Harmony (ONE) is one in every of the newest projects that's attempting to tackle the problem of blockchain scalability. The platform is built from the bottom up with in the intent of optimization.
Using a “full-stack” method, Harmony is developing a sharding based blockchain that's not only scalable but also secure with proof, and efficient in energy.. This project is the latest to engage in fund raising on the Binance Launchpad.
Harmony is a project initiated to make provisions for a high-throughput and low-fee platform designed to propel the decentralized economy at the long run. The plan is to address the problems faced in blockchain ecosystems through the application of the best research and engineering practices in an optimal system.
Technically, the focus of the project is on secure staking with decentralized randomness. Harmony also sees to the implementation of optimal cross-shard routing and quick block propagation.
Harmony assists businesses to create marketplaces to accommodate fungible token usage (such as loyalty points or energy credits) and non-fungible assets (such as in-game digital assets). It also uses zero-knowledge proofs to trigger data sharing with client privacy.
This incentivizes users and will be used for credit ratings, ad exchanges, including other data sharing functions.
Technology Stack of the Harmony Platform
In order to realize the goals of scalability, the Harmony designed the whole technology stack from the bottom up with a spotlight on improvement. A number of vital innovations were created into the consensus protocol, internal systems and network engineering.
Following the implementation of these innovations, Harmony can offer a platform for Decentralization Applications (dApps) that weren't possible on different blockchains. These embody dApps like decentralized exchange and high-throughput payment systems.
The Harmony Consensus Protocol/ Networking Techniques
Blockchains are managed by consensus and also the form of protocol used can impact drastically on the speed which gives room for the achievement of decentralized achievement. Presently, blockchains like Bitcoin’s, make use of Proof-of-Work consensus protocols that has become costly and slow.
Other protocols like Proof-of-Stake use completely different incentive mechanisms that overcome a number of these challenges. So the Ethereum protocol is attempting to maneuver to their Casper PoS consensus to handle their scalability problems. However, PoS has its own distinctive challenges.
The Harmony consensus protocol uses the newest design principles like sharding and pipelining. The Harmony agreement protocol uses the newest style principles like sharding and pipelining. This permits the network to process numbers of completely different transactions in parallel. This implies that there's no single bottleneck to the confirmations for all transactions.
With the Harmony platform, the connection latency is to very large extent reduced and therefore the transaction throughput will be able to scale the network experiences growth.
Harmony is head bent on employing networking techniques that will improve the message propagation speed and achieve consensus quicker. Harmony also makes use of RaptorQ fountain code that permits the network to propagate blocks faster and/or shards.
Kademlia routing is also adopted which has the ability to achieve cross-shard transactions, which is capable of scaling logarithmically with number of shards within the network. This complete implementation permits Harmony to run an extremely high protocol concurrently.
Harmony One Token Ecosystem
The Harmony platform is strongly characterized by the native ONE token that permits users to be participants within the ecosystem and also serves as a mechanism for payments suitable for different actions. By the use of Harmony blockchain, developers and businesses are enabled to build alignment within the goals and incentives of distinguished stakeholders.
In addition, the future zero-knowledge proof implementation will build Harmony a data sharing platform that has the capability of overcoming the common issue of mistrust that participants have for sharing data, in the data market.
The Harmony ONE token is expected to handle the payment of transaction fees, gas fees and storage fees. It will be also used to govern the protocol and will be used as stake for the DPos consensus model.
Conclusion
Harmony (One) is already running a stable 3.0 version. The team behind this a dedicated one, with a great experience in several areas that are helpful for this kind of project. To this point, the team has been capable of hitting its roadmap deadlines, and that’s enormously positive.
Gone are the days investors were willing to forgive late commits, and these blockchain projects ought to deliver what they said and when said it'll be available. Harmony has been successfully able to deliver in this manner.
The largest threat to this Harmony (One) project at this time is competition. Therefore it will have to maintain pace ahead of existing or future competitors. For further reads on HarmonyOne, kindly visit the links I have listed below. Thanks you
For further inquiries about the project please click on the links below:
Website: https://harmony.one/
Medium: https://medium.com/harmony-one
Discord: https://harmony.one/discord
Instagram: https://www.instagram.com/harmonyoneprotocol/
Twitter: https://twitter.com/harmonyprotocol
Telegram: https://t.me/harmony_one
Linked: https://www.linkedin.com/company/harmony-protocol/
WhitePaper: https://harmony.one/whitepaper
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