WazirX founder Nischal Shetty to launch new project L1 blockchain network “Shardeum"
Categories: Crypto News
Nischal Shetty, founder of crypto exchange WazirX and blockchain architect Omar Syed, are launching a L1 blockchain network “Shardeum” which is an EVM-compatible sharded blockchain with infinite scalability, true decentralisation, and solid security. The word ‘Shardeum’ has been derived from the technique ‘Sharding’ which is being utilised to resolve the problem of scalability. Shardeum will use dynamic compute and state sharding to accommodate users, allowing for global-scale decentralised applications. The project will incorporate sharding and auto-scaling to provide high throughput, low latency, and immediate finality. The open-source project aims to solve the issues which are faced by Layer 1 (L1) blockchains like low throughput and high fees. “The fees are typically high because of the low number of transactions. We aim to solve that, gradually with the increasing number of users, the limitations will increase but we will aim to tackle that,” said Shetty.He added that this give the developers an opportunity to build on blockchain which was till date very limited for the hurdles. Due to the network’s low transaction fees and immediate finality, Shardeum plans to acquire a large user base in emerging markets like India, Brazil, Nigeria, among others where blockchains are primarily used for Gaming, payments, and P2P transfers.