Shardeum, a layer 1 blockchain, has <a href="https://twitter.com/shardeum/status/1582369706773995521">secured</a> $18.2 million in an initial fundraising phase from over 50 investors, namely Jane Street, Struck Crypto, and the Spartan Group. Shetty stated in an interview that the funding would be employed to grow the company's workforce, network, and community. Notably, Shardeum is cofounded by <a href="https://www.cryptoknowmics.com/news/the-music-nft-space-lacks-regulatory-clarity-nischal-shetty">Nischal Shetty</a> who is also the founder and CEO of <a href="https://www.cryptoknowmics.com/news/crypto-exchange-wazirx-lays-off-40-of-its-employees-sources">WazirX</a>, India's biggest cryptocurrency exchange by trading volume.

https://twitter.com/shardeum/status/1582369706773995521

Ghaf Capital Partners, Big Brain Holdings, DFG, and Foresight Ventures were among the investors involved in the round.
<h2>An EVM-based Scalable Smart Contract Platform</h2>
Shardeum is a sharded blockchain built on <a href="https://www.cryptoknowmics.com/news/polygon-launches-zkevm-public-testnet-for-smooth-ethereum-transfers">Ethereum virtual machines</a>, which means that everything that operates on Ethereum can also function on Shardeum. The term "sharding" often refers to the division of a blockchain's technology into smaller components in order to increase scalability, an issue with the <a href="https://www.cryptoknowmics.com/news/ethereum-blockchain-upgrade-may-increase-institutional-adoption">Ethereum blockchain</a> that has been observed, as well as to expedite transaction times and reduce costs.
<h2>Linear Scaling Solution With Low Transaction Fees</h2>
According to Shetty, Shardeum is not the only sharded blockchain, but it has indefinite scalability and can grow its transactional capacity as demand rises.  Another good illustration is <a href="https://www.cryptoknowmics.com/news/rose-technical-analysis-rsi-divergence-reflects-near-term-recovery">Near</a>. According to Shetty, the sharded blockchain is unique as it increases the number of transactions per second whenever a new node enters the network compared to adding a shard for every increment. Additionally, the sharded blockchain provides "atomic composability," which enables inter-shard communication for smart contracts.
<h2>Shardeum to Launch Mainnet in 2023</h2>
Shardeum intends to launch an "autoscale" feature in the upcoming few weeks that will enable the transactions per second to dynamically decrease as traffic levels drop. The test network for the blockchain will be live by year's end, and the mainnet will open in the second quarter of 2023.

In the coming year, the sharded blockchain will hold hackathons in India and the United States and offer a network with incentives for developers who wish to contribute to the development and expansion of the blockchain ecosystem. According to Shetty, India is one of the top markets. L1 has never been constructed in India, and the sharded blockchain intends to expand into other rising markets.

Blockchain Startup Shardeum Raises $18M in Seed Funding

Shardeum is a sharded blockchain built on Ethereum virtual machines, which means that everything that operates on Ethereum can also function on Shardeum.

Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

Blockchain Startup Shardeum Raises $18M in Seed Funding

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