In Harmony we trust

in #busylast year (edited)

why do we need the harmony blockchain

We already have so many blockchains right from Bitcoin and Ethereum to so many more that one may find it to be an ever increasing list and one feels almost spoilt for choice.
With so many blockchains it is becoming difficult to decide which to invest in and which to model our crypto business upon ?
So why do we need how many blockchains?
What any blockchain brings or should bring to its ecosystem is scalability and decentralization. Well at least that is the idea moving from the fiat world to the blockchain driven crypto space.
Let us see how this works in case of ethereum which ranks second in terms of market cap on the coinmarketcap.com website.
Based on Ethereum's reputation a company named Animoca decided to launch its cryptokitties game to run over the Ethereum blockchain.
As the game became popular the transactions sent to the ETH blockchain increased many fold. However to the dismay of both cryptokitties community and Ethereum users this caused an ETH blockchain traffic surge and all the trasactions based on the ETH blockchain experienced delays in and severe speed bottlenecks.
This points to an intrinsic drawback of the ethereum network that is lack of scalability.
This is where harmony blockchain comes into play.
Usually It is seen that there is a tradeoff between scalability and decentralization.
However the harmony blockchain uses an innovative technological concept to achieve both scalability and decentralization.
To incorporate this much higher degree of decentralization it incorporate a technology called sharding.
This technology basically breaks down the database into smaller pieces which can be handled by a network of relatively simpler and moderately less expensive machines.
With this approach harmony is emerging as a fully scalable provably secure andenergy efficient blockchain.
If you're wondering what could such a blockchain achieve in the real world environment then read on...

Harmony at a glance

Harmony aims to provide

  • Open infrastructure for the world data
  • Global skill Marketplace platform and
  • Create the opportunity and platform to build decentralized and trustless economies.

The current state of the harmony blockchain

On 28th June harmony has already launched it's mainnet which is a fully sharded POS blockchain.
To implement a hi degree decentralization , the harmony mainnet has 600 nodes.
This implementation places the harmony network in the category of top 15 decentralized networks.
Implementation of the harmony network aims to implement higher degree of decentralization and scalability by incorporating four shards with 400 nodes each.
This implementation would also include

  • A token swap to the native one token,
  • The staking smart contract, and the token transfers.
    With the launch of the mainnet The Harmony blockchain project figures in the list of top 15 decentralized block chain projects.
    That is not all, even while comparing with peers that use sharding, Harmony’s performance is far more impressive as compared to other projects which use sharding.

best pos.jpg

With the initial experience of cryptokitties, Animoca has decided to partner for its cryptokitties project with the Harmony network.

You can read about the Animoca & Harmony Partnership here

With its intrinsic worth proved the Harmony network blockchain is all set to embrace the challenges of scalability and decentralization and is phase wise opening up the doors of opportunities to the entire world.

node increase.png

The big opportunity to Run harmony mainnet masternode is available. The details can be found here.

It requires holding 100000 harmony one tokens in your wallet to run a Harmony mainnet masternode.
Currently those interested in running a masternode can find about it here :Harmony Press Release: Phase 2

harmony the 10x innovations blockchain

Harmony is a blockchain with the approach of implementing 10x innovations at the layer level.

Hormony has already achieved

full scalability

Secure sharding

Fast and efficient consensus

Adaptive threshold POS

Scalable networking infrastructure

Consistent alcross shard transactions

What is Sharding ?

Sharding is a process in which the computational responsibilities of a database are divided into smaller segments called shards.

These relatively simple tasks reduce the computational needs.

This process for breaking down computational tasks into smaller pieces thus reducing the overall computation power needs.

how harmony incorporates sharding?

There are two distinct approaches to sharding the academic approach and the industrial approach.
The Zilliqua network is industries defecto model.
Academic papers point out the intrinsic storage bottleneck and point out the possibility of corrupting individual shards.

This point of view forces the weakness of the Zilliqua protocol.

The harmony network incorporates both these point of views and based on this learning built its own linearly scaling and secure sharding scheme.

Harmony uses two kinds of chains

  • the Beacon chain and
  • Multiple shard chains

Job of the Beacon chain is to work like and identity register and it is based on the a randomness generator.
The role of the shard chains is to store the separate states of the blockchain and also process the transactions.
The foundation all these operations is a POS system.
Here the minimum number of votes is required as security threshold against any malicious actors.

harmony incorporates randomness in the Shading process

Process random number is mutually agreed upon to determine the shedding responsibility for each node

The random number agreed upon needs to be unpredictable, unbiasable, verifiable and scalable.

The sharding time interval

Epoch is the time interval in which the sharding conditions of fixed.
When one epoch ends and another one starts the conditions change.
This helps to enhance the security all the network

proof of stake sharding

Holding harmony one token give the holder one voting share.
Security is maintained to ensure that less then one third voting shares are malicious.
Such a system would be fault tolerant if less than one fourth for the system is malicious.

Guided by a dedicated team the sharding project is all set to create a blockchain ecosystem that is trustworthy, cost effective, linearly scalable, provably fair and highly decentralized.

Summary

The Harmony team is setting up an ecosystem where businesses can build their projects over the Harmony blockchain network.This would be a lot like Ethereum but in a much more cost effective, secure and scalable manner.

harmony ecosystem.jpg

For more info please refer the links below

Additional Resources:

[1] https://blog.ethereum.org/2014/07/05/stake/
[2] https://searchoracle.techtarget.com/definition/sharding