Nischal Shetty said that unlike other blockchains, Shardeum will solve for scalability and expensive transaction costs, while maintaining a high level of decentralization, which he said was lacking in most blockchains today.
Mumbai: Nischal Shetty, founder of Crypto Exchange WazirX, has announced a new blockchain called Shardeum that will compete with others such as Ethereum and Solana. This is one of the first layer-one blockchains being built out of India.
Shetty said that unlike other blockchains, Shardeum will solve for scalability and expensive transaction costs, while maintaining a high level of decentralization, which he said was lacking in most blockchains today.
Shardeum and WazirX, it's worth noting, are not related. Shetty told ET that he would juggle his roles at WazirX and Shardeum, but the latter would be his priority for now.
“I will have to devote a lot of time to Shardeum. I have put together a very solid team at WazirX. So I'll definitely be devoting more time to this,” Shetty said.
A portion of the native token of the project, called Shard, will be sold to private investors to fund the development of the blockchain, which ..
“If you are looking at 200 million people today in crypto worldwide, this will go to a billion people in the future. There is no way the existing blockchains will be able to support that. Sharding is a known solution to solve this problem, which is what Shardeum is built on,” he said.
As indicated by its site, Shardeum means to be a chain fit for onboarding north of a billion group to the blockchain and crypto transformation. Shardeum, similar to the Internet will be open, cooperative and local area driven that would democratize availability to decentralization.
A whitepaper for Shardeum will be delivered soon.
In a couple of years crypto will develop to more than 1 billion individuals, we need to give a versatile, reasonable and decentralized arrangement, said WazirX CEO Nischal Shetty.
Shardeum, an EVM viable sharded blockchain, will be the framework on which the following cycle of the web which is Web3 will be based on.
Sharing the excursion of how Shardeum appeared, WazirX CEO said that he met Omar Syed, prime supporter of Shardeum, during the time spent sorting out what the answer for the current versatility issue ought to be.
"I've been investing a ton of energy sorting out what the answer for the current versatility issue ought to be. I was sufficiently fortunate to have met Omar Syed in 2019. He has been discreetly chipping away at building a sharded blockchain without any preparation beginning around 2018," Nischal said on Twitter.
"In 2021, we ideated and calculated that a savvy contract stage would be the most ideal way to additional advancement this sharded blockchain," he said.
"We chose to utilize EVM on the grounds that we are not here to rehash an already solved problem. We would rather not partition the local area that as of now exists. The advancement of Shardeum is in making register and state sharding conceivable. For all the other things, assuming there is a decent arrangement, we will utilize that."
The core values of Shardeum will be founded on OCC (Open, Collaborative and Community driven). Nischal further said, each data that will be imparted to the group will be out in the open for public openness.
"We will deliver our Whitepaper soon. The non benefit establishment for Shardeum is right now under process. Everything is a work in progress including the logo! We need you to partake in developing this starting from the earliest stage. Along with you, we will achieve the mission,"