Its no longer news that the blockchain technology is the next global technological revolution as a result of its several real life usecases in the global ecosystem.
We can trace back its history as far back as year 2008 when the world first cryptocurrency was introduced to the world by Satoshi Nakamoto. Its an unarguable fact that bitcoin has gained a considerable level of recognition and adoption globally ever since its launch as most organizations now consider it as a legal tender for all forms of transactions.
Just as we all know that technological improvements will forever continue to emanate, this is also happening in the blockchain industry as new blockchain projects have emerged based on the lapses and shortcomings of the bitcoin blockchain technology.
An example of this is the ethereum blockchain, EOS blockchain and also IOTA blockchain which has been created mainly to bring further improvements to the blockchain ecosystem in the areas that bitcoin failed.
The Problem
Though there are numerous blockchain projects out there with different efforts to improve the blockchain technology, most of these projects lacks credibility in either the decentralization aspect or security aspect which are two important aspects of a good blockchain technology. You will agree with me that if there’s lack of decentralization in a blockchain network, then it has already forfeited the main reason of its existence.
Harmony platform which is a low-fee consensus platformhas recognized this problem hence the reason behind the creation of its blockchain in order to provide a secure and energy efficient technological platform.
Harmony is an advanced technology product with its own Mainnet, that gives importance to scalability and also wants to build a Network 10 times faster than existing blockchains.
What are the Exclusive Features of the Harmony Blockchain?
- Full scalability just like Zilliqa blockchain but shards the blockchain state
- Fast and efficient consensus protocol which is reached with a linearly scalable BFT algorithm which is 100 times faster than PBFT.
- Consistent Cross-Shard Transactions that communicates directly with each other
- Scalable networking infrastructure which has RaptorQ fountain code and can therefore propagate blocks quickly across shards or within networks by using adaptive information dispersal algorithm.
- Adaptive – Thresholded PoS which can be adjusted based on the volume of total staking in such a way that malicious stakers cannot concentrate their power in a single shard and
- Highly secured deepsharding process built on distributed randomness generation (DRG).
Harmony Beacon Chain
This special blockchain by harmony that processes transactions and also generates random number and accepts stakes unlike other blockchains.
Another exclusive feature of the Harmony blockchain is the blockchain state sharding which is applied on account based data model unlike other blockchains that are based on unspent transaction output (UTXO).
Also, user account has the advantage of having multiple balances at different shards and users can also move their balances between these shards.
Harmony Networking
Kademlia shall be adopted as the routing mechanism for cross-shard messages on the Harmony blockchain which will allow each nodes on the network to maintain a routing table that contains nodes from different shards.
Conclusively, we have seen that harmony blockchain has proved beyond all doubt that it is the next big innovation in the blockchain industry to power decentralized economies of the future via its energy efficient and fully scalable and secure blockchain technology which has been the lapses of existing blockchains.
To get more information about this project, kindly check the following links;
Website
WhitePaper
Twitter
LinkedIn
Medium
GitHub
Instagram
My Bitcointalk Username; Invigorated
Bitcointalk link: https://bitcointalk.org/index.php?action=profile;u=2353117
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