What is Shardeum? All You Should Know About The Shardeum Project

Demand for decentralized applications running on smart contract platforms is increasing as use cases such as AMMs, DeFi, NFTs, and Games attract new users who were previously uninterested in cryptocurrency. However, current smart contract platforms lack scalability and decentralization. A lack of scalability results in slow transaction processing and higher transaction fees, resulting in a poor user experience.

Shardeum is an Ethereum Virtual Machine (EVM) compatible smart contract platform that uses dynamic state sharding to scale linearly while maintaining true decentralization and solid security.

Shardeum project has confirmed the launch of its own token, "SHM," and has hinted at an airdrop.

Early users who have completed testnet transactions on the platform may be eligible for an airdrop once their token is released.

Let’s learn more about the Shardeum project by reading the article below.

What is Shardeum?

Shardeum project is an EVM-based, linearly scalable smart contract platform that maintains true decentralization and solid security through dynamic state sharding.

Shardeum project is attempting to solve the trilemma that most blockchains face, in which they must choose between scalability, security, and decentralization, but can only choose two of these attributes.

Shardeum employs a technique known as sharding, which divides the network into shards, allowing for more transactions to be processed, verified, and validated in parallel. The startup's blockchain, which is currently in testnet, aims to be EVM-compatible and use proof-of-stake and proof-of-quorum consensus mechanisms to reduce network costs. It also has three kinds of nodes in its network: validator, archival, and standby.

Shardeum project anticipates that with 100,000 nodes, it will be able to process more than 100,000 transactions per second while maintaining a latency of 10 seconds. The L1 blockchain will also make it possible for Ethereum developers to transition to Shardeum while maintaining stable gas fees.

Highlight features

Shardeum will retain its ability to synthesize atoms across Shards.

Shards have created software that makes it simple to build shared distributed ledgers. Shards is in charge of the protocol layer, transaction gossip, consensus, synchronization, and sharding, among other things. To easily build a decentralized network for an application, developers can start with Shards and define the application layer.

Shardeum will build on Shardus by adding an EVM to the application layer. As a result of Shards being hidden from the application layer where the network is subdivided, Shardeum will maintain atomic aggregation across different Shards. Cross-consensus and data sharing is handled by the protocol layer.

Shardeum's consensus mechanism Shardeum = Proof of Quorum (PoQ) + Proof of Stake (PoS)

Proof of Quorum (PoQ)

Proof of Quorum entails creating a receipt that demonstrates that the majority of the consensus team voted in favour of the transaction. Each consensus group node signs the transaction hash and sends it to the other consensus group nodes. These votes are collected by the nodes, and when they exceed 50%, they form a receipt that can be used to prove the transaction's consensus. Note Shardeum will use both PoQ and PoS (Proof of Stake) consensus algorithms to keep the network secure, with validating nodes expected to stake a minimum amount to ensure network protocol compliance. While most platforms group transactions into blocks and use consensus at the block level, Shardeum uses consensus on a per-transaction basis. This allows a transaction affecting multiple shards to be processed concurrently by these shards rather than sequentially as with block-level consensus. This not only reduces transaction processing time, even when multiple shards are affected but also ensures atomic processing. Transaction-level consensus eliminates the complexity required by block-level consensus platforms to ensure atomic processing.

Others outstanding features

For smart contracts, the Shardeum project employs an EVM-based language that includes Solidity and Vype.

Shardeum project employs the BLS signature type, as well as the Ed25519 and SHA256 hash functions.

One of the most distinguishing features of Shardeum is the PoQ consensus mechanism combined with PoS, which allows consensus to be implemented per transaction rather than block by block as in other Layer 1 blockchains.

In comparison to blockchains that use Sharding technology, Shardeum is EVM compatible and uses the Solidity programming language. This allows application developers to easily migrate to Shardeum without having to spend as much time as with other sharding L1s.

The hardware configuration of validator nodes requires only 4GB of RAM. This allows the number of nodes to grow quickly and easily reach the masses.

Token and Tokenomics

These are the details of the token of the Shardeum project.

