Hello friends, here I bring my participation to the CateredContentcontest, where this time we will talk about Harmony, a new decentralized blockchain specialized in linear scalability, which seeks to solve many of the current problems.
Another very important feature is linear scalability, something that has put a crush on important cryptocurrencies such as Ethereum that has had serious scalability problems greatly delaying transactions, and since blockchain networks continue to grow, this is not expected to improve for networks that do not guarantee scalability.
Most projects that require a blockchain-based infrastructure need the following:
How is Harmony safe?
Blockchains based on Proof-of-Stake have the disadvantage that someone with malicious intentions can obtain power, however thanks to the revolutionary Blockchain based on fragmentation this is not possible because there are times between fragmentation that allows to determine the staking requirements according to the participation of each and the volumes, in addition to that with few votes you can identify and ban them.
How Harmony is reliable?
As I said earlier in the Proof-of-Stake with the simple act of buying shares you have the right to make the decisions, however Harmony decided to adopt a variant of the Proof-of-Stake which consists of choosing “validators” who are in charge to keep valid all the fragments that occur in the Blockchain, how can you become a validator? Well it will depend on your performance during the times.
How is Harmony scalable and fast?
The Harmony Blockchain, as I said before, is based on fragmentation but maintaining as a base a beacon network that has different functions:
- Assign validators to different fragments through the generation of random numbers.
- Accept new validators depending on their effectiveness.
The cross-linking between the fragments will give us a new function: logarithmic scaling being multiples of 10, which will give us much more fragments.
How is Harmony economical?
The economy results from the combination of two predominant factors: Proof-of-Stake and fragmentation.
The Proof-of-Stake allows intrinsically less energy consumption and processing as in other Blockchain networks, because the possibility of finding blocks to process will depend on the participation in assets in the same blockchain.
Fragmentation consists of dividing the computational processing into small parts, with each one acting individually using only a small computational load, making it easier to process large computational tasks.
Use case 1
Christian owns a pet store, which has had a resounding success especially in social networks that spread throughout the country creating a franchise, where they organize events for pets. During the success Christian has the idea of marketing both services to pets and products to be paid in cryptocurrencies but at the same time he wants to use a unique Blockchain, but having hundreds of buyers per minute he needs a robust scalable blockchain that allows him to handle everything the volume, so he bumps into Harmony with which he has been able to perform all transactions successfully.
Use case 2
Daniel is passionate about programming and video games. Coincidentally, the owner of the pet franchise is Christian's friend so they decide to associate and create an online video game alluding to pets, so he needs a platform which would process all the video game information in real time, so It requires a fast blockchain that allows the video game to work and this is where Harmony comes in.
Use case 3
Daniel is associated with José, a connoisseur of advertising and digital marketing, who recommends an Airdrop through videogame tasks, which would greatly help advertising, however two problems occur:
- the verification of tasks.
- distribution of the token Both tasks require great processing and speed so Harmony came to solve both problems.