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WazirX founder launches blockchain called Shardeum
February 03, 2022
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Nischal Shetty Founder of crypto exchange WazirX has announced a new blockchain called Sharedeum that will compete with others such as Ethereum and Solana. This is one of the first layer 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 currently.
He added, “If you are looking at 200 million people today in crypto globally, 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”.
Sharding is breaking down a network into multiple pieces in such a way that every shard can execute transactions. The network gets quicker as new computers join it to create more shards.
The bootstrapped venture, founded by Shetty and the builder of Shardeum, Omar Syed, plans to raise funds by April and launch in beta in the third quarter of the year. The blockchain itself will be opened for public adoption by the end of this year.
Syed started building the blockchain in 2017 and Shetty has been in contact with him for the last two years.
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