Difference between revisions of "Harmony"

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Harmony (view source)

Revision as of 11:22, 29 April 2022

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-== Overview ==
+Harmony is a layer-1 blockchain using sharding and Effective Proof of Stake to achieve scalability, security, and decentralization. The network was founded in 2018 by Stephen Tse with a mainnet launch in 2019.
-Harmony is an open blockchain built using the Ethereum Virtual Machine (EVM) compute model.  It touts fast transactions along with low transaction costs relative to some other chains along with proving Layer 2 scaling on Ethereum.
-Harmony can connect with Proof-of-Work and Proof-of-Stake chains and, with their Effective Proof-of-Stake (EPoS), reduce centralization while supporting stake delegation, reward compounding and double-sign slashing.  Harmony aims to build an open network of nodes operated and governed by a large community. This node community is called Pangaea.  At time of writing there are now 1,000 Harmony nodes,  800 of them run by the community.  Pangaea consists of volunteers and validators from more than 100 countries and most of them have never run a node before.
 == Innovations <ref>'''Harmony Forums'''
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 ==== '''Scalable Networking Infrastructure''' ====
-Harmony’s network layer is based on the industry-leading p2p protocol named libp2p. We use libp2p’s gossip protocol for network message broadcasting and stream protocol for decentralized state synchronization. To achieve high performance, we adopt RaptorQ fountain code and use Adaptive Information Dispersal Algorithm to quickly and efficiently broadcast large blocks. Harmony also features a design where Kademlia routing is used to achieve cross-shard transactions that scale logarithmically with the number of shards.
+Harmony’s network layer is based on the industry-leading p2p protocol named [[Libp2p]]. We use [[Libp2p]]’s gossip protocol for network message broadcasting and stream protocol for decentralized state synchronization. To achieve high performance, we adopt RaptorQ fountain code and use Adaptive Information Dispersal Algorithm to quickly and efficiently broadcast large blocks. Harmony also features a design where Kademlia routing is used to achieve cross-shard transactions that scale logarithmically with the number of shards.
 ==== '''Asynchronous Cross-Shard Transactions'''<ref>https://docs.harmony.one/home/general/technology/transactions</ref> ====
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 === Utility ===
-ONE token has several important utilities that’s required for using the network and is essential to the security of the network.
+==== Gas  ====
+ONE token is the native token used for transacting on the Harmony blockchain. Users need to specify a certain amount of ONE so the transaction can be successfully processed and included in the blockchain.
-==== Pay for transaction fee ====
+==== Staking ====
-ONE token is the native token for paying transaction fees. Users need to specify a certain amount of transaction fee in ONE so the transaction can be successfully processed and included in the blockchain.
+Harmony is a Proof-of-Stake blockchain. Validator wallets are funded with 10,001 ONE<ref>https://docs.harmony.one/home/network/validators/creating-a-validator</ref>. ONE token holders are also able to delegate their ONE tokens to existing validators to participate in the staking process. Elected validators who successfully sign blocks will receive block rewards in ONE tokens as compensation for their services.
-==== Stake to secure the network and earn reward ====
+==== Governance ====
-Harmony is a Proof-of-Stake blockchain which means the security of the network is protected by staked tokens. ONE token is the native token that’s accepted for staking. Potential node runners need to stake a certain amount of ONE token to be elected as a validator. ONE token holders are also able to delegate their ONE tokens to existing validators to participate in the staking process. The more ONE token staked, the more secure the network becomes. Elected validators who successfully sign blocks will receive block rewards in ONE tokens as compensation for their services.
+Harmony is a permission-less and decentralized network which is governed by the community. Any protocol level decisions or improvements will be put as a proposal which will go through the open governance process to finalize. ONE is the only accepted token used as the measure for voting in the governance process.
-==== Participate in open governance ====
+== References ==
-Harmony is a permission-less and decentralized network which is governed by the community. Any protocol level decisions or improvements will be put as a proposal which will go through the open governance process to finalize. ONE is the only accepted token used as the measure for voting in the governance process.
+<references />
+[[Category:Layer 1]]