To strengthen network security, Harmony uses a process called Effective PoS, a sharding-based PoS system that lets validators with more staked tokens run more nodes. Inspired by Zilliqa’s Practical Byzantine Fault Tolerance(PBFT), Harmony uses an algorithm called Fast Byzantine Fault Tolerance (FBFT), which is more energy-efficient, cheaper, and confirms blocks in just 2 seconds. Specifically, Harmony features four key elements: Fast Byzantine Fault Tolerance Its nodes are run by a large community called Pangaea that contains members from over 100 countries. Harmony is much more scalable, secure, and decentralized than other sharding-based blockchains.
Harmony and Ethereum both use the Solidity programming language and Ether.js library, which means developers used to Ethereum will feel no difference when building DApps on the Harmony blockchain. With the help of Harmony, developers can create DApps much in the same way as they can on Ethereum. In addition, Harmony strengthens its network security through the Verifiable Random Function (VRF) method, which selects validators and nodes in a random, unpredictable manner. Harmony uses an innovative consensus protocol that’s more energy-efficient and cheaper than Zilliqa’s Proof of Work (PoW). The Harmony blockchain was created to improve upon existing sharding solutions. The higher the number of shards, the faster the node validation time and transaction speed. These smaller shards can handle the same tasks as the entire network. In sharding, the database is divided into smaller parts stored in different nodes around the world.
None, however, have managed to create a balance between decentralization and transaction speed.Ī blockchain called Zilliqa ( ZIL) attempted to solve these problems by introducing sharding. Many new cryptocurrencies have been launched with innovative features designed to fix these problems. Harmony’s token ONE trades at $0.075 per token with a circulating supply of 10 billion and a total market cap of $750 million.Īs renowned as it is, the Ethereum ( ETH) blockchain still struggles with some major issues - most notably, high gas fees, slow transaction speeds, and limited scalability. Launched in 2017, Harmony is a blockchain platform that aims to solve scalability issues through sharding.
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