Harmony Blockchain Based Projects - Review

in palnet •  last year 

Since the revolution of Blockchain has begun and the whitepaper of Bitcoin has published late in 2008, the Idea of Distributed Ledger Technology so called Blockchain has spread across the world.The Bitcoin Blockchain is a Peer to Peer payment system which is designed to transfer money value to other individual without no intermediator like Banks or any Payment Processors. Anyway Bitcoin gain popularity but its performance which is 7 transaction per second turned into a costly method of payment and challenged the core aspiration of Bitcoin.

After the Bitcoin blockchain In 2014, Buterinet al. bring a new blockchain infrastructure called Ethereum into the light, using this blockchain any developer can built blockchain based application using “smartcontracts.” This is a game changer development work in the blockchain industry and lots of project come out on the Ethereum Blockchain. Using this blockchain projects start ICO's and gathered funding to run their projects. But as Bitcoin, Ethereum also unable to solve the scalability problem and, with its 15TPS, failed to support high transactions based applications which requires thousands of transactions with in second as gaming or high volume decentralized exchanges.

The limitations given by the Bitcoin and Ethereum Blockchain results lots of other projects developed and proposed their solutions to fast transection. Project tried to replace Proof-of- Work consensus to Proof of Stack consensus many other moved to DPOS.

However these solutions are not able to work as they supposed to be. The proposed solutions are unable to produce required transactions without loosing other important aspects like decentralisation and security. There is only solution which preserve security and decentralisation both is shredding which create the multiple groups of validators and let them process transactions. More the shreds grow transection increase automatically. Zilliqa was the first public Blockchain which proposed to solve scalability problem with shredding. Zilliqa doesn't divide the storage of blockchain which prevents machine with limited resources from participate in the network.

Taking all of these problems into consideration there is a project developing a blockchain which proposed solutions to solve scalability, decentralisation and security based problems called Harmony. So let's talk about this amazing project and dig some facts about it.

WHAT IS HARMONY

HARMONY is the next generation blockchain which uses sharedding based technology to solve the problem of scalability, decentralisation and security. We can say HARMONY is the blockchain which is fully scalable and probably secure. Harmony is a fast secure and energy efficient blockchain which uses sharding and peer to peer technology Harmony aims to deliver scalability and decentralisation both to more than 10 billion people.
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We introduce Harmony, the next generation sharding-based blockchain that is fully scalable, provably secure, and energy efficient. Harmony addresses the problems of existing blockchains by combining the best research results and engineering practice in an optimally tuned system.

FEATURES OF HARMONY NETWORK

Harmony is a sharding based blockchain which have following features or we can say
these are the achievements of the network.

1 ) Fully Scalable:

  • Harmony shard network communication and transaction validation and also shard the blockchain state which makes it fully scalable.

2 ) Secure Sharding:

  • Harmony uses distributed randomness generation (DRG) which makes it probably secure.

3 ) Efficient and Fast Consensus:

  • Harmony is based on POS which makes it energy efficient and

4 ) Adaptive-Thresholded PoS:

  • Stacking threshold is low so small stack holder can also participate in the network and earn rewards.

5 ) Scalable Networking Infrastructure:

  • Harmony can propogate the blogs quickly within Sharad or within the network.

The Harmony TEAM

Any project can only succeed if the team behind it is strong and smart enough to perform its operations smartly and quickly. Harmony have most efficient team members who are expert in business and as well as in engineering which is quite well to this project. Some of the team members has worked in well known companies like Apple, Google, Microsoft and Amazon etc.

A good team can lead a project towards success.
Detailed Information About Team

Harmony comparison with other Project.

Harmony is a sharding based fully scable and energy efficient blockchain which makes it different from other similar projects. Here is the difference between harmony and other similar projects:

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Sharding

Harmony blockchain is based on sharding which helps it process transactions in a good speed and also preserve security and decentralisation. Sharding is the process where computational responsibility of the database is devided into small segment which separately perform their task. Smaller tasks are performed quickly Instead of a big one.
Sharding makes harmony different from other similar projects.

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Harmony Use Case

Harmony blockchain is fully scalable blockchain which can be used for developing all types of dapps on it. As the blockchain is based on sharding technology so it can be more suitable for building Decentralised Exchanges with High volumes and businesses like credit and loyalty points. It can be used to build games and business based on real estate.

Conclusion & Star Rating

Harmony is a amazing project and looks like game changer developers can build on it ang type of daap and run their projects. Harmony is the on of the blockchain with larges no of nodes. The Mainnet had 600 nodes, making it one of the top 15 decentralized networks. So I will give this amazing project 5 star rating.

References

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Harmony seems like a very interesting project. It will be wonderful to have a blockchain that can process transactions at the speed of light while eliminating the need for humongous transaction fees.

You review could be better in terms of spellings and word structuring. And you could have included details of your personal experience with that particular blockchain.

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