Everscale raises $5M to use 'infinite sharding' to scale blockchains
Summary
It also announced that it will enter into a strategic partnership with Everscale to join forces and build out its own ecosystem of blockchain projects.Everscale developed a blockchain scaling solution based on the initial code of the Telegram Open Network designed by Nikolai Durov. The primary innovation of Everscale is that it claims to provide one of the highest transactions per second rates available amongst blockchains that provide sharding.The company produces a Layer 2 blockchain solution designed to assist with reducing congestion by allowing rapid scaling when a large number of transactions are dumped onto a blockchain using a system called sharding.What sharding does is distribute data across multiple machines and networks by partitioning the data and processing across different networks so the processing can happen in parallel. As long as theres a sufficient number of nodes in order to do the processing, this can greatly increase the speed, security and reliability of the network.Everscale took this a step further with a concept called infinite sharding, which allows its network to add shards dynamically as load increases and then merge them back. Thats possible because the processes on the network communicate asynchronously and any shard can be split in two and then merged back again when processing is completed using distributed programming algorithms.The Everscale and Venom teams will be working together to build out the core ecosystem and bring the adoption of this scaling solution closer to real business use cases. The addition of Everscale to its stable of blockchain architectures will add to its economic capabilities, the company said.For us, this is a strategic investment aimed at the technological development of projects and teams around technologies that we focus on and actively develop, said Venom Ventures Fund Chairman Peter Knez.