Home Finance What is Harmony (ONE) Blockchain?

What is Harmony (ONE) Blockchain?

by Don Mark

Harmony (ONE) is a next-generation, high-throughput blockchain protocol designed to power decentralized economies of the future. It’s the first sharding-based protocol to open power markets for decentralized financial applications. Harmony (ONE) enables fast and scalable transactions, privacy protection, cross-chain interoperability, etc. Intending to scale to 10 billion people, Harmony (ONE) provides a secure platform for developers to build global peer-to-peer applications that enable everyone to participate in the new economy. If you want to understand more about bitcoin trading, go to this website http://www.thebitcoincode.io

What is the purpose of the Harmony (ONE) blockchain? 

The goal is to connect everyone into a networked economic Harmony (ONE) that aims to build a decentralized and open economy on a scalable blockchain. Our vision is to unite the world with its open consensus platform, enabling everyone from individual users to enterprises to contribute their computing power, data, and network resources.

They believe in the power of decentralization: when all are connected as equals on their shared blockchain, each can participate in a networked economy that offers unprecedented trust, scale, and interoperability. In addition, you can use bitcoin trading software to understand the harmony blockchain. With Harmony’s high-throughput consensus engine and sharding architecture, they seek to bring decentralized financial services and Internet of Value infrastructure accessible to the world’s 7 billion people.

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This platform is for global developers who aim to disrupt centralized business models in blockchain domains such as Defi (Decentralized Finance), IOT (Internet of Things), NFT (Non-Fungible Tokens), Gaming, Lending, Stablecoins, Marketplaces, Exchanges, Prediction markets they will unlock new possibilities for developers around the world.

Harmony (ONE) Blockchain

One-second block times, sharding, 30k transactions per second at launch, and scaling to 1 million transactions per second without sacrificing decentralization or security. To get there, Harmony (ONE) must achieve the following:

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  • Utilize PoS to allow for high-speed finality with low latency.
  • Use BLS signatures and threshold key generation to reduce storage overhead costs.
  • Employ a novel cross-shard protocol that allows shards to communicate while validating each other instantly.
  • Shuffle nodes across shards using DPOS so that each node sees only a small fraction of the blocks and therefore can process much more quickly.

Disciplined approach to research and engineering, building on the best ideas in blockchain development. BFT consensus and P2P networking, eWASM virtual machines, smart contract privacy, formal verification, zero-knowledge proofs, public randomness, DAO governance, and on-chain incentivized open source development. For a blockchain to grow, it must be able to scale. The challenge is that there are tradeoffs involved in scaling, specifically the need to sacrifice security or decentralization for performance.

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With Harmony (ONE), you don’t have to make those compromises. Instead of using the same consensus mechanisms as other blockchains or coming up with a new “better” consensus, Harmony takes an approach where it builds on the best ideas in blockchain development. Harmony Blockchain aims to create a high-performance and secure network through three core features.

  • A disciplined approach to research and engineering building on the best ideas in blockchain development like BFT consensus and P2P networking; eWASM virtual machines; smart contract privacy and formal verification; zero-knowledge proofs and public randomness; DAO governance; and on-chain incentivized open source development.
  • An uncapped token issuance model aligns incentives for long-term growth in value and utility.
  • A sharding protocol that enables fast transaction processing at scale with provable security.

Built for open-source collaboration 

Harmony (ONE) s a truly open-source, fully decentralized blockchain protocol. Built for open-source collaboration transparent community-driven development to leverage the innovations of teams worldwide in pursuit of an open financial future for all.

The core technology is intended to be used across multiple blockchains to work together to form a super-scalable, interoperable network with sharding: thus called Harmony One.

To achieve its long-term goals and ambitions, Harmony blockchain will have several milestones, including the main net launch, sharding implementation, and cross-chain interoperability.

Final Words

Above, we have told you about the Harmony (ONE) blockchain and its usefulness for you. To learn more about the harmony blockchain, read the guide mentioned earlier. If you are an investor or a common learner, this guide on harmony blockchain will facilitate you. Experts are saying that this blockchain will be better than other blockchains.

Source: Glusea

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