BLOCKCHAIN BUILT FOR 10BILLION PEOPLE
Scalability is the biggest barrier to blockchain mass adoption. We all except a future where we make daily transactions using bitcoin and other cryptocurrencies.
"I think when you go to Starbucks to buy a cup of coffee, and you try to pay with dollars, they will laugh at you because you are not using bitcoin or other cryptocurrencies. They'll laugh at you – it will be like the old lady paying out with pennies." ---Billionaire Tim Draper
However, from a realistic point of view, cryptocurrencies are far from achieving this. Bitcoin, eth and cryptocurrencies generally can't compete with traditional payment systems in terms of the number of transactions they can handle per second. If there is a rise in the number of bitcoin transactions, transaction time drastically increases and somethings take days even at high transaction fees. This is because bitcoin can scale for just 7tps, while Ethereum cam does up to 40tps but compared with the traditional financial borders solutions like Visa that can take up to 2000TPS, we know that new blockchain solutions are needed.
Different scaling solutions have string forth over the years with the aim to make crypto more scalable. A good example of such is the lightning network. One significant problem with lightening network and other scaling solutions are that; it either leads to centralization, or it drastically reduces the security of the blockchain. For example, there have been sound arguments of how lightening network will lead to centralization, less security and hubs which will be very identical to banks and banking systems we have as of today.
However, there has been one technique that is fully decentralized and doesn't compromise security too. It involves breaking datasets into smaller datasets horizontally. And it's called Sharding.
Sharding techniques are scalable and even more decentralized as more people join the network. TPS increases with increase in Nodes on the network. Simply put, as it becomes more decentralized, it becomes more scalable.
This brings us to the substance of this article. A fairly new blockchain project is using the technique to solves the scalability issue for this space and create a network that will be scalable enough for everyone in the world.
Harmony is the hottest project in the blockchain space currently, this is far from an exaggeration as it has just been listed on the lunch pad of the best cryptocurrency exchange in the world; Binance.
Harmony is a secure and fast blockchain created form 10billion people. It uses deep sharding in a peer-to-peer network.
The Harmony blockchain is designed for business and organizations to create tokens and dApps.
Harmony is a high-throughput blockchain, optimized from the networking layer up. Harmony is implementing full & secure sharding, which is more comprehensive than transaction-sharding projects.
Its sharding uses secure proof-of-stake and decentralized randomness, and its networking achieves optimal cross-shard routing and fast block propagation.
Harmony's vision is to have millions and billions of people participate in a decentralized marketplace. Harmony is the scalable public decentralized blockchain that will lead to mass adoption of blockchain.
KEY FEATURES OF HARMONY
Harmony implements deep sharding with innovations on both protocol and networking layers of blockchain by introducing:
• Highly scalable FBFT (Fast Byzantine Fault Tolerant) consensus using BLS (Boneh-Lynn-Shacham) multi-signatures.
• Secure distributed randomness generation protocol using VDF (Verifiable Delay Function).
• Sharding with adaptive Proof-of-Stake for strong network security.
• Kademlia routing and erasure encoding for optimal network performance.
THE HARMONY TEAM
A project is as good as his team. Ideas will remain ideas until you have the skills and experience to actualize them. The Harmony teams consist of the best more experienced developers and engineers that can bring this project to fruition.
The harmony team consists of engineers from Google, Apple, and Amazon. A PhD holder in mathematics and The team is located in Silicon Valley.
How can I join the Harmony community?
Join our main community channels:
Telegram Announcement: https://t.me/harmony_announcements
Writer: Oghenejivwe Patrick
Posted using Partiko Android