New post Need visibility? Apply for a FREE post for your Startup.  Apply Here

Now you knowRandom

Blockchain Company Shardeum Raises $5.4M In Seed Funding

3 Mins read

Shardeum, a groundbreaking layer-1 blockchain company that utilizes the Ethereum Virtual Machine (EVM) and implements dynamic state sharding, has recently secured a remarkable $5.4 million in funding. The funding round witnessed substantial participation from prominent investors and venture capital firms, including Amber Group, Galxe, J17 Capital, TRGC, Jsquare, Bware Labs, Tané Labs, Hyperithm Group, Luganodes, Blockchain Ventures Hub, CryptoViet Ventures, Blue7, and others. This significant influx of capital will play a pivotal role in propelling Shardeum’s expansion of operations and development efforts, further strengthening its position in the blockchain industry.

Established in 2022, Shardeum has rapidly emerged as a leading player in the blockchain space, revolutionizing scalability with its EVM-based layer-1 blockchain implementation and innovative dynamic state sharding technology. At its core, dynamic state sharding enables the network to maintain low gas fees and high transactions per second (TPS) as the number of participants in the network grows. This state-of-the-art consensus mechanism operates at the transaction level, substantially reducing the computational power required for validator nodes. Consequently, this opens up the possibility for virtually anyone to run a node, a crucial step towards enhancing decentralization.

The revolutionary features of Shardeum have garnered immense interest and support from both the community and investors alike. As of the latest update on July 7, 2023, the testnet has witnessed a staggering 7.4 million transactions, involving over 820,000 accounts and the deployment of more than 230,000 contracts. Such remarkable traction in a relatively short period is a testament to the platform’s appeal and the increasing demand for scalable and efficient blockchain solutions.

The recent funding round of $5.4 million is the second successful capital-raising effort for Shardeum. In October 2022, the company had already secured $18.2 million in a seed round backed by prominent investors like Jane Street, Big Brain Holdings, Struck Crypto, The Spartan Group, Ghaf Capital, DFG, CoinGecko Ventures, and Foresight Ventures. This early support from esteemed investors has paved the way for Shardeum’s rapid growth and development, positioning the company as a formidable player in the industry.

With the newly acquired funds, Shardeum is now better equipped to accelerate its expansion plans and intensify its research and development efforts. The company’s strategic focus will be on bolstering its infrastructure and scaling capabilities to cater to the increasing demands of its growing user base. Additionally, the investment will further strengthen the team’s talent pool, allowing them to recruit top-tier developers, engineers, and blockchain experts to drive innovation and enhance the platform’s functionalities.

Shardeum’s mission is rooted in overcoming the scalability challenges that have plagued blockchain networks, particularly those built on the EVM. Through dynamic state sharding, the platform has demonstrated its capability to significantly improve the efficiency and cost-effectiveness of blockchain transactions. As more applications and projects realize the potential of Shardeum’s infrastructure, the platform is set to experience substantial growth, leading to a surge in adoption across various industries.

Moreover, Shardeum’s commitment to decentralization sets it apart from other blockchain projects. By reducing the computational requirements for validator nodes, the platform ensures that network participation is not restricted to a select few with powerful hardware setups. Instead, the network is open to anyone interested in contributing to the blockchain’s security and consensus, making it a truly decentralized ecosystem.

The blockchain industry has been undergoing rapid evolution and transformation, with innovative projects like Shardeum driving the next wave of advancements. The ability to scale blockchain networks without compromising on decentralization and security is an essential step in realizing the technology’s full potential. Shardeum’s accomplishments and impressive funding rounds signify the recognition and support it has received from both institutional investors and the broader crypto community.

As the blockchain landscape continues to evolve, Shardeum remains committed to pioneering cutting-edge solutions that will not only cater to the current industry demands but also shape the future of decentralized applications and finance. By establishing itself as a scalable, secure, and truly decentralized platform, Shardeum is poised to play a key role in shaping the next generation of blockchain technology. The recent funding success further solidifies the company’s position as a formidable force in the blockchain space, one that will undoubtedly leave a lasting impact on the industry as a whole.

Don’t miss any tech news ever!

We don’t spam! Read our privacy policy for more info.

350 posts

About author
We are the same, we may only be different in our experiences, values and exposures. Technology is a big part of my experience, learning is one of my values and writing my credible means of exposure.
Articles
Related posts
Random

Everything You Need To Know About Iphone 16

2 Mins read
Since its inception with the first-generation iPhone introduced by CEO Steve Jobs on January 9, 2007, Apple has maintained a relentless pace…
ArticleRandom

WhatsApp beta for Android 2.24.9.23: What To Expect.

2 Mins read
As times change, user preferences evolve, and businesses and individuals offering some products and services need to adjust to these shifts so…
ArticleRandom

7 Amazing Samsung TV Features You Should Try

2 Mins read
We have a Samsung TV hung against the wall of our living room. Daddy bought it few years ago and he said…
Newsletter Subscription

🤞 Don’t miss any update!

We don’t spam! Read more in our privacy policy

Join our Telegram channel here - t.me/TechpadiAfrica

Leave a Reply