Main Takeaways:

• MH Ventures supports innovative blockchain projects that promote decentralization for Web3.
• The Shardeum team has developed a linearly scalable smart contract platform that offers competitive gas fees and a high level of security by combining dynamic state sharding with EVM technology.
• Shardeum was founded by WazirX + Crowdfire's CEO and a distributed systems architect with three decades of experience working with companies like NASA, Yahoo, Zynga, and Raytheon.

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MH Ventures, one of the leading venture capital firms in the blockchain and cryptocurrency space, is participating in seed round funding of $18.2million for Shardeum, the world's first EVM-based Layer 1 blockchain which uses sharding to increase TPS (transactions per second) with the addition of every new node while retaining atomic composability.

Shardeum plans to use the funds raised to expand its team and drive technological advancements.

Kamran, Co-founder & partner at MH Ventures said "Shardeum is an example of the evolution we’re seeing in blockchain technology and in particular, scalability without giving up security and decentralization, which is the “blockchain trilemma”. We felt that Shardeum has great potential for growth given the EVM compatibility, therefore not compromising any learning curve for developers and projects alike to adopt the chain." 

Based on EVM technology, Shardeum is a smart contract platform that provides low gas fees forever to ensure true decentralization. It employs strong security measures through dynamic state sharding.

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Key Features of Shardeum

• EVM-based layer 1 blockchain -  Any decentralized app compatible with Ethereum Virtual Machine (EVM) will also run seamlessly on Shardeum.
• Linear scalability and low gas fees forever – Every node in the Shardeum network will increase the transactions, expanding the network capacity to ensure low gas fees and achieve linear scaling as the usage grows.
• Solid Security – A leaderless consensus algorithm called Proof-of-Quorum (PoQ), combined with Proof-of-Stake (PoS) with slashing, node rotation, standby nodes, and permissionless participation, goes a long way toward strengthening the network security. This makes it more resistant to attacks and ensures the network remains stable.
• Immediate finality and low latency – All transactions on the blockchain are guaranteed to be processed quickly, meaning there is little to no chance of latency. In addition, once a transaction is processed, it cannot be reversed - ensuring immediate finality. This makes Shardeum an ideal platform for conducting secure and fast transactions.

Nischal Shetty, the co-founder of Shardeum, commented, “We’ll see Web3 reach over 1 Billion users in the next few years, and now’s the time to build the infrastructure to support this growth. We’re thrilled to have the support of MH Ventures as we build Shardeum to be a scalable L1 blockchain which ensures low gas forever while maintaining decentralization.”

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About MH Ventures

MH Ventures has teamed up with some of the most well-known names in the crypto and blockchain industries, including Lend, magpie, Web3PORT, Sonic Wallet, SmartToken Labs, Seashell, Decaf, Tatsumeeko, WINCAST, etc. They are passionate about investing in and supporting disruptive technologies and the people behind them. Their mission is to identify and invest in the best projects that have the potential to change the world for the better. 

For more information, follow MH Ventures on Twitter and LinkedIn. 

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About Shardeum

Shardeum is a linearly scalable smart contract platform that offers increased transactions per second by adding more nodes. The project is still in development but promises to be a valuable tool for those looking to scale their blockchain projects. There are a variety of use cases for Shardeum, including but not limited to the following:

• P2P Transfers
• EVM dApps
• DeFi
• Web 3.0
• NFTs

To learn more, please click here, or refer to this litepaper.