Harmony [ONE] – What is it and how it works?
Harmony is a blockchain public with fragmentation infrastructure which focuses on speed and security in decentralized applications.
The blockchain uses the proof of stake as the underlying technology. Launched in 2019, the core network consists of four shards, each with 1,000 nodes that produce blocks in eight seconds.
The team behind Harmony, who call themselves Harmonauts, is made up of multiple software and blockchain engineers from top universities and companies around the world. Stephen TSE, Rongijan Lan, Nick White and Sahil Diwan are some of the members.
Harmony Project provides a blockchain structure with an open network of nodes for decentralized applications. The community that governs the nodes in this blockchain is called Pangea.
The most important aspect of this project is to use the fragmentation as technology of scale. This technology has been proven to scale without compromising decentralization or security. This blockchain uses various security components to prevent attacks on the network.
The consensus procedure at Harmony is based on the innovation of the development team called Byzantine Fault Tolerance (PBFT) which results in faster consensus for block transactions.
The mechanism Fast BFT (FBFT) in the underlying structure makes low transaction fees possible on this blockchain.
The EPoS system in Harmony makes it more decentralized and supports features such as stake delegation, reward composition, and double signature reduction.
ONE: Harmony's Token
The native token on the Harmony blockchain is called ONE and it acts as an operating and governing currency in the community.
Traders can exchange ONE tokens with other cryptocurrencies and fiat money on major exchanges like Binance, Huobi, Gate, WazirX, Kucoin, Bitmax, Bistonic, Vitex and Hitbtc.
To store a token, there are multiple options available to users. Harmony Wallet, which is an extension of the browserr, it is the official solution to store the token. Other wallets include Trust Wallet, Ledger, Math Wallet, Sprout, and Safepal.
Additionally, the hmy Command Line Interface is available to users who want to use a local wallet or a way to interact with Ledger Nano hardware wallets. hmy CLI provides multiple functions for users, such as creating wallets, checking balances, sending signed transactions to the main network, searching for previous transactions, recovering keys, etc. OSX, Linux and Windows support hmy CLI.
The economic model in the Harmony project limits the annual issuance of tokens at 441 million. But there will be a growth rate of around 3% for this long-term limit. Harmony also burns all transaction fees to offset insurance and eventually achieve zero inflation.
Stake delegation is a fundamental part of the Harmony blockchain. Its mechanism has two main parts, called Delegators and Validators.
Validators have voting shares on the Harmony blockchain, and each voting share means one vote for the validator in the FBFT consensus.
Delegates are those who want to be in the stakeout program without running a validation node. ONE token holders can delegate their coins to validators.
They must choose the target validator, and if the validator is chosen in the stakeout mechanism, they will receive a share of the block reward.
“The Harmony blockchain runs in epochs, and one epoch lasts for every 16,384 blocks, which is approximately 1.5 days in current block time. Within a time, the validators in each fragment remain the same and repeatedly reach consensus, "according to the white paper.
The underlying structure of the Harmony network is based on a new proof of stake mechanism. PoS provides the necessary basic functionalities in the fields of security and economy.
The specific type of PoS at Harmony is called Proof of Effective Participation or EPoS that focuses on decentralization and fair distribution of rewards.
Both validators, and the most critical node operators in the Harmony network, must comply with some recommendations to continue working on the Harmony blockchain.
The EPoS protocol cuts validators that sign twice, and penalizes chosen but unavailable nodes, for example.
BLS signature algorithm
Harmony mainnet uses Boneh – Lynn – Shacham (BLS) Signatures as constant-size solutions to commit blocks in each round of consensus messages.
The BLS key is the primary signing element and shows what the validator signs the block with. Furthermore, validators will also be authenticated by this key. Each validator can have more than one key to sign multiple blocks in parallel.
Adaptive Fragment of the State
Harmony not only uses fragmentation to divide the network nodes, but also the blockchain states. Therefore, scaling occurs in all three aspects of machines, transactions, and storages.
Harmony uses cryptographic randomness to re-fragment the network for total security and resistance against single fragment attacks.
Each shard has 250 nodes to protect the shard against so-called Byzantine attacks. Also, the verifiable random function (VDF) is used in the partitioning structure.
Many exchanges, wallets, and investor groups create a strong ecosystem around the Harmony project. We talked about exchanges and wallets in the ONE token section.
Staker groups are other vital members of the ecosystem. Many of them support ONE staking alongside other cryptocurrencies. Blockdaemon, Stakefish, Staked, Figment Networks, P-Ops, Chainode Tech, and FreshONE They are some of the stakeholder groups for the ONE token.
The team behind Harmony has partnered with multiple blockchain projects. Some partners support ONE token in their operations, and others are supporters or development partners in the Harmony community. Animoca Brands, Quidd, Lymmpo, Ankr, Safehaven, Incognito, Debrief and IBC Media they are some of the most famous partners.
Many big names in cryptocurrency and the blockchain exosystem back the Harmony project with investment. Anmi Group, Binance Labs, Coinfund, QTUM, DACM and Hayek Capital are some of them.
Harmony attempts to bring blockchain usability and features to real-world economic use cases.
Although the free economy is the promise of many blockchain projects, Harmony tries to achieve it more efficiently by using trusted trusted components, such as fragmentation and PoS infrastructure.
The roadmap shows definitive signs of real-world applications, and we can expect good news from the project.
- Official Web site: https://www.harmony.one/
- Twitter: https://harmony.one/twitter
- Youtube: https://harmony.one/youtube
- Reddit: https://harmony.one/reddit