Review on Harmony by David Olayide

Name: Harmony
Item: Harmony
Rating: 4

April 07, 2021

The Harmony Crypto Project

Harmony is a fast and secure blockchain developed for decentralized applications. Harmony's production main net supports 4 shards of 1000 nodes, producing blocks in 2 seconds with finality. Coupled with the effective Proof-of-Stake (EPoS) which reduces centralization while supporting stake delegation, reward compounding and double-sign slashing, it is not that hard to see that Harmony aims to build an open network of nodes operated and governed by a large community. This node community is called Pangaea. Harmony is described as the next sharding-based blockchain that is fully scalable, 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. From what I have observed about the project Harmony, breakthroughs have been made in the following areas including scalability, secure sharding, the consensus speed and networking infrastructure plus many others. The project is actually fully scalable as Harmony’s sharding does not work only on the network communication and transaction validation, but also on the blockchain state. This thus makes Harmony fully scalable on the blockchain network, storage and transaction processing.

 Other sharding-based blockchains require PoW to select validators, but this project doesn’t. Instead,  Harmony is based on PoS and this makes it highly energy efficient. By making use of a consensus BFT algorithm that’s 100 times faster than PBFT, this is possible. So, Harmony makes use of a consensus algorithm called Fast Byzantine Fault Tolerance or FBFT. FBFT is a highly efficient and speedy consensus algorithm and it is able to confirm blocks within 2 seconds.

The Harmony ONE tokens can be purchased or traded on Binance, Huobi Global, as well as MXC and has a circulating supply of 9.4 Billion ONE coins and a maximum supply of 12.6 Billion. 

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