Founded by Shetty and Omar Syed, the creator of Shardeum, expects to raise financing by April and launch in beta in the third quarter of this year. By the end of 2022, the blockchain will be available for public adoption.
Shetty has been in communication with Syed since 2017 when he began developing the blockchain. Shetty became a Co-Founder of the company a few months ago.
It’s worth mentioning that Shardeum and WazirX are unrelated. Shetty stated that he will combine his positions at WazirX and Shardeum, with the latter taking precedence for the time being.
He will have to commit a significant amount of time to Shardeum. At WazirX, they have built together a fantastic team. So he will be devoting a lot more effort to it, Shetty remarked.
A part of the native token of the project, called Shard, will be sold to private investors to support the growth of the blockchain, which will be managed by a nonprofit organization. The token split and token economics are expected to be detailed in a white paper to be released soon.
Shardeum has a team of 20 employees based in the United States and India. While Syed is in charge of the technical aspects, Shetty is in charge of creating a blockchain community. The ability of a blockchain to engage a developer community to develop on it determines its success. Blockchains backed by venture capital are investing heavily in India to entice developers to their ecosystem.
Because Shardeum is compliant with the Ethereum Virtual Machine, Shetty claims that apps created for the other blockchain will be simply transferred to it. The Ethereum Virtual Machine (EVM) is a software framework that allows developers to create decentralized apps (DApps) on the Ethereum network.
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