What is Shardeum
Shardeum is a scalable, EVM-based layer 1 blockchain aiming to solve the infamous blockchain trilemma. Founded by the duo Omar Sid and Nistal Shetty, former NASA expert and WazirX founder. Shardeum promises to provide the highest throughput capacity of any EVM-based L1 without sacrificing on decentralization. This is attained by their state-of-the-art consensus mechanism. Combining the power of Proof Of Stake(PoS) with Proof of Quorum enables shardeum to attain these high throughputs, Making it scalable and secure at the same time.
Let’s explore Shardeum’s consensus mechanism
Validators on the Shardeum network stake their SHM tokens as collateral, demonstrating their commitment to the network’s integrity. The Proof of Stake mechanism ensures that validators have a vested interest in maintaining the security and reliability of the network. This approach incentivizes responsible behaviour and discourages malicious activities.
However, Shardeum takes consensus a step further with its unique implementation of Proof of Quorum. This mechanism allows validators to reach consensus on a transaction level, rather than waiting for agreement on a block level. This innovative approach eliminates the need for slow and resource-intensive block-level consensus, making the Shardeum network significantly faster and more scalable.
In the Proof of Quorum process, a specific number of validators, known as a quorum, come to an agreement on the validity of a transaction. This consensus is achieved efficiently and swiftly, resulting in faster transaction confirmation times and increased throughput.
Importantly, the security of the network remains paramount. Validators who attempt any malicious activities or fail to follow the consensus rules face severe penalties. This includes having their staked SHM tokens slashed, thereby deterring any attempts to compromise the network’s integrity.
The combination of Proof of Stake and Proof of Quorum in Shardeum’s consensus mechanism ensures a high level of security, scalability, and efficiency. It paves the way for a blockchain platform that can handle a vast number of transactions while maintaining decentralized governance and robust security protocols.
A comprehensive look at our partners:
Swapped Finance is a leading decentralized exchange (DEX) built on Shardeum, a state-sharded, scalable, and secure Layer 1 blockchain. This project aims to tap into the billion-dollar opportunity that DeFi on Shardeum presents.
Shardeum is an EVM-based, linearly scalable smart contract platform that offers low gas fees while maintaining true decentralization and solid security through dynamic state sharding. It has transaction-level consensus, which eliminates the complexities needed to ensure atomic processing. This technology enables Swapped Finance to avoid scalability issues and front-running, which are common problems faced by its competitors.
Swapped Finance offers several features to the Shardeum ecosystem:
Trade: Users can instantly swap crypto tokens without registration or an account, with a minimal 0.3% fee.
Liquidity: Users can earn 0.21675% of each buy and sell by becoming a liquidity provider to Swapped Finance by staking their tokens in liquidity pools (LPs). This also opens the door to farming.
Farming & Staking: Users can stake LP tokens to earn $SWPD. Although this exposes them to more market fluctuations, they can earn higher APR to offset the risk. Users can also stake to start earning a portion of trading fees.
In summary, Swapped Finance is leveraging the capabilities of Shardeum to provide a scalable, secure, and efficient platform for decentralized trading, liquidity provision, and staking.
PointSix is an NFT marketplace that offers low-fee trading and unique benefits for early users, including airdrops and up to 50% commission on friend referrals. The platform provides three membership tiers (VIP, VVIP, Elite) with varying benefits like trading fee discounts, instant creator royalties, and referral incentives. It also introduces an NFT pass system for reduced fees and allows creators to easily define their NFT’s utility. PointSix emphasizes user-friendliness, transparency, and simplicity in its operations.
Xade is a hybrid solution that merges traditional finance (Trad-Fi) and decentralized finance (DeFi), aiming to provide all banking services on-chain with the user experience of a neobank. It’s designed to be a DeFi-powered alternative to traditional banks, offering a seamless user experience that even those unfamiliar with DeFi can navigate.
The platform addresses the inefficiencies, opacity, over-reliance on humans, and single points of failure in the traditional financial system. However, it also acknowledges the hurdles in DeFi, such as the complex user experience and lack of real-world utility and connections.
Xade aims to solve these issues by providing a super mobile application that offers all traditional banking services with the user experience of digital banks. Services include creating a non-custodial wallet, depositing funds from various sources, sending payments in a gasless manner, getting a savings account, speculating on the prices of various assets, and more. Future features include a card for global spending and the ability to pay bills and spend across numerous e-commerce brands.
The platform is powered by in-house DeFi protocols, including RemmiteX for payments, SabeX for money markets, and DeriveX for derivatives. Xade is currently live on the Polygon POS mainnet and five testnets, including Shardeum, Polygon zkEVM, zkSync, Sei, and Ethereum.
Shardible is an NFT marketplace on the Shardeum blockchain, offering a platform for easy trading, bidding, and listing of NFTs. It provides NFTs-as-a-Service (NaaS), offering tools for creators to build their NFT projects, including SDK/API integration, a smart contract factory, and minting. Shardible also features an NFT Launchpad for users to create and promote their own NFT market. Additional services include NFT staking, auctions, and borrowing/lending, along with detailed analytics. In essence, Shardible is a comprehensive platform for NFT creation, launch, and trading.
Solus Finance is a futures exchange designed to simplify Web3 trading for novice traders, aiming to do for Web3 futures what Robinhood did for stock trading. It is the first futures exchange on the Shardeum blockchain.
The platform offers two main products: Predictlive and Futures. Predictive allows users to speculate on the future price of assets and buy contracts, while Futures lets users take positions on whether asset prices will go up (long) or down (short).
Solus also gamifies the trading experience with features like Trading Leagues, where users can compete with other traders, and the ability to earn badges for wise investments. Users can also receive NFTs to showcase their expertise and even become Solus Analysts to provide expert strategies.
The platform promises earnings for both players and non-players, a fully gamified experience with a game coin for lower risk, freedom from regulatory constraints, and transparent transactions run on the blockchain. Solus is currently in its testnet phase, with plans for a mainnet launch in the future.
And, of course, Us
We at Wow-talkies are building a democratized fan engagement platform for movie fans, We’re going to be Multi-chain, and Shardeum certainly makes it to the top of our list.
WowTalkies offers several features:
Fan Communities: These function as mini-DAOs where fans can interact and be rewarded by the community members themselves.
Fan to Superfan Leaderboard: The journey from fan to superfan is gamified with competitions, and leaderboards track this journey.
Collectables and Content Expression: The platform enables the rental and lending of collectables, adding a new dimension to the fan experience.
The WowTalkies Wallet: Setting up non-custodial wallets on the platform will be user-friendly, and they also extend support for third-party wallets on EVM-based chains.
Tech-led Utilities: WowTalkies is working on unique technology-driven utilities designed to enhance and interact with collectables, such as AR avatars, face swapping into movie posters, and iconic filters.
The platform is built upon three fundamental pillars: content and expression, tech-led utilities, and community-led network, Targeting the next billion movie fans.
The Shardeum ecosystem is one of the most interesting and innovative layer 1 solutions we have seen in a while and we’re excited to see what the future holds. Shardeum has one of the most active and lovable communities in the blockchain space. Looking at our partners, We’re really excited to see the potential that Shardeum brings to the existing WEB3 space. We would be exploring more ways to utilize shardeum chain as the tech tends to grow