So the scaling happens in all three aspects of machines, transactions, and storages. Harmony not only uses sharding to divide the network nodes but also the blockchain states. Each validator can have more than one key to sign multiple blocks in parallel. Besides, validators will be authenticated by this key, too. Harmony mainnet uses Boneh–Lynn–Shacham (BLS) signatures as constant-size solutions for committing blocks in each round of consensus messages.īLS key is the primary signature element and shows what the validator signs the block with. The EPoS protocol slashes validators who double-sign, and it penalizes elected but unavailable nodes, for example. Validators, as the most critical node operators in the Harmony network, have to meet some recommendations to continue working in the Harmony blockchain. The specific type of PoS in Harmony is called Effective Proof-of-Stake or EPoS that is focused on decentralization and fair reward distribution. PoS provides the basic needed functionalities in the fields of security and economics. The underlying structure of the Harmony network is based on a novel Proof-of-Stake mechanism. Within an epoch, the validators in each shard stay the same and run consensus repeatedly,” according to the whitepaper. “Harmony blockchain runs in epochs, and one epoch lasts for every 16,384 blocks, which is roughly 1.5 days in current block time. They should choose the goal validator, and if the validator becomes elected in the staking mechanism, they receive a portion of the block reward. Holders of ONE token can delegate their coins to validators. Validators get a predictable and straightforward return by participating in the network.ĭelegators are those who want to be in the staking program without running a validator node. Validators have voting shares in Harmony blockchain, and each bonded voting share means one vote for the validator in FBFT consensus. Its mechanism has two main parts, named Delegators and Validators. Stake delegation is a fundamental part of Harmony blockchain. Harmony also burns all transaction fees to offset the insurance and eventually reach zero inflation. But there will about a 3% growth rate for this cap in the long term. The economic model in the Harmony project caps the annual token issuance at 441 million. hmy CLI provides multiple features for users like creating wallets, checking balance, sending signed transactions to the mainnet, looking up previous transactions, recovering keys, etc. Other wallets include Trust Wallet, Ledger, Math Wallet, Sprout, Safepal and Guarda Wallet.Īlso, hmy Command Line Interface is available for users that can be used as a local wallet or a way to interact with Ledger Nano hardware wallets. Harmony Wallet that is a browser extension, is the official solution for storing the token. For storing One token, there are multiple choices available for users. Traders can trade ONE token with other cryptocurrencies and fiat money in major exchanges like Binance, Huobi, Gate, WazirX, Kucoin, Bitmax, Bistonic, Vitex, and Hitbtc. It is also the financial initiative for governing community, Pangaea. The native token in Harmony blockchain is called ONE and acts as an operational and governing coin in the community. The EPoS system in Harmony makes it more decentralized and supports features like stake delegation, reward compounding, and double-sign slashing. The Fast BFT (FBFT) mechanism in the underlying structure makes it possible for low transaction fees in this blockchain. The consensus procedure in Harmony is based on innovation from the development team called Byzantine Fault Tolerance (PBFT) which results in faster consensus for block transactions. This blockchain uses various security components to prevent attacks on the network. This technology has been proved for scaling without compromising decentralization and security. The most important aspect of this project is using sharding as the scaling technology. The community that governs nodes in this blockchain is called Pangaea. Harmony Project provides a blockchain structure with an open network of nodes for decentralized applications. Stephen TSE, Rongijan Lan, Nick White, and Sahil Diwan are some of the members. The team behind Harmony – that call themselves Harmonauts – consists of multiple software and blockchain engineers from major universities and companies around the world. Harmony uses the slogan “To scale trust and create” for marketing. The mainnet, launched in 2019, consists of four shards, each having 1000 nodes that produce blocks in eight seconds. The blockchainuses Effective Proof-of-Stake as the underlying technology. Harmony is a public blockchain with sharding infrastructure that focuses on speed and security in decentralized applications.
0 Comments
Leave a Reply. |