Harmony: Open Consensus for 10 Billion

over 4 years ago (Edited)

Introducing HARMONY: The Perfect Solution to the Blockchain Issues

Harmony is a modern blockchain-based project which provides the perfect solutions to the major problems being faced on the blockchain.
Harmony adopts a modern database technique called Sharding to provide a fully scalable and efficient ecosystem for major projects to thrive.

Sharding is the process of dividing a database’s computational responsibilities into smaller segments (called shards) which individually carry out their tasks, making the total burden of computation smaller.
This means that instead of tackling large computational tasks, they are broken into smaller chunks which are easier to process.

Source

This top-notch technique has proved to be a perfect solution to the problem of scalability and has been leveraged in recent years by major data mining organisations to improve the workability of their databases.
Zilliqa in 2017, achieved massive progress with the sharding technology when a throughput of 2,800TPS was achieved. This fascinating record was achieved with the Proof-of Work (PoW) consensus.
With that being said, it is important to note that, Harmony's ability to leverage the Sharding technology as well as the ultra-modern Proof-of-Stake (PoS); which has been proven to be 10 times more efficient than the Proof-of-Work (PoW) consensus, makes this newly launched Project (Harmony) the best currently in the whole cryptocurrency-sphere.

Benefits that makes Harmony better than Others

1. Scalability:

Before now, the problem of scalability has been the major challenge of the blockchain industry. Bitcoin; the first cryptocurrency, after its launch in 2008 brought about massive change to the world's financial system. This disruptive technology created a channel through which smooth internet financial transactions could be facilitated without any interference from a third-party intermediary. It was almost perfect, except for the that it's scalability level was poor and only 7 transactions could be made per Second.
Subsequent crypto-based projects live Ethereum, EOS, to mention a few, have put in massive effort to solve the problem of scalability but only little progress have been made.
Harmony have broken all odds to become the first project in the cryptocurrency-sphere to. combine a fully efficient algorithm of sharding technology and Proof-of-Stake (PoS) consensus which provides scalability at its best. With a fascinating throughput of 118,000 TPS achieved on their first testnet program, Harmony is obviously the "King of Scalability".

2. Security:

No cryptocurrency enthusiast is oblivious of the fact that, one major benefit that Blockchain provide to any system is Security.
Harmony, through the help of Blockchain technology provides a fully secured eco-system. To every partitioned single Shard chain on the Harmony blockchain, a special security protocol has been engineered to defend against any malicious intrusion. The Harmony System has been designed in such a way that if a particular node is under attack, it doesn't affect other nodes from functioning, till the attack has been neutralised.

3. Consensus Mechanism

Before now, the Proof-of-Work (PoW) consensus was used by several Blockchain-based projects to help maintain an efficient eco-system. However, this became old when the Proof of Stake was introduced.
This modern consensus offers efficiency, flexibility, scalability and security, all in one package. Harmony works with this modern technology to provide the necessary benefits befitting of a top-notch project.

Token Information

Project Roadmap

Use Case

PayGo, an online banking platform, have a reputable status of delivering the best services, of all banks operating in West Africa.
Their top class services brought the interest of major business tycoons who planned to invest several billions into the bank. This great opportunity came with a huge task for the banking team.
Greg, the head of IT unit was tasked with upgrading the bank servers to be able to cope with the new system which the bank were planning to operate.
Greg ran a technical analysis to determine the best method feasible for the upgrade, but
wasn't coming up with anything tangible. After several weeks of research, he discovered about Harmony, and decided to leverage this modern technology.
Harmony gave the best services the bank could have ever wished for. Three weeks after the upgrade the investors were impressed with the services of the banks and decided to invite close associates to invest.

Conclusion

The Blockchain industry since its inception, has struggled to gain grounds in the world's major sectors. Several bottlenecks which this industry have struggled with in recent years has been the major factor stunting its development and full adoption into our world's financial system.
Harmony has brought the much deserved change needed in this industry, after over a decade of long wait.
Harmony, no doubt has brought great hope to the future of the Blockchain Industry. PayGo bank became the largest online bank in West Africa in just two months after the upgrade.