Shardeum Token

Shard, the Shardeum project network's native coin, will have the ticker symbol SHM. The coin will be mined as a reward for providing resources to the network by the validator, archive, and standby nodes. On the Shardeum network, the coin will be used to pay gas fees associated with executing transfer transactions as well as smart contract execution.

Token Distribution

● 51% Community - reward to nodes; validators, archive and standby servers

● 18% Sale - 3-month cliff then 2 years linear vesting

● 15% Team - 3-month cliff then 2 years linear vesting

● 11% Foundation - unlocked at Token Generation Event (TGE)

● 5% Ecosystem - unlocked at TGE

What set Shardeum apart from other similar sharded chains?

Unlike most platforms that group transactions into blocks and apply consensus at the block level, Shardeum applies consensus to each transaction individually.

This enables a transaction affecting multiple shards to be processed concurrently by these shards rather than sequentially as with block-level consensus. This not only shortens the processing time of the transaction, even if it affects multiple shards but also ensures atomic processing. Transaction-level consensus eliminates the complexities required by block-level consensus platforms to ensure atomic processing. The Shardeum project's use of dynamic state sharding is another distinguishing feature. In contrast to static state sharding, in which all nodes in a shard cover the same address range, dynamic state sharding requires each node to hold a different address range, but there is a significant overlap in the addresses covered by nodes. The comparison that follows will only include other smart contract platforms that are also working on state sharding.

Shardeum Team

Who is behind the Shardeum project?

The Shardeum project was founded by Nischal Shetty and Omar Syed. Shardeum team members, also known as committers, are spread across the United States, India, and Myanmar.

Nischal Shetty is the founder and CEO of WazirX, India's largest cryptocurrency exchange with over ten million users. Nischal is a well-known entrepreneur with more than a decade of experience building and scaling global products from India. Nischal, a software engineer by training, previously founded Crowdfire, a social media management web service with over 20 million users. Nischal's previous accomplishments have landed him on Forbes' '30 under 30' list. Nischal, a passionate blockchain evangelist, has been involved in the Indian crypto space since its inception. Nischal's mission has been to make crypto accessible to every Indian; he has also advocated for positive crypto regulation in India for over 1000 days through his Twitter campaign #IndiaWantsCrypto.

Omar Syed is a blockchain architect who founded the Shardus project in 2017 with the goal of creating a linearly scalable blockchain. Omar has spent the last three decades assisting large organizations such as NASA, Yahoo, and Zynga in the development of scalable, fault-tolerant, distributed systems.

Omar worked on a number of start-ups, including the first matrimonial website and the first stock sentiment analysis website. Omar and his son Aamir created the strategy board game Arimaa and established the Arimaa Challenge Prize to encourage breakthrough research in artificial intelligence.

Omar's long-term vision is a world in which everyone receives an unconditional basic income based on a stable cryptocurrency, thereby eliminating poverty and hunger.

Funding

The Shardeum project has raised a total of $18.2 million in two rounds of funding. Their most recent funding came from a Seed round on October 18, 2022.

Roadmap

Although the Shardeum project was founded in early 2022, Shards, the protocol-level technology that powers it, has been in development since 2016. Shards is a distributed ledger framework that is linearly scalable. Shardeum will obtain a Shardus framework public project license by allowing Shardus token holders to claim 1% of the maximum supply. Shardeum will also provide Shardus with additional personnel to help accelerate the development timeline. Shardeum will be able to reach mainnet much faster than otherwise possible by utilizing the Shardus framework and adding EVM and smart contracting functionality at the application layer.

● Q2 2022 - Alphanet

● Q3 2022 - Betanet

● Q4 2022 - Mainnet

Conclusion

The Shardeum project has much potential, but it is still being tested. There is still a long way to go, and we will continue to monitor the Shardeum project's progress. Market247 will update the latest information about Shardeum in the upcoming time so make sure you follow our channels.

Learn about Shardeum project:

Website: https://shardeum.org/

Twitter: https://twitter.com/shardeum

Discord: https://discord.com/invite/shardeum

FAQs - Shardeum Project

Will Shardeum have its own token?

Yes. The token's name will be SHARD (SHM). However, the project is still in the early stages.

What are the applications of Shardeum?

The use cases of Shardeum includes P2P, DApps, DeFi, NFT, Web 3.0, Others

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