Harmony (ONE) - Blockchain Project

 

History of Harmony

A veteran engineer in cryptographic protocols, Stephen Tse, founded Harmony in 2017. The purpose was to provide an open, decentralized, and trustless blockchain platform for the global users of DeFi. Alongside Tse, there was a team of 20 other members who joined efforts in the evolution of the project. This team of founders involved experts with diverse experience in software development, machine learning, artificial intelligence, virtual reality, and blockchain technology.

 

With efforts to boost the adoption of the platform and gain more collaborators, the team began to hold consistent meetups in San Francisco. It started gaining the interest of multiple investors months after the launch and raised over $18 million after its fundraising project in 2019.

 

Harmony has been able to raise a progressive offline and online community. The project has been accommodating an increasing number of new users since its launch.

What Is Harmony (ONE)?

The growth of the DeFi ecosystem has been on a consistent rise as new innovations seem to be making the community more interesting for enthusiasts. Here is a guide on a scalability-focused blockchain project Harmony (ONE).

 

With many blockchain projects striving to give the best of services to DeFi users, Harmony (ONE) is one of those outstanding blockchain-based projects innovated to boost the efficiency of decentralization at scale.

 

Harmony is a blockchain project that allows users to create decentralized applications while utilizing the best of scalable and interoperable services. It opts to serve the decentralized ecosystem with a satisfactory and equated intensity of scalability and decentralization.

 

The platform basically aims at providing the option of creating marketplaces of fungible tokens and non-fungible assets, following an avenue for data sharing with user privacy. It has sought to introduce a sharing infrastructural system to facilitate proven security and speedy transactions for users.

 

Harmony is one of the communities hosted on the Ethereum (ETH) network. Thus, it considers it necessary to offer solutions to notable challenges limiting Ethereum. Harmony’s powered sharing infrastructure was introduced to remediate the scalability problem faced with the Ethereum network. Several blockchain projects have sought to attend to these challenges. However, it has mostly proven of no or little impact on the network. Hence, Harmony has proven to be unique and outstanding among others and an option for scalable and ultra-fast transactions.

What Is Harmony Trying to Achieve?

Higher transaction throughput is what should set Harmony apart from the likes of Ethereum and other blockchain solutions which are forced to achieve performance gains by sacrificing other features. Harmony developers describe competing solutions as unable to resolve scalability issues or provide support for applications which require high throughput performance, such as with gaming or decentralized exchanges. Similarly, blockchains such as EOS or IOTA tried replacing consensus models and introducing new tech, such as directed acyclic graph (DAG). All of these came at the expense of security and/or decentralization which Harmony aims to preserve by creating shards (groups) of validators that would be able to process transactions simultaneously. Based on this, the total transaction throughput should increase in a linear manner and in parallel with the growth in the number of shares. In September 2018, Harmony’s test net managed to achieve 118,000 TPS with some 44,000 nodes, with the hope to close the gap to the Visa’s 2,000 TPS daily.

Harmony’s consensus protocol goes for speed and energy efficiency. Much of the Harmony’s scalability and throughput promises rest on the ability of its Fast Byzantine Fault Tolerant protocol (FBFT) to employ parallel transaction processing to scale with the size of the network and effectively tackle its connection latency. Its network topology is designed to enable faster consensus reaching and message exchange. At the same time, Harmony features a kernel designed to run its protocol in a manner which allows a wider range of devices to participate in the consensus building, thus strengthening its decentralization. The deep sharing process itself relies on an adaptive proof-of-stake model based on distributed randomness generation (DRG) procedure, which is described as secure, easily verifiable, and scalable.