![]() Sharding is the preferred scaling solution that Ethereum is working towards to enable their 2.0 blockchain to operate at scale. Harmony (ONE)įor the uninitiated, Harmony is a blockchain that utilises sharding to enable quick, cheap and secure transactions. Harmony (ONE) tends to fly in the face of this statement. This states that as a blockchain scales, security and decentralisation usually tend to suffer as a consequence. There tends to be a trade-off that comes with layer 1 projects known as the blockchain scalability trilemma. Utilising specific chains that excel in specific areas of security, scalability, speed, fees etc. ![]() It is glaringly obvious now that the future is a cross/multichain world and in my opinion, the industry will be all the better for it. This has been demonstrated in huge increases in total value locked across all chains whilst native cryptocurrencies on these platforms have experienced some impressive price action. There is a huge demand for scalable, quick and cheap blockchains from institutional and retail investors alike. All transaction fees are burnt to offset the insurance, naturally leading to zero inflation when our network usage becomes high.The ongoing battle between layer 1 blockchain products is beginning to really heat up. Our model gives validators a simple and predictable return. Harmony Economics Model caps the annual issuance at 441 million tokens (about 3% rate in long term). To support 100% uptime but fully open participation, EPoS slashes validators who double-sign and it penalizes elected but unavailable nodes. The staking mechanism supports delegation and reward compounding. Our Effective Proof-of-Stake (EPoS) reduces centralization and distributes rewards fairly to thousands of validators. Harmony has designed a novel Proof-of-Stake (PoS) mechanism for network security and economics. The network has produced 10M+ blocks with 20k+ transactions in publicly traded, native ONE tokens. Harmony Mainnet was launched in June 2019. We achieve 8-second block time with view changes in production against adversarial or unavailable leaders. We use Boneh–Lynn–Shacham (BLS) constant-sized signatures to commit blocks in a single round of consensus messages. Our Fast BFT (FBFT) leads to low transaction fees and 1-block-time finality in Harmony Mainnet. Harmony has innovated on the battle-tested Practical Byzantine Fault Tolerance (PBFT) for fast consensus of block transactions. We use Verifiable Random Function (VDF) for unbiased and unpredictable shard membership. Each shard has 250 nodes for strong security guarantee against Byzantine behaviors. To prevent single shard attacks, we must have a sufficiently large number of nodes per shard and cryptographic randomness to re-shard regularly. Harmony divides not only our network nodes but also the blockchain states into shards, scaling linearly in all three aspects of machines, transactions and storage. Sharding is proven to scale blockchains without compromising security and decentralization. Harmony has transcended the blockchain trilemma by bringing the best research to production. Common industry use cases include ad exchanges, credit ratings and many other data consortia that would otherwise take many years to form among competing companies. Harmony is applying zero-knowledge proofs for data sharing while preserving the consumer’s privacy. Harmony helps businesses build marketplaces of fungible tokens (such as energy credits and loyalty points) and non-fungible assets (such as game collectibles and real estate). An understanding of network topology allows them to run a highly concurrent protocol. Harmony implements network engineering techniques for smarter message propagation and faster consensus formation. This will also allow a broader set of devices to participate in consensus for a more decentralized network. They are developing a lean, mission-specific kernel to run their protocol with increased CPU performance and security. This allows Harmony to effectively handle connection latency and enables our throughput to scale with the size of our network. Harmony’s consensus protocol uses design principles such as sharding and pipelining to parallelize transaction processing. Visit at harmony.one! Enjoy our monthly harmony.one/newsletter. Harmony’s staking mechanism reduces centralization while supporting stake delegation, reward compounding and double-sign slashing.Īre we decentralized yet? Harmony aims to build an open network of nodes operated and governed by a large community. Harmony Mainnet supports thousands of nodes in multiple shards, producing blocks in a few seconds with instant finality. Harmony has achieved secure and random state sharding. Harmony is a fast and open blockchain for decentralized applications.
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