What Is Harmony?
Launched on Binance Launchpad in May 2019, Harmony (ONE) is a decentralized blockchain platform designed as a bridge between scalability and decentralization efforts.
Harmony is a fast and secure blockchain for decentralized applications. Their production mainnet supports 4 shards of 1000 nodes, producing blocks in 2 seconds with finality.
What Is Harmony Trying to Achieve?
-Harmony wants to get rid of structural limitations preventing the cryptocurrencies from becoming genuine digital money.
-Higher transaction throughput is what should set Harmony apart from the likes of Ethereum and other blockchain solutions which are forced to achieve performance gains by sacrificing other features.
-Harmony’s consensus protocol goes for speed and energy efficiency.
How Does Harmony’s Deep Sharding Work?
Harmony blockchain is sharded in three dimensions: state, network and transaction.
State Sharding
In Harmony, each shard maintains it's own chain of blocks and state database. Therefore, the validators of each shard only need to store 1/N of the global state, where N is the number of shards.
Network Sharding
Harmony's validator network is also divided into shards where each shard involves a separate set of validators connected closely with each other and running consensus between themselves. Most of the time, validators communicate with other validators within the same shard to reach consensus or synchronize blocks. In cases of cross-shard transactions and beacon chain synchronization, validators from different shards send messages across shards through the globally connected network.
Transaction Sharding
Transactions in Harmony blockchain are sent to and processed by a specific shard instead of all shards. This way, shards can process transactions in parallel which greatly improves the overall transaction processing capacity of the blockchain.
Harmony One VS Polygon
| Harmony (ONE) | Polygon (MATlC) | |
|---|---|---|
| Ranking | 89 | 17 |
| Total Market Capitalisation | $1.385 billion | $10.913 billion |
| Price | $0.1313 | $1.64 |
| Transactions Per Second (TPS) | Aim to reach 10 million TPS with a latency of 0.1 seconds | 65,000 TPS |
| Staking Rewards | 9.81% for delegates, 10.7% for validators | ~14.2043 % |
| Interoperable | Yes | Yes |
| Current adoption | Partnered with more than 66 different projects | Over 200 projects |
| Proof-of-Stake (PoS) | 1,000 validators | 110 validators, 35,184 stakers |
| Compute Model | Geth EVM 1.9.9 | Geth EVM 1.10.1 |
| Trust Model | Data on Harmony, On-chain slashing | Commit chain, 5-multisig upgrade |
| Finality on Ethereum | 2 secs + 6 mins | 34 mins / 3 hours |
| Bridge Fees | 400 gas per transaction with BLS checkpoints | 295k gas per transaction |
| Validators | 1,000 | 110 |
| Economics Security | $700 million staked with 109 open pools | $2.8 billion staked with 110 validators |
| Bridge Launch | Oct 2020 | Sep 2020 |
Based on the above, Harmony One is beating MATlC in a lot of key areas. Because of this, I believe Harmony One should be in the top 40 coins. If this were to happen we would have a price of about $0.38. Harmony one has had terrible marketing, but recently hired new marketing help. I have owned Harmony One for about 6 months now and am still holding.
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