HARMONY : A NEW ERA OF BLOCKCHAIN. – raj pathak
Cryptokitties is a popular project of Company Animoca. It was previously running on Ethereum blockchain that currently started running with scalability related issues.
Company Animoca has recently joined partnership with Harmony.
Harmony not only provides to them the best approach but also everlasting efficiency which is currently demanded by every growing industry.
DeFi stands for Decentralized Finance. This industry holds a lot of data basically on cryptocurrencies lending and borrowing. Being a partner with Ethernum network, it is also collapsing due to inabilities and scalability drawback of fellow network.
Binance, one of the popular crypto exchanges reported in that Harmony can be a provable solution to this problem to this also. Since it is unprecedentedly efficient and secure than any other feasible blockchain available currently.
Overall it can be predicted that Harmony is a new era of blockchain!
Harmony consists of two core technology one is the Beacon chain and another is multiple transaction sharding process.
Beacon chain can be called as a speciality of Harmony. Let’s discuss why?
Beacon chain is responsible for generating random number in sharding process.
This has two purpose:
• Assigning shards to validators.
• Assigning validators based on stakes.
In Beacon chain, transactions are carried out just like any other standard shard chains.
This kind of antique technology is largely being used by top branded industry and academic leaders to build a completely ultra- proof network for data security.
Harmony uses these smart tactics in more advanced forms (location-based and centrally-controlled sharding schemes).
In Harmony’s process random numbers are created, distributed and assigned to each node for its future processing or sharding done by validators.
These numbers, being unpredictable, verifiable and scalable play a crucial role in managing ultimate security on Harmony behalf.
Harmony key features:
Harmony applies sharding principle both during processing and record keeping (state) of the network, resulting in the formation of lighter block. This allow running of nodes smoothly with maximum efficiency.
Harmony is based on two principle one is Beacon chain and another is Sharding process.
Beacon chain generate random number based on special DRG tool(distributed randomness generation) this allow shards and sharding immense security, since these numbers are unbiasable, unpredictable, verifiable, scalable.
If you compare the Harmony in terms of energy efficiency than being a PoS model, it is more energy efficient in comparison with any PoW alternatives like BTC.
Yes, you read correctly!
In Harmony staking requirements are adjusted based on total staking volumes.
This is to ensure that whale stakeholders do not get concentrate on single shards.
Main Moto behind this to keep network light enough to ensure efficiency and fair transparency for stakeholders.
Harmony’s cross-sharding Transactions scale feature works logarithmically. This allow it to perform transfer of shards instantly across mainnet.
Overall Harmony is a new revolution in blockchain world!
This table will give you clear idea about the potential of Harmony — — —
Thanks.
( this is my original entry for writting contest of cateredcontent.)
Published at Sun, 25 Aug 2019 03:01:39 +0000
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