WazirX founder launches blockchain called Shardeum

economictimes.indiatimes.com:

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 decentralisation, which he said was lacking in most blockchains today. “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.

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Sharding is breaking down a network into multiple pieces (shards) in such a way that every shard can execute transactions. The network gets faster 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 2022. Syed started building the blockchain in 2017 and Shetty has been in contact with him since 2019. Shetty officially joined as a cofounder a few months ago. 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