Crypto entrepreneurs Omar Syed and Nischal Shetty recently announced a new platform called Shardeum. Both Nischal and Omar have also worked on WazirX, which holds a major portion of the crypto market in South Asia.
Shardeum will be an EVM-compatible sharded network with robust security, complete decentralization, and infinite scalability. The idea behind the network is to solve Layer 1 blockchains’ most prevalent issue – high fees and low throughput.
Similar to the internet, the Shardeum ecosystem will be open to everyone. It means that any user can access, collaborate, and drive the democratic, decentralized network. The lack of scalability is a major issue across the blockchain network, and the upcoming network will directly address it.
That is why Shardeum developers have formulated a new technology that merges auto-scaling and sharding to offer low latency, instant finality, and high throughput. At the same time, Shardeum will facilitate the highest level of security and decentralization.
Sharding refers to the process of dividing and sharing data throughout multiple machines. The process allows large data sets to be divided into small, manageable sections called shards. A sharded blockchain enables multiple shards’ incoming transactions that execute them with low computational requirements and transaction fees. This ultimately results in increased network scalability.
While the idea can address the issue, implementing it to databases can be challenging. That is where Shardeum chimes in with its novel technology – the combination of auto-scaling and sharding. The network will use Proof of Quorum (PoQ) and Proof of Stake (PoS) as its consensus mechanism.
In addition, the network will offer a native utility token named $SHM or SHARD. The token can be used for conducting transactions on the network, running dApps, incentivizing validators, etc. The whitepaper for the project will be released soon, and it will release key metrics regarding Shardeum.
Shardeum will be built on the principles of OCC (Open, Collaborative, and Community-Driven) to ensure that every user gets equal access to team knowledge. It essentially means that every user on the internet can access ideas, information, documents, discussions, and other data about Shardeum.
After setting up the foundation and releasing the whitepaper, the project will conduct a fundraiser to launch Shardeum Alpha in 2022 Q2. The next step for the project would be to launch Betanet in 2022 Q3. Shardeum will wrap it all by launching the Mainnet in 2022 Q4.
Given the stature the parties hold, the project will certainly gauge huge market response.