Technology is evolving every day, innovations bring disruption and replace the old one. Technology has transformed humans from an uncivilized state to the civilized state. Thanks to a new revolutionary technology called Blockchain. It's immutable, incorruptible and unhackable nature makes it more superior than any other existing technology. Blockchain has the capability to transform every sphere of our society, that's why the world is giving very special attention to adopting it in every business workflow.
Today there are thousands of cryptocurrencies present in the market today. As well as upgraded versions of Blockchain are aiming to provide better and quality service than the old Blockchain system. Blockchain is still at the developing stage and many projects are emerging to provide efficient solutions.
Blockchain's derivative cryptocurrencies are known as the future of financial transactions. Thus, the Blockchain network used for processing transactions needs to faster, reliable, secure and cost-effective. Earlier there were no options available other than Bitcoin blockchain network; which is having many issues related to scalability, transaction speed, and transaction cost. Progressively Ethereum Blockchain came into existence with much better features than Bitcoin blockchain. It provides better security, scalability and smart contract features over PoS and PoW consensus. Later projects like EOS and IOTA provides DPoS and DAG with better advantages.
But still everything that we have is not yet perfect, the demand for faster transaction speed, high throughput, scalability, and reliability is increasing. It is not worth to sacrifice security and decentralization in order to achieve high performance. But now thanks to a handful of bright minded people, who are working hard to provide better Blockchain based solutions which can fulfill our needs. They have created a project called HARMONY.
About Harmony
The main aim of the HARMONY is to provide sharding based next-generation blockchain solution which is efficient, reliable, secure and most importantly scalable. HARMONY uses proven engineering practices and research-based Blockchain solutions to address the present issues and challenges. Harmony achieves decentralization and blockchain scalability without compromising network security.
Recently Harmony has concluded its completely sharded POS blockchain with over 600 nodes to achieve complete decentralization. The Harmony team has decided to perform phase 2 of the mainnet with 400 nodes for 4 shards it also includes token swap to native the blockchain.
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HARMONY utilizes the sharding concept to achieve its goal. Sharding is a process in which the computational tasks of the main blockchain network have been equally divided into smaller blocks that can perform the same tasks and thus reduces the load on the main network. Sharding helps to achieve faster transaction speed. Here is the comparison of Harmony's sharded POS system with other blockchain networks.
Before adopting the linear and secure sharding technology, Harmony has learned from the industry predecessors about the pros and cons and their mistakes. Harmony uses two types of chains beacon and multiple shard chains.
Beacon chain is an identity register that is derived from the randomness generator. In randomness based sharding a random number is generated and is agreed to utilize for the block to provide its responsibilities for sharding. The agreed random number is a completely unpredictable, scalable, verifiable, secure and decentralized one. To further increase the security of the network Harmony restarts the sharding conditions after a certain interval of time known as an epoch. The random number generator helps identify which validator is assigned to which shard. Beacon chain accepts the stakes from the stakers applied to become as validators.
Harmony's ONE token holders have the opportunity to cast their vote. By restricting the malicious stakers to less than 1/3 of the voting share Harmony maintains the network security. Harmony has adopted the EPoS mechanism to elect validators. After every epoch, all the rank of stakes will be determined by validators for the next epoch. After the end of an epoch, Harmony reassigns the shards based on the median of the entire network. This helps to maintain optimization and better stakes management.
In order to push the network interaction with the users, Harmony has introduced an experimental zone called Pangaea, where people can test the network limitations. It is a fun based interaction that also allows users to earn rewards for doing so. Harmony's Pangaea is a great success.
Harmony's blockchain network provides a perfect place for game developers to develop decentralized games. As Harmony provides scalable high throughput and low transaction cost consensus platform which pushes a worldwide mass adoption. On the Harmony network, high-speed gaming with high APM, low latency and cross gaming mechanism allow millions of players to take advantage of it. It is worth noting point that Harmony has made the partnership with Animoca, a top player in the gaming sector.
Advantages of Harmony
• Harmony network aims to increase scalability
• Harmony's beacon chain technology uses DRG process to increase security
• Harmony uses adaptive PoS which is energy efficient and helps to adjust the staking to prevent malicious stakeholders
• Harmony's network can scale up the transaction infrastructure
• Harmony's cross-shard transactions are scalable and consistent
• Harmony accelerates the Decentralized finance (DeFi) application in the real world
Conclusion
Harmony wants to make Blockchain solution more efficient, reliable, secure and feasible. It uses sharding to scale up the blockchain network and PoS consensus algorithms to validate the transactions effectively. This makes the HARMONY consensus Protocol very much energy efficient. HARMONY plays an important role in accelerating the adoption of Blockchain in every sector. It is worth to note that the project team has highly experienced professionals from top companies like Google, Amazon, Apple, and Facebook. This gives confidence in this project.
Learn more about HARMONY:
Website: https://harmony.one
Read Whitepaper: https://harmony.one/whitepaper.pdf
ANN thread:
Telegram: https://t.me/harmony_one
Twitter: https://twitter.com/harmonyprotocol
Medium: https://medium.com/harmony-one
LinkedIn: https://www.linkedin.com/company/harmony-protocol/
Discord: https://harmony.one/discord
Instagram: https://www.instagram.com/harmonyoneprotocol/
GitHub: https://github.com/harmony-one
About Author:
Bitcointalk username: Abhijeetcg
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1676105;sa=summary
ETH address: 0x96e95a1F40cf5a50178053740ADE18046815362d
Harmony is a truly scalable blockchain solution... Love to read the article
Thanks for your valuable comment
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This project has lot of potential
Yes it has
Love to play Harmony blockchain supported games
You can play very soon
It is a high rated project