Harmony - the first sharding of PoS blockchain to launch staking

After updating the main network to support staking, Harmony becomes the first blockchain to successfullycombining sharding technology and the proof-of-stake mechanism.

Harmony's stake partners are the largest cryptocurrency exchanges such as Binance, BitMax and Kucoin, as well as professional validators represented by Blockdaemon, Stake.fish and Figment Networks.

Staking participants can expect an increase in the crypto portfolio of the $ ONE asset in the range from 45% to 15% per annum for the first year of functioning of staking.

The origins

In 2018, a combination of technologies of the consensus mechanism of proof of stake and proof-of-stake was announced as the only real solution for implementing the scaling of blockchains.

Projects like Ethereum 2.0, Near Protocol and Harmony have taken this approach to implement their intentions to increase throughput and reduce transaction costs without compromising decentralization.

Instead of a simple theoretical desire to achievethe promised result came the technical reality of the complexity of building such a system. The realities of 2020 show that no project has yet been able to implement the combination of sharding technologies and proof of stake. And only Harmony announced the successful update of the 4 shard core network with support for staking in May 2020.

Impact on the blockchain environment

To be the first among competitors — this is oneside of the coin, but the real question is: is a blockchain network architecture like Harmony’s really capable of performing the tasks that were announced? Harmony's current progress and testing results promise outstanding capabilities.

Harmony transactions complete in 8seconds, which is a welcome change over transactions on Ethereum that take minutes. Transaction costs are also significantly reduced. A transaction on Harmony will cost you only $ 0.000001, which in turn is more than 1 million times cheaper than transactions on the Bitcoin network.

Achieve these results without harmHarmony's network decentralization protocol allows sharding. The current Harmony network consists of 320 public nodes with subsequent plans to increase to 1000 external nodes by the end of this year. A contrasting example of scalability through decentralization can be seen in networks such as EOS, which have resorted to limiting the network to 21 nodes. In Harmony, as you can see, the opposite is true.

Share Proof Consensus Mechanism Networks(proof-of-stake) caused criticism from the community for the economic model in which “the rich get richer,” that is, the maximum share earns the largest number of tokens.

The latest Harmony Staking mechanism calledThe Effective Proof of Stake solves this problem by limiting rewards for large stakes and increasing rewards for small stakes.

Future

Now that work on developing the core protocolcompleted Harmony turns its attention to solving a much more serious problem called implementation and adoption. Harmony's EVM (Ethereum Virtual Machine) compatibility makes it easy for Ethereum developers to test the Harmony network. Also, a large-scale program of grants for developers is planned to develop additional functions of the protocol.

"Now that we have a proven battlebase layer, we will switch to further implementation with the same non-stop execution, which allowed us to launch the first sharding of the PoS blockchain ”, — said Harmony CEO Stephen Tse.

“Our scalability, speed and cost open up new scenarios for users to use our technology that have not been implemented by other blockchains before us.”

Harmony 2020 roadmap includestasks to achieve signing times of less than 8 seconds, moving to Community Governance and introducing into promising industries such as cross-border finance, verifiable privacy, and branded digital collectibles.

Partners

The launch of Harmony staking is supported by a large number of qualified validators and cryptocurrency exchanges.

Blockdaemon, Stake.fish, Staked.us, Wetez, Sesame Seed, Everstake and InfStones are among the 16 Harmony Staking partners, who are also top validators in the Tezos, Cosmos, EOS and TRON networks.

Cryptocurrency exchanges Binance, BitMax and Kucoin will provide a stake of the native Harmony crypto asset for users through the means of their platforms.

About Harmony

Harmony is a fast and secure blockchain fordecentralized applications. The Harmony protocol implemented secure and random state sharding. The Harmony Core Network consists of thousands of nodes in several shards and signs blocks in seconds with instant completion.

The Harmony Staking mechanism levels out centralization by supporting share delegation, rewards with complex interest, and clipping of double signatures.

Is the Harmony blockchain decentralized? Harmony's goal — build an open network of nodes that will be managed by a large community.

Project Official Resources

Website — https://www.harmony.one/
Twitter — https://twitter.com/harmonyone_cis
Subscribe to the Harmony email newsletter — http://harmony.one/newsletter
Telegram community — https://t.me/harmonyone_cis

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