Highlights:
- Everscale’s dynamic sharding is efficient enough to adapt to varying workloads. So, it becomes a practical and easy option for creating large-scale Web3 applications.
- Sharding helps distribute data among numerous networks and machines. Partitioning data and its processing across various networks so that processing can happen at the same time.
Everscale, a blockchain that helps resolve scalability issues facing Web3 apps, recently announced that it has received five million dollars in funding from Venom Ventures Fund. The funds will be used for the development of projects and expanding its engineering team using its ecosystem.
A venture fund named Venom Venture Fund was formed by Iceberg Capital Ltd. and Venom Foundation, a blockchain regulated by the Abu Dhabi Global Market. It also announced its tactical partnership with Everscale, intending to collaborate and build out its own ecosystem of blockchain projects.
Everscale built a blockchain scaling solution that has its foundation from the initial code of Nikolai Durov-designed, Telegram Open Network. Despite the protocol following the primary whitepaper for TON, it still has some notable advances in comparison with the original. Everscale claims to offer one of the highest transactions per second rates in comparison with such blockchains that provide sharding. It is the primary innovation of the company, as per Everscale.
When a huge number of transactions are dumped onto a blockchain using a system “sharding”, the company creates a Layer 2 blockchain solution. This solution assists with reducing congestion by allowing rapid scaling.
Sharding helps to distribute data among numerous networks and machines by partitioning data and its processing across various networks so that processing can happen parallel. A sufficient number of nodes can increase the security, reliability, and speed of the network considerably.
Everscale comes with a more advanced step called “ infinite sharding”. It allows its network to add shards dynamically as there is an increase in load and then merge them back. It is possible due to the processes on the network communicating asynchronously. Using distributed programming algorithms, any shard can be split in two and then merged back again when the process completes.
Venom teams and Everscale will be working together to build out the core ecosystem and bring the adoption of this scaling nearer to the use cases of real business. At this point, teams are ready to develop initiatives like digital asset tokenization platforms. It is for central banking digital payments and currency solutions by utilizing stablecoins.
“This is a milestone for both the Everscale and Venom networks. The technological capabilities of Everscale are immense, but they have been underappreciated by a wider audience. Now, Everscale will be able to operate as an experimental network where updates and complex technical solutions can be introduced before they are brought to Venom.” said, Moon Young Lee, Everscale’s Foundation board member.
The company said Venom was designed satisfactorily to be a strong network of blockchains that can handle a limitless number of auxiliary networks. Adding Everscale to its stable of blockchain architecture will increase its financial capabilities.
Chairman of Venom Ventures Fund, Peter Knez, 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. In particular, we are talking about the Venom blockchain project and its ecosystem.”
