Harmony with the token ticker of ONE is here! It is the next revolution in the world of blockchain.

Recent release of its Mainnet on 28 June and a successful IEO on Binance DEX followed by a listing on KuCoin some days back, ONE has been received very well by the market.

Why Harmony?

Harmony has observed and studied all major existing blockchain protocol and found that even established blockchains like Ethereum and Bitcoin suffer from performance limitations. Several other blockchain projects founded after these have proposed various solutions in their attempt to increase the throughput

Considering the energy requirement in Proof-of-Work (PoW) consensus, many of these projects have preferred to replace it with Proof-of-Stake (PoS) consensus. Some like EOS adopted Delegated Proof-of-Stake (dPoS) whereas IOTA & Obyte adopted Directed Acyclic Graph (DAG) technology overcoming the limitation of sequential processing of transactions. Unfortunately, all these solutions can't make any significant performance gain without compromising on other vital aspects like security and decentralization.

E.g. I'm writing this post as a draft first and then publishing it on the Steem blockchain. Imagine, if I want to publish every single letter I type on the blockchain. How many transactions it would create on the Steem blockchain? Or imagine, all 7.2 billion people on Earth are connected to one blockchain through some dapp that require them to transact on it frequently? When a few thousand people can create millions of transactions, how many transactions 7.2 billion people would create? Can any blockchain today process so many transactions without compromising on speed, security and decentralization?

The Solution

Harmony strives to create right balance by preserving the security and decentralization of the network while providing sufficient scalability by deploying the sharding technology.

Sharding and pipelining to parallelize transactions helps in speeding the computation by breaking it into several small segments called shards and processing those segments independently on different computers. Therefore all shards can be concurrently processed and finally resharded at the end of the Epoch i.e. 24 hours.

This FBFT (Fast Byzantine Fault Tolerance) consensus mechanism using BLS multiple signatures is highly scalable to attain a great throughput in transactions. In addition to this, unlike ZIliqua, Harmony not only shards network communication and transaction validation but it also shards the blockchain state resulting in lower storage needs. This makes Harmony a fully scalable blockchain.

With its uniquely designed Effective Proof of Stake (EPoS) consensus, it makes for a fair distribution of mining rewards without encouraging centralization of stakes in few hands. This system is more sustainable and plausible than PoS consensus being adopted by other recent blockchain projects.

Look at this comparative chart with other blockchains who also use sharding technology:

All these makes Harmony a fair, fast, secure and decentralized blockchain. It has already registered about 800 mining nodes (200 external) and it hopes to get it to 1600 nodes by Phase-2. So if you're looking for mining ONE, you should get registered for a node as there are currently bonus rewards on offer. All 1600 nodes get a share of 1 million ONE daily for running the node. And you need not be a techie for running its nodes. It is super-easy to set up one They even provide a one-click set-up method and there is a huge community support for it.

According to CoinMarketCap, ONE has over $26 million market cap as on today. And this is just the beginning.

The project has a strong and qualified team that is spearheading this innovation. Now when its Mainnet is already released, we expect to see several unique dapps, that are on the look out for a fast, secure and decentralized blockchain, to move on this blockchain.

In my humble opinion, Harmony has come up with the best blockchain design to date. I'd like to see DEXes, casino games, online marketplaces, VR games etc. being deployed on this blockchain. It will make everyone experience the difference this new technology is bringing about in this world.

My best wishes to the Harmony team to continues steering ahead this blockchain revolution!