In 2008, blockchain technology was discovered, and crypto money could be built on this technology. This new discovery has aroused great excitement. Because without a bank or financial institution, it turned out that it was possible to transfer value or data from one person to another (P2P) cheaper and faster.
Shortly after the discovery of new technology, various problems and deficiencies began to emerge. The most popular crypto money, Bitcoin'nin performance problems began to emerge. When the network was stalled, the system slowed down, and therefore the processes became expensive and slow. In 2014, a developer named Vitalik Buterin suggested a new blockchain structure called Ethereum. Based on smart agreements created by active developers, this new blockchain structure could not solve the scalability problem. High efficiency could not be achieved in applications where the high number of transactions such as the transactions of games or non-central stock exchanges.
Later, many blockchain projects offered a variety of suggestions for solving the speed and wage problem. The aim of the solutions was to focus on the issues caused by a large number of transaction volumes. Several projects suggested replacing the PoW consensus as a blockchain work proof; replacing it with the PoW consensus. Projects such as IOTA have replaced the blockchain data structure with a DAG ( directed activity chart); that is, the data structure that disrupts the limitation of queued operations. Projects like EOS suggested that other blockchains be selected by voting for the delegate evidence, unlike an algorithmic process on the chain.
However, each of these solutions can not make significant performance gains without significant concessions because the resolution of decentralization and scaling problem remains essential. There are several suggestions for the solution of the problem, but there is no solution to the problem.
100% secure transactions must be obtained during storage or updating of these data.
First of all, it is an entirely scalable system with a safe, low energy requirement. The system developed should include the following features::
• The system must be fully scalable.
- Safe shielding must be done. Distributed unbiased randomness)
• It should be efficient and can be done quickly.
• Must have an expandable network structure.
• The necessary pile threshold of the nodes to join the network should be kept low, and the network participation should be facilitated.
- Cross-shielding and atomic locking mechanism must be used to ensure consistency in transactions.
Unlike most existing protocol projects, Harmony is PoS-based. Therefore, it saves energy. Scalability uses a multi-signature (BFT) inspired by Byzcoin to solve the problem. Multiple signatures are only a one-way and one-way process. For this reason, FBFT is 50% faster, providing two round-trips and round-trip to validate various single signatures.
Harmony builds a next-generation blockchain network to solve existing problems. BFT algorithm scaled linearly with the number of nodes by using the node from the network layer protocol that provides authentication and reaches hundreds at a time are taking advantage of quick. (https://harmony.forward/)
Both the depth and scope of the project is far more than the subject of an article. For this reason, you can search and decide on your own by using links with the project. The project focused on solving critical problems in the blockchain network and produced solutions for this. As you will see when you examine the founding team, you will know that it is the work of a group of 12 people who are experts in their fields. This powerful and experienced team is working on the next generation blockchain network, and the importance of the project comes from here.
Author: Ali Olgun
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