Crypto Mufasa
Advertise
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
  • Login
  • Register
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
Crypto Mufasa
No Result
View All Result

Home » What Is Harmony Blockchain?

What Is Harmony Blockchain?

Hania by Hania
June 7, 2022
in Beginner Guides, Ethereum News, General News
Reading Time: 5 mins read
A A
0
The American cryptocurrency company Harmony was the victim of a theft of $100 million.
Share on FacebookShare on Twitter
ADVERTISEMENT

Table Of Content:

Toggle
  • What Is The Crypto Trilemma?
  • Harmony Foundation Solutions
  • The Workings Behind Harmony
  • ONE The Native Currency
  • Interoperability In Harmony
  • EVM Compatibility
  • What does Harmony Have To Offer Us?
  • Present And Future Of Harmony

Harmony is a blockchain platform focused on the development of decentralized applications (DApps). Like other new blockchains, such as Polygon or Solana, Harmony offers higher scalability and a better consensus system than the Ethereum blockchain.

Through a sharding structure, the Harmony blockchain is more secure and faster in decentralized application development. Harmony’s goal has been from the beginning not to separate from the Crypto Trilemma.

Let’s see a little more of the Crypto Trilemma.

What Is The Crypto Trilemma?

While it is a topic that has been talked about quite a bit in the crypto community, it is good to see this concept again.

You May AlsoLike

Polymarket Bets

March 2025 Polymarket Bets Boom for Bitcoin, XRP, ETH, AI, and DOGE – The Future of Cryptocurrency Trading!

March 1, 2025
Ethereum’s Pectra Upgrade

3 Essential Insights from Recent Developer Call on Ethereum’s Pectra Upgrade

March 1, 2025

Trilemma can be graphed as an equilateral triangle, which has all equal sides. In each angle, we observe a concept and the sides are the tension between them.

The objective is to keep each angle and side equal in size. We achieve this if each concept, or angle, holds equal importance.

The blockchain ideal tells us that the trilemma should be:

  • Safe
  • Decentralized
  • Scalable
    What Is Harmony Blockchain?

The above analogy leads us to think that none of these concepts should be increased to the detriment of the other, so that the triangle maintains its shape, ergo the network respects the trilemma.

Now, let’s see how Harmony manages to maintain an equilateral triangle, giving equal importance to each of its sides.

Harmony Foundation Solutions

You have probably heard or read what are the proposals that, since the very gestation of the blockchain, the Ethereum Foundation foresaw to scale of Ethereum, in the project named “ETH 2.0”.

The modifications, if we mention those that are taking the greatest efforts by the development team and, will also be those that generate the greatest impact, are two:

  • Moving from a Proof of Work network to a network with Proof of Stake consensus
  • Use the Sharding technique, to divide the main chain of Ethereum into several sub chains, dedicated to specific topics

Harmony’s team, which debuted its network in 2019, has been working on these features since the beginning. However, they did not solely rely on the Ethereum Foundation’s research and instead enhanced and adapted these unique concepts to provide the best feasible solution.

Let’s delve into the workings behind the Harmony blockchain.

The Workings Behind Harmony

So far we know that Harmony is an EVM compatible blockchain, that organizes its structure through the Sharding technique and that it creates and validates its blocks through Proof of Stake consensus. All this, without losing sight of interoperability.

Now, let’s go in parts to understand how each of these solutions apply to the network.

Sharding In Harmony

When we talk about Sharding, we talk about a data management or handling technique. It is a way of distributing data storage. One could also say that it is a way of expanding decentralization.

Are blockchains, nevertheless, not decentralized? Sure, but consider the following scenario. Unique blockchains include Ethereum, Bitcoin, and Terra, to mention a few. Your entire profile is saved as a single string. When used in blockchain, sharding allows us to establish sub-networks called “shards” that contain special blockchain information.

What is Harmony’s approach to sharding?

We discover four separate shards. The “shard 0,” also known as the Beacon Chain, is responsible for connecting the data from the other three shards. The intriguing part is that each “shard” retains its own state, and when making “cross shards” transactions, the states are aligned, preventing “double-spending.”

How can sharding help to scale Harmony? Consider the following scenario. Each “shard” in Harmony has 1000 nodes that are distributed and assigned to it. This gives us a total of 250 nodes per shard, with 1,000 transactions per second being feasible in each of them.

Proof Of Stake In Harmony

The Proof of Stake consensus stipulates that the network’s blocks are created by individuals known as validators. These give their economic power through “stake” in exchange for participating from this location (blocking certain amounts of coins as a kind of guarantee).

Although in the network there is no sanction for “slash” or loss of stake, malicious actions are penalized with the loss of the validator position.

ONE: The Native Currency

What Is Harmony Blockchain?

Harmony has its own native currency, identified as ONE, which, as in any network whose consensus is Proof of Stake, fulfills the main objective of providing security.

We know two types of characters as a result of this. Those who delegate their ONE in exchange for a payment, and those who receive it and are responsible for validating and producing blocks in the blockchain.

The operation of this consensus is governed by 24-hour time periods. Validators who hit the 1,000 mark are randomly assigned to a new shard at the conclusion of each epoch.

Of course, the allocation to create a new block is also random and the Harmony algorithm ensures that even the validators with less economic power, and fewer number of staked ONEs, can participate in the network.

