Cover Image Source – Digitally modified by the author
What is harmony?
Harmony is an open infrastructure of future for 10B people. Its revolutionary open infrastructure provides high performance, low latency and low fee platform to power decentralized economy. It is a scalable, secure and energy efficient blockchain based on sharding technology.
Harmony competitive advantage
A sharded PoS system provides great balance of speed and fair consensus. There are many projects which uses sharding technology but Harmony is one level up. It provides transaction level sharding besides network & state level sharding. Testnet results were 118,000 TPS which was astonishingly higher than Ziliqa, Quarkchain or Multivac. Mainnet has been recently launched (earlier it existed as ERC20 and BEP2). Harmony also provides security against 1% shard attack which is absent in Ziliqa or Quarkchain. It has cross-shard communication routing optimization also which makes it far more efficient than other popular sharding technology projects.
Image Source – Harmony website
Resource efficiency and ability to scale linearly
Scalability is a major issue of many blockchain platforms. As the projects continue to grow, scalability issue becomes more prominent. Scalability is a major hurdle in crypto collectable space. Cryptokittes is one project which clogged up entire ethereum network. Blockchain gaming firm Animoca from the Cryptokittes fame has partnered with Harmony to solve scalability issue. They have jointly done the acquisition of Sequoia-funded digital collectible startup Quidd. Harmony can easily provide scale up solution through sharding. DeFi (Decentralized Finance) industry can get immense benefit from Harmony as it can help them to grow in linear fashion without requiring exponential resources and having bottlenecks.
Multiple layers sharding to improve security and efficiency
• Harmony solves problems by application of 10x innovations at the layer level rather than searching for 10% improvements. Harmony’s Beacon chain uses distributed randomness generation (DRG) process to establish secure sharding. The technology is unbiasable, unpredictable, verifiable and scalable.
• Harmony works with proof of stake mechanism which is more efficient than proof of work.
• As the staking requirements are adjusted based on total staking volumes, so malicious attack on single shards becomes difficult
• Cross sharding increases network scalability rapidly with proper consistency
• Randomness-based sharding makes it most secure too
Potential applications of Harmony
Harmony is powerful enough to be used to build various decentralized applications, high throughput market places. It can be ideal for games also as the platform is highly scalable and robust. An enterprise solution, which needs speed and security, can be built on Harmony platform too. Harmony has the true vision to throw cut-throat competition to the major Dapp platforms of today.
Staking POS cryptocurrency is definitely one of the smartest ways to earn passive income. Binance, the world’s largest cryptocurrency exchange, recently added staking feature and it is quite useful staking option. If you have Binance account, you can easily stake Harmony (ONE). Just go to the ‘Earn’ option and then ‘Deposit”. Binance provides estimated annual yield of 8-10% and minimum holding is 175 ONE.
Image Source - Binance website
Good to invest?
Harmony (ONE) was one of the projects, which was launched on Binance’s Launchpad. Mainnet has been launched recently. It is possible that the project will grow. It is already listed in some good exchanges. After mainnet launch, it did not create ripples but mainnet was successfully launched without hiccups. Remember, token swap is still going on. It is possible that, investor attention will increase when the token swap gets over. You can definitely watch harmony for investment closely. Recently they’ve shipped a non-fungible collectible dapp on mainnet with 100 community guests. Once the dapp eco-system grows, Harmony may rock!
Image Source – Coinmarketcap On chain analysis
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