Hello Friends,
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India recently got the Cryptos taxed for the very First time and this was widely welcomed by Crypto enthusiasts even though the taxing amount will be 30% of the profit.
India never falls behind in using latest technologies and India's Crypto enthusiasts keeps the users base growing with over 15 million Crypto users itself and that means, there will be more than that number of Blockchain users will be there.
In another First, India's own Crypto exchange WazirX has gone a step further and announced that, it will be creating India's First Blockchain called as SHARDEUM.
What is Shardeum?
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The literal meaning of shards is the piece of broken glass or rock or metal and the same is being referred with respect blockchain as a fragment of network which in detail meaning to breaking a broader network into many smaller networks and use the same to resolve scalability issues.
When we talk about scalability, we have to think of the number of growing users of a particular network or Blockchain.
Shardeum is being touted as the First Blockchain to have no issues of scalability unlike existing Blockchains such as Ethereum, Solana etc which seems to be having issue with regards to scalability when the user base grows exponentially over the years and Shardeum will have a solution to this by using the sharding methodology of breaking the network to small pieces to speed up the calculation time.
Reduction in gas fees or cost of processing the transaction:
With current blockchains, the main issue being less number of transactions getting processed with high gas fees or cost of processing the transaction because of less transactions processed.
Shardeum will also aim at increasing the number of transactions processed thus reducing the gas fee and with true decentralization as well without compromising on security.
The decentralized blockchain means, users will have open source code, can be collaborated with other networks and will be community driven.
Shardeum will also be compatible with Ethereum Virtual Machine thus enabling dapps to be built on Ethereum and have those smart contracts enabled without any issues.
Founders of Shardeum:
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This layer 1 Blockchain is being launched by CEO of WazirX, Nischal Shetty and Blockchain architect at Shardus and co-founder of Unblocked, Omar Syed and these 2 will be the main brains behind this scalable blockchain.
Nischal Shetty, a software engineer who is the man who built the India's Crypto Exchange WazirX and is also founder of Crowdfire and he has a successful team now at Wazirx and can devote time on this new Blockchain.
Omar Syed on the other hand, has worked with organizations and companies such as NASA, Yahoo and gaming giant of Zynga and is co-founder of Shardus.
A little more about Shardeum:
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Shardeum is scheduled to ramp up the team of 75 to start on this with an aim of fundraising from this April and to have Beta release in Quarter 3 of 2022, so that, they can plan to launch the Blockchain by Fourth quarter of 2022.
Shardeum will have it's native token named as SHARD (token code: SHM) which will be used for fund raising and the team will be coming up with whitepaper soon and will also set up a no-profit organization with regards to fundraising.
Wow!!! Achche Din (Good days in native Indian language Hindi) is the slogan started by our present Indian Government and WazirX and team are making it true for the Indian Crypto investers by innovating the things such as Ethereum and no doubt, this will not just be limited to India as it affects all the Blockchain users across the World!!!!
That's all I wanted to write in this blog and will aim to bring another new thing in my next blog.
Until then, keep blogging and keep reading :)
Thanks and Have a good day :)