All of this results in a new block on this network taking just about two seconds to create.

Interoperability In Harmony

One of the cornerstones to the ecosystem’s continued growth is communication between decentralized chains. Harmony provides their users with a highly user-friendly bridge.

Today this bridge allows us to connect with the Ethereum and Binance Smart Chain networks. However, a strategic alliance with the Terra network allows us to use the latter’s bridges to connect both networks. In this way, UST, the stable coin of Terra, landed on the Harmony network with great adoption and wide utility.

EVM Compatibility

Because an EVM-compatible network uses the same code as the Ethereum network, it is “easy” to launch apps that are already running on that network.

Developers of decentralized platforms, after making some adjustments, can deploy them on the Harmony network and benefit from the advantages of this network.

Without a doubt, the structure of Harmony increases the difficulty, compared to other compatible EVM networks that are literal copies of Ethereum, but the tools, such as SDKs for developers, facilitate this transition.

What does Harmony Have To Offer Us?

We now comprehend how the Harmony team was able to develop a blockchain that adheres to the crypto trilemma. But what does this network have to offer us as users?

Well, first of all, it is a blockchain that supports multi-purpose smart contracts. Therefore, it offers us from a growing DeFi ecosystem to NFT projects, even achieving combinations of both.

But all of this comes with a set of blockchain advantages, and these are:

  • Transactions with a cost of $0.000001
  • A new block every two seconds
  • 1,000 validators
  • 4 different shards
  • Connections with other blockchains
  • Established DeFi Platforms
  • Security and decentralization

These are undoubtedly characteristics that any user, whether new or experienced, will appreciate.

Lastly, it is noteworthy that the team behind Harmony issued grants worth $300 million to those interested in building on the network.

Present And Future Of Harmony

Beyond the technological references, the fluid, cheap and fast operation of the Harmony network, it is important to observe who is keeping an eye on this network.

Giants of the DeFi industry begin to dump their platforms on the network. The arrival of Sushi Swap is a good example in this regard.

Connections with networks such as Terra make it easier for users to mobilize their capital efficiently and at low cost.

The future of Harmony will be tied to the strategic decisions made regarding alliances and attracting new users. Without a doubt, the future looks extremely promising for this blockchain.

Tags: blockchain TechnologyDAppsTrilemma
Share76Tweet47
ADVERTISEMENT
Previous Post

What Is Play-To-Earn And How To Cash Out

Next Post

All About The Layer 1 In Blockchain

Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

Related Posts

Polymarket Bets
General News

March 2025 Polymarket Bets Boom for Bitcoin, XRP, ETH, AI, and DOGE – The Future of Cryptocurrency Trading!

March 1, 2025
Ethereum’s Pectra Upgrade
General News

3 Essential Insights from Recent Developer Call on Ethereum’s Pectra Upgrade

March 1, 2025
Cramer Suggests Saylor Should Plan for a Strategic Bitcoin Reserve
General News

Cramer Suggests Saylor Should Plan for a Strategic Bitcoin Reserve

February 28, 2025
MetaMask Ethereum Wallet Expands Support for Both Bitcoin and Solana
Crypto Wallets

MetaMask Ethereum Wallet Expands Support for Both Bitcoin and Solana

February 28, 2025
Bitcoin Bull Run Could Continue, says CryptoQuant CEO - Unless This Critical Threshold Is Breached
General News

Bitcoin Bull Run Could Continue, says CryptoQuant CEO – Unless This Critical Threshold Is Breached

February 28, 2025
Solana Futures Launch at CME Boosts Price Amid High Demand
General News

Solana Futures Launch at CME Boosts Price Amid High Demand

February 28, 2025
Next Post
All about the LayAll about the Layer 1 in blockchainer 1 in blockchain

All About The Layer 1 In Blockchain

Discussion about this post

Live Prices

Stay Connected

You May Also Like

  • MetaMask Ethereum Wallet Expands Support for Both Bitcoin and Solana

    MetaMask Ethereum Wallet Expands Support for Both Bitcoin and Solana

    196 shares
    Share 78 Tweet 49
  • Why the Bitcoin Halving Is Happening Sooner Than Anticipated

    236 shares
    Share 94 Tweet 59
  • Solana Futures Launch at CME Boosts Price Amid High Demand

    191 shares
    Share 76 Tweet 48
  • Cardano (ADA) Staking Now enabled by Trust Wallet

    190 shares
    Share 76 Tweet 48
  • March 2025 Polymarket Bets Boom for Bitcoin, XRP, ETH, AI, and DOGE – The Future of Cryptocurrency Trading!

    195 shares
    Share 78 Tweet 49
  • About Us
  • Contact Us
  • Work With Us
  • Privacy Policy
  • Terms Of Service

© 2022-2024 CryptoMufasa - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

*By registering into our website, you agree to the Terms Of Services and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Price Predictions
  • Google News

© 2022-2024 CryptoMufasa - All Rights Reserved!

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Don’t Miss Out on the Best in Crypto!

Stay ahead with a weekly digest of the top news and insights—no spam, no ads, just the essential updates delivered straight to your inbox. Subscribe now for valuable content you can trust!

johnsmith@example.com
subscribe to email

Never see this message again.