Shardeum, a layer 1 blockchain co-founded by Nischal Shetty, a co-founder of WazirX, India's largest crypto exchange by trading volume, has raised $18.2 million in a seed funding round from more than 50 investors, including Jane Street, Struck Crypto and the Spartan Group.
The capital will go toward hiring more employees, expanding its network and increasing its community, Shetty told CoinDesk in an interview.
Sharding generally refers to splitting a blockchain’s infrastructure into smaller pieces to improve scalability, a noted problem with the Ethereum blockchain, and to speed up transaction times and lower fees. Shardeum can scale infinitely, expanding transactions per second as demand increases, Shetty said.
“Shardeum acts a lot like your traditional websites, where if you get a lot of traffic, you just add a server so it expands,” he said. “The same concept works on Shardeum, where every time there’s a lot of traffic, you need more transactions. You just add more nodes and the...
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