Exploring alternative cryptocurrency projects can be beneficial if you’re looking for fresh options or crypto use cases. Perhaps you’ve already heard of the Harmony network or read about it in the crypto press. To assist you in learning more about the project, we’ve summarized its history, essential points, and opportunities for you to get involved.
What is Harmony-Crypto, and how does it work?
Harmony Crypto is a decentralized blockchain platform that promises to solve the problem of obtaining both scalability and decentralization without abandoning either.
Harmony (ONE) launched in May 2019 as part of Binance Launchpad’s initial exchange offering (IEO). It is intended to act as a link between scalability and decentralization initiatives. It was founded on the principle of “decentralization at scale,” stressing data sharing and the development of fungible tokens and non-fungible asset exchanges.
Additionally, Harmony claims to deliver high throughput while keeping two “lows” in mind: latency and costs. When they merge, they are intended to place the platform at the core of efforts to lay the framework for future decentralized trustless economies.
How does harmony work?
By using random state sharding, Harmony Crypto accomplishes scalability while also speeding up transaction and block generation. The network uses random state sharding to divide the database into smaller sections called shards to reduce latency. Sharding allows for near-instantaneous transactions while also avoiding network congestion.
Harmony sharding divides the network into four parallel pieces. Customers can select which shard they want to use, distributing the workload throughout the network. Each shard is responsible for its validation, transactions, block production, and staking. Harmony is aided by sharding because of the following reasons:
• A validator doesn’t need to keep a complete copy of the blockchain’s transaction records.
• To prevent hostile shard takeovers, validators are allocated randomly to shards. Validators and leaders will most likely switch shards after each Epoch.
BLS Keys are a type of validator with a limit of 250 slots per shard in Harmony. To accommodate future network demand, the number of shards and validators can be increased as necessary. Shard 0 is the Beacon Chain, which serves as a communication hub for Shards 1, 2, and 3. Transaction timings will be around two seconds regardless of the shard used.
The Beacon Chain sees the most action at the moment. Cross-shard support isn’t yet complete, but it’s on the way. Smart contracts will be able to communicate between shards in the future by sending messages directly between nodes, thanks to cross-shard communication.
What Is the Goal of Harmony?
Harmony Crypto was built on the premise that no platform had achieved a satisfactory balance of decentralization and scalability. On this basis, it wants to deliver on the following objectives:
• Harmony’s goal is to eliminate the structural constraints that prohibit cryptocurrencies from becoming actual digital money. This largely relates to the scalability issue, which Bitcoin encountered as its popularity grew, resulting in higher performance and increasing costs associated with the use of the bitcoin payment system. Rather than this, Harmony will utilize deep sharding technology, which will cover transaction confirmation and network connectivity and the state of the blockchain.
Its bid for full scalability is predicated on abandoning the modular method in favor of attempting to resolve consensus “at scale.” This comprises improvements applied across several layers of consensus methods, networking, and systems to increase performance while maintaining decentralization.
• Harmony should be distinguished from Ethereum and other blockchain solutions by its higher transaction throughput, which is compelled to sacrifice other features to achieve performance benefits. According to Harmony engineers, competing alternatives are unable to handle scalability difficulties or provide support for high-throughput applications, such as gaming or decentralized exchanges.
Similarly, blockchains like EOS and IOTA attempted to replace consensus mechanisms with innovative technology like directed acyclic graphs (DAG). This occurred at the sacrifice of security and decentralization, which Harmony attempts to retain by dividing validators into shards (groups) that can execute transactions in parallel. As a result, total transaction throughput should expand linearly and in lockstep with the number of shards.
• The consensus protocol used by Harmony is optimized for speed and efficiency. Much of Harmony’s scalability and throughput claims are predicated on the protocol’s ability to leverage the network’s size and properly address connection latency. Its network topology is structured so that consensus and message exchange is facilitated more quickly.
Simultaneously, Harmony includes a kernel that enables a broader variety of devices to engage in consensus formation, hence enhancing its decentralization. The technique of deep sharding is built on an adaptive proof-of-stake model based on a distributed randomness generation (DRG) procedure that is touted as secure, easily verifiable, and scalable.
What is the best way to purchase Harmony ONE?
The most convenient way to buy Harmony is to use a cryptocurrency exchange; Following are the steps to purchase Harmony ONE:
• Cryptocurrency exchanges that support ONE: Fees, security, and payment methods differ between cryptocurrency exchanges, so you’ll need to do some research to find the one that’s right for you. When you’re a novice, you wouldn’t need a lot of features, and you can easily switch exchanges afterward.
• Create a platform trading account: Register to the exchange’s website. Click “sign up,” which will take you to a screen where you can fill out your details, including your name, email address, and proof of address, among other things.
• To fund your account, follow these steps: To buy Harmony, you can use a bank transfer, credit or debit card, or Bitcoin from a cryptocurrency wallet to finance your account.
• Then, enter the amount you wish to spend on Harmony and click “buy.”
As considerable work remains, the Harmony Project has been hailed as a solution to inadequate scaling and interoperability and a beneficial basis for DApp developers looking to grow their apps and transactions. Harmony intends to be a leading cryptocurrency network renowned for its speed and efficiency, and it is well on its way to accomplishing that goal. The platform lives up to its cheap gas and transaction costs promises. As is the case with other cryptocurrencies or platforms, ONE will rise in value as Harmony gains traction. Perhaps in the future, in addition to purchasing, selling, and staking, we’ll see further use cases for Harmony ONE.