Although the general application of blockchain technology ie Decentralization It has long been a reality, but scalability remains a challenge for blockchain-based platforms. This has caused some crypto projects to seek to solve this problem. The purpose of the harmony network is to provide simultaneous Decentralization, scalability and security to users. In the following, we will further introduce Harmony and review the capabilities of this platform.
What is Harmony Network?
Harmony Network was founded by an experienced team of cryptography and computer science developers in 2017. Founder and CEO of Harmony Stephen Tse (Stephen Tse) who previously worked as a cryptography engineer at Google, Microsoft and Apple. Nick White (Nick White) is also one of the founders and an active member of the Harmony community. Before the Harmony project, he was engaged in research on artificial intelligence and applied mathematics.
Harmony Protocol is a blockchain-based decentralized platform that provides tools to create, host, manage and use Dapps with maximum scalability and interoperability. Early on, Harmony was hosted on Ethereum, which is why the project offers solutions to overcome Ethereum’s current limitations. But now it has become one of Ethereum’s competitors in terms of scalability.
The Harmony Network is a layer one blockchain that consists of sharding and Effective proof-of-stake consensus algorithm It uses to achieve scalability, security and decentralization. The platform has trustless inter-chain bridges that process transactions in parallel. An effective proof-of-stake consensus algorithm encourages validators to decentralize and divides the network load between validators and users.
One of the things that has become popular in the crypto world in the last few years is chaining capabilities. This platform is currently connected to Ethereum, Binance Chain, Bitcoin and Polkadata blockchains with the help of bridges. According to the roadmap of this project, access and connection to the Cosmas blockchain will also be possible in the future.
The Harmony Protocol aims to achieve greater scalability and decentralization by relying on zero-knowledge proofs and Decentralized Autonomous Organizations (DAOs). It should be noted that this project completed its IEO in 2019 via Binance Launchpad, which contributes to its credibility.
How does Harmony Network work?
Harmony solution to provide security, scalability and decentralization, use Sharding technology Is. Sharding divides the network into four parts that work in parallel. These parts are called shards. Users can choose the desired shard, which distributes the network workload. Validation, execution of transactions, creation and confirmation of blocks are all done separately on each shard. This division of tasks in the network has many benefits, such as:
- Validators do not need to keep a complete copy of the entire blockchain transaction history. Therefore, the blockchain is lighter and transactions are confirmed faster.
- Validators are randomly attached to shards to prevent hostile shards from taking over. After each round, validators are connected to a new shard. This process causes decentralization of power in this platform.
Harmony network currently has limitations 1000 validators per shard is known as BLS keys. In the future, if needed, the number of shards and validators will be increased to meet the demand of the network. Shard number zero is known as Beacon Chain and acts as an information relay between shards 1, 2 and 3. Using this technology, the transaction time will be approximately two seconds.
Currently, most of the activities in Beacon Chain is done and shards one to three execute smart contracts. But when the network is busy, shards one to three help Beacon chain to make transactions at high speed.
This platform is based on a Byzantine fault tolerance protocol, known as Fast BFT it works. The FBFT protocol facilitates the speed and efficiency of the Harmony network by processing transactions in parallel. Additionally, this protocol collects all transactions in a block and verifies and signs them all together. Thus the communication cost is reduced, giving validators the ability to reach consensus in less than two seconds.
ONE coin and its role in the Harmony protocol
ONE coin is known as the native cryptocurrency of the Harmony network, which is used for staking, payment of network fees and voting. The number of this coin will eventually reach 13,156,044,840, which is currently 12.3 billion ONE coins in circulation.
CoinOne will benefit from a dynamic inflation program until March 2020. The inflation rate was then changed to a fixed annual rate, according to which the Harmony Protocol rewards its validators with 441 million ONEs annually for validation. In contrast, the coins that users pay for transaction fees are burned to offset the coins provided to validators for block rewards. With this work, the Harmony Protocol tries to maintain the balance between the supply and demand of Coin One.
In the following, we discuss how to allocate ONE coins:
- 22.4 percent for private investors
- 12.5% for public investors
- 16.9% of the project team
- 26.4 percent for developers
- 21.8 percent for ecosystem growth
Collaborations and investors of the Harmony network
The Harmony network has been able to attract the attention of many crypto projects due to the benefit of sharding technology and the possibility of providing high speed and scalability.
This protocol has cooperated with exchanges such as Binance, Kocoin, Hubei and Bitmax to launch ONE coin. In addition, top wallets such as TrustVault, Metamsk, SafePal and Trezor have made it possible to store this coin. Harmony has recently started its cooperation with the decentralized exchange Sushi Swap, which has made it possible to invest in Coin One in this exchange.
This platform cooperates with blockchains Binance China, Ethereum and Polkadata and Oracles Chinalink and Band Protocol. Plus the security of the Harmony network by the platform Certik Guaranteed and audited by this platform.
Through the Travala platform, users can receive tourism services with ONE coin, which is an example of native cryptocurrency applications of this network. This project has also succeeded in attracting venture capitalists. Harmony’s investors include companies such as Binance Labs, Animoka Brands, and Hashkey Capital.
The future of Harmony Network
Harmony network, by using sharding technology and benefiting from the consensus algorithm of effective stake proof, has been able to achieve a large part of Blockchain’s triple problem to solve The platform offers speed along with security and decentralization, allowing users to make the most of blockchain capabilities.
The Harmony protocol has attracted the attention of prominent crypto investors with these features. In addition to attracting prominent investors, top digital currency projects also have technical cooperation with this project, and we will witness the growth of this project’s ecosystem day by day. This growth will increase the number of users and ultimately the expansion of the user base and the emergence of the network effect on this platform, which will also affect the price of Coin One in the future.
What is Harmony Network? Introduction of the Harmony protocol for the first time on the Wallex blog. appeared.
