WazirX’s new blockchain

Founder of crypto exchange WazirX, Nischal Shetty, has announced a new blockchain called Shardeum that will compete with others such as Ethereum and Solana.

Shardeum, an Ethereum Virtual Machine (EVM)-compatible sharded blockchain is one of the first layer-one blockchains being built out of India.

Sharding is breaking down a network into multiple pieces (shards) in such a way that every shard can execute transactions. As new computers join it to create more shards, the network gets faster.

Shardeum will solve for scalability and expensive transaction costs, while maintaining a high level of decentralisation, which Shetty said was lacking in most blockchains today.

WazirX Founder and CEO Nischal Shetty and Omar Syed, Co-founder of Unblocked and Blockchain Architect at Shardus, plan to raise funds by April and launch in beta in the third quarter of the year.

The blockchain will be opened for public adoption by the end of 2022.

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