What is Harmony One? Tokenview
Harmony (ONE) is a decentralized blockchain-based platform that offers tools and functionalities for creating, hosting, managing, and using Dapps with maximum scalability and interoperability. Harmony is the layer2 chain to offers solution to resolve Ethereum's current limitations.
Visit Tokenview Harmony Block Explorer to get more information about Harmony One.
Harmony has a token called Harmony ONE. The name Harmony highlights the company’s goal of assisting billions of people worldwide through open consensusal methods. The Harmony One money is used to pay for voting, transaction fees, gas charges, staking, and earning rewards.
How Does Harmony Work?
Through the use of random state sharding, Harmony improves scalability and speeds up transaction and block generation. Random state sharding allows the network to divide the database into smaller segments called shards to reduce latency. In addition, sharding allows for near-instantaneous transactions while avoiding network congestion.
The sharding technique is based on a distributed randomness generation procedure that uses an adaptive proof-of-stake (PoS) consensus mechanism. Security, scalability and simple and easy verification are all possible with this combination.
Fast Byzantine Fault Tolerance protocol (FBFT) is a variant of the BFT protocol used by the Harmony network. FBFT improves the Harmony network's speed and efficiency by processing transactions in parallel. Simultaneously, Harmony minimizes communication costs by signing transactions using an aggregate signature, allowing 250 or more validators to reach a consensus in less than two seconds.
Key Features of Harmony
Secure, Random State Sharding
Harmony has transcended the blockchain trilemma by bringing the best research to production. Sharding is proven to scale blockchains without compromising security and decentralization.
Fast Consensus w/ Instant Finality
Harmony has innovated on the battle-tested Practical Byzantine Fault Tolerance (PBFT) for fast consensus of block transactions. Our Fast BFT (FBFT) leads to low transaction fees and 1-block-time finality in Harmony Mainnet.
Effective PoS & Token Economics
Harmony has designed a novel Proof-of-Stake (PoS) mechanism for network security and economics. Our Effective Proof-of-Stake (EPoS) reduces centralization and distributes rewards fairly to thousands of validators.
Harmony ONE: Pros and Cons
- Harmony is the first shared protocol which can be staked.
- Harmony really faster than its competitors
- NFTs are a major phenomenon in the world of digital finance, but Ethereum’s high gas fees have discouraged many people from purchasing them. Harmony joins the list of altcoin alternatives working for an NFT marketplace with lower fees.
- The effectiveness of Harmony depends on powerful technologies like the 5G network, which is still unavailable in most parts of the world.
- Harmony has powerful competitors such as Ethereum and Zilliqa addressing the same problems that it tries to fix.