Shardeum is arguably the most-promising Blockchain solution right now.
It’s an exciting blockchain that intends to bring TRUE decentralization to everyone while maintaining utmost security & scalability.
Let’s break it down.
🧵👇
Shardeum is an EVM-compatible, smart contract platform designed to scale linearly while maintaining true decentralization and solid security through dynamic state sharding.
Sharding is a method for distributing data across multiple machines. And Shardeum increases transaction processing time by splitting nodes in the network into shards. This process divides the workload and improves scalability.
Shardeum is estimated to process ~ 100k+ transactions per second (TPS) at an estimated cost of ~$0.01.
Incredible, isn’t it? Let’s look at some of its features.
EVM-based layer 1 blockchain
Shardeum is Ethereum Virtual Machine (EVM)-based, which means that any dApp that can run on the EVM can run on Shardeum.
The EVM capability will allow developers to migrate their projects from other evm blockchains to Shardeum easily.
Solid security
Shardeum uses a one-of-a-kind consensus algorithm that combines the power of Proof of Stake (PoS) and Proof-of-Quorum (PoQ). It enables node rotation and permissionless participation, which increases the network’s security. More on this later.
Anyone can operate a node
It doesn’t cost a fortune to become a node operator. The hardware requirements to operate a validator node are kept low by discharging the historical archive data and increasing more nodes to reduce the load on each validator.
Shardeum has several use cases, some of which are:
Shadreum is aimed at solving Blockchain’s Scalability Trilemma. The term “scalability trilemma” was coined by Ethereum’s co-founder, Vitalik Buterin.
They are as follows:
– Security
– Scalability
– Decentralization
Most of the existing blockchains find to scale because they group transactions into blocks before nodes commit to validating them. Shardeum is using an auto-scalability feature to solve the aforementioned problem. Shardeum’s Auto-Scaling enables the network to scale in proportion to the number of nodes available at any given time.
By using sharding, it breaks down the process of validating and confirming transactions into small and manageable bits, or shards. Allowing it to scale.
Shardeum leverages both PoQ and PoS to increase the network’s security. Proof-of-Quorum (PoQ) facilitates the network’s security by validating each transaction immediately after they are received with a time stamp.
Proof of Quorum Vs. Proof of Stake PoQ
It attests that a significant part of a group of nodes that participated in the consensus accepts the outcome. PoS: Validators stake/deposit their crypto assets to validate transactions, and earn rewards in return.
Vertical vs Horizontal scaling
Vertical scaling is limited in its effectiveness but is relatively easier to achieve. In comparison, Horizontal scaling aids in improving the overall throughput of a system but takes longer to develop. Shardeum is leveraged linear scaling. Linear scalability assists the network in scaling horizontally, thereby growing the TPS or throughput as more nodes are onboarded to the network. This makes the network decentralized and reduces gas fees.
Shardeum is a blockchain for billions of people. To become truly decentralized, it needs to be community-driven, collaborative, and autonomous of central governance. All of which are captured in the Shardeum network
Tokenomics
The native token of the Shardeum network is called Shard (SHM), with a total supply of 508 million. With distribution as follows:
– 51% Community
– 18% Sale
– 15% Team
– 11% Foundation
– 5% Ecosystem
That’s it! Thanks for reading! Have a look at our Guides section for more!
If you’re interested in learning more about Web3 and getting free crypto alpha, be sure to follow me on Twitter – @AltCryptoGems.