“Scaling is still one of the key problems of the blockchain industry, which we as an industry should aim to solve in the most effective way possible”, said Binance CEO and Founder, CZ (Changpeng Zhao).
“The ambitious team behind the Harmony project proposes to solve this problem using sharding to parallelize transaction processing. I believe the team’s commitment to opening up blockchain technologies for billions of people will allow them to make a significant contribution to addressing the issue of scaling.”
1. A short overview about Harmony.one
Harmony is a fast and secure blockchain. It is sharded totally based on a proof of stake rather than proof of work. More over, Harmony blockchain is not only using zero-knowledge proofs for data sharing , but also protecting the consumer’s privacy. In the future, this consensus protocol wants to build the most robust infrastructure so that many decentralized applications can be built on top of Harmony.
The mission is to build a radically fair world by building the protocol that people can use to transaction, building a trusted way for people to interact across borders. Furthermore, Harmony wants to enable many more use cases around data privacy and data sharing in the right way. Harmony is a platform, so they focus on supporting applications building on their platform.
2. The improvements harmony.one offers
- Building marketplaces for both of fungible tokens (energy credits and loyalty points) and non-fungible assets (game collectibles and real estate).
- Besides using the zero-knowledge proofs for data sharing, Harmony consensus protocol also put the importance on protecting the privacy of users
- Advertising exchanges, credit ratings.
- No fees to start on Harmony! IHarmony blockchain does not charge anything, but applications do pay a transaction fee in Harmony tokens.
3. Technology
Harmony implements deepsharding with innovations on both protocol and networking layers of blockchain by introducing:
- Highly scalable FBFT (Fast Byzantine Fault Tolerant) consensus using BLS (Boneh-Lynn-Shacham) multi-signatures.
- Secure distributed randomness generation protocol using VDF (Verifiable Delay Function).
- Sharding with adaptive Proof-of-Stake for strong network security.
- Kademlia routing and erasure encoding for optimal network performance.
- Efficient and atomic cross-shard transactions
Harmony’s open, decentralized network is enabled through the use of the native protocol token. The token incentivizes and rewards a variety of participants including developers, validators/stakers, investors, and community members who develop, secure and govern the network. In order to use the network, users pay a small transaction fee denominated in the native Harmony token
4. ONE token
The Harmony token will function in the following aspects of the protocol:
- The token is used for staking; in order to become a validator on the network and participate in the proof-of-stake (PoS) consensus to earn block rewards and transaction fees, one must stake Harmony tokens.
- The token is used to pay for transaction fees, gas and storage fees.
- The token is used in voting for on-chain governance of the protocol.
5. Conclusion
The long term benefit is people who hold and stake Harmony tokens will earn staking rewards on the network and hopefully we can grow the overall ecosystem of decentralization to be much wider and broader over time. Binance is the largest exchange in the world and Harmony is one of best project will be made a IEO on Binance. I totally believe this project will reach a significant success in the future.
Check more detail with:
Discord: https://harmony.one/discord
Website: https://harmony.one/
Whitepaper: https://harmony.one/whitepaper
LinkedIn: https://www.linkedin.com/company/harmony-protocol/
⌨️ Medium: https://medium.com/harmony-one
Facebook: https://www.facebook.com/harmonyoneprotocol/
Twitter: https://twitter.com/harmonyprotocol
Instagram: https://www.instagram.com/harmonyoneprotocol/
Blockchain Explorer: https://explorer.harmony.one
Testnet Guide: http://harmony.one/nodes
Github: https://github.com/harmony-one
Latest newsletter: https://harmony.one/newsletter
Dive deeper on the forum: https://talk.harmony.one
Consensus Protocol, Deepsharding, low-latency,low-fee consensus platform, power decentralized economies of the future, consensus algorithms, consensus protocol, parallelize transaction processing, connection latency