Founder of crypto trading platform WazirX has announced a new blockchain called Shardeum, which is reportedly one of the first layer-one blockchains being developed out of India.
Shardeum will compete with other blockchains like Ethereum and Solan.
Nischal Shetty told The Economic Times that, unlike other blockchains, Shardeum will solve for scalability and expensive transaction costs. It will, however, maintain a high level of centralisation, something he said was missing in most blockchains today.
Shetty said when the number of people in the crypto-verse reaches a billion, the current systems of blockchain will not be able to solve that. He said the solution to the problem is Sharding, which is reportedly a process of breaking down a network into smaller pieces, also called shards.
Shetty and Omar Syed, the builder of Shardeum, are planning to raise funds by April to unveil a beta in the third quarter of the year and eventually open it to public by the year end.
While Wazirx and Shardeum are two different entities, Shetty said he is focusing on the under-development blockchain. Syed is reportedly the technical end of the Shardeum, while Shetty is building a community around the blockchain.
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