Harmony created its own unique DRG method after studying solutions used by OmniLedger and RapidChain. Stakers who double sign are slashed out of a portion of their stake and even removed from the network. Based on a certain percentage of tokens staked, users are rewarded. ONE was released in 2019 and its name was inspired by the company’s vision “For One And for All.”Ī minimum of 10,000 ONE tokens needs to be staked. The token is used as a stake on the platform and holders are rewarded and incentivized. ONE is used to pay for various activities on the platform, and also allows holders to become validators based on the amount they are holding.
Harmony’s ecosystem compared to that of other blockchains (Source: harmony.one) The ONE token It is Harmony’s aforementioned consensus protocol, which allows for 2-second block formation, that gives it its fast transaction speed. Looking at the chart, you might wonder how Harmony has fewer shards than Ethereum and Polkadot but is still faster than both. Kademlia facilitates the communication process by generating shard IDs, allowing nodes within a shard to send and receive information within it, removing the need to communicate with other shards. Harmony also supports cross-shard communication with the help of Kademlia. A single Harmony shard is capable of reaching 1,000 transactions per second. Each shard has a limit of 250 validators. Harmony uses four types of shards: shard 0 (the “ Beacon Chain”, responsible for transmitting information between different shards), 1, 2, and 3. Unlike other PoS blockchains that give out higher rewards to large stakers, Harmony uses effective PoS to make sure that the smaller stakers are also rewarded. Harmony was the first blockchain to combine PoS and sharding. Effective PoS is the first staking mechanism that improves security while also making the network more decentralized. In simpler words, Harmony does not have a voting system and validators are chosen based on the number of tokens they own.
To strengthen network security, Harmony uses a process called Effective PoS, a sharding-based PoS system that lets validators with more staked tokens run more nodes. Inspired by Zilliqa’s Practical Byzantine Fault Tolerance(PBFT), Harmony uses an algorithm called Fast Byzantine Fault Tolerance (FBFT), which is more energy-efficient, cheaper, and confirms blocks in just 2 seconds. Specifically, Harmony features four key elements: Fast Byzantine Fault Tolerance Its nodes are run by a large community called Pangaea that contains members from over 100 countries. Harmony is much more scalable, secure, and decentralized than other sharding-based blockchains. Harmony and Ethereum both use the Solidity programming language and Ether.js library, which means developers used to Ethereum will feel no difference when building DApps on the Harmony blockchain. With the help of Harmony, developers can create DApps much in the same way as they can on Ethereum. In addition, Harmony strengthens its network security through the Verifiable Random Function (VRF) method, which selects validators and nodes in a random, unpredictable manner. Harmony uses an innovative consensus protocol that’s more energy-efficient and cheaper than Zilliqa’s Proof of Work (PoW). The Harmony blockchain was created to improve upon existing sharding solutions. The higher the number of shards, the faster the node validation time and transaction speed. These smaller shards can handle the same tasks as the entire network. In sharding, the database is divided into smaller parts stored in different nodes around the world. None, however, have managed to create a balance between decentralization and transaction speed.Ī blockchain called Zilliqa ( ZIL) attempted to solve these problems by introducing sharding.
Many new cryptocurrencies have been launched with innovative features designed to fix these problems. Harmony’s token ONE trades at $0.075 per token with a circulating supply of 10 billion and a total market cap of $750 million.Īs renowned as it is, the Ethereum ( ETH) blockchain still struggles with some major issues - most notably, high gas fees, slow transaction speeds, and limited scalability. Launched in 2017, Harmony is a blockchain platform that aims to solve scalability issues through sharding.
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