Ever since Bitcoin was created in 2008 by its pseudonymous creator Satoshi Nakamoto the storage, transfer, and exchange of financial values has not been the same again. We are now living in a world where the roles of intermediaries have been drastically reduced to bare minimum and the need to establish trust with counterparties eliminated.
Satoshi Nakamoto’s Bitcoin blockchain introduce the world to a trustless and decentralised medium of exchange that can transparently be audited by anybody. This has greatly reduced the cost of transactions for both businesses and individuals and also improve the speed of transaction. However, Bitcoin’s blockchain can only execute seven transactions per seconds (TPS) resulting in congestion and high transaction fee the moment there is traffic on the network. This problem was the catalyst behind Vitalik Buterin’s development plan for a new blockchain capable of outperforming the Bitcoin and easy for businesses to integrate. This blockchain, Ethereum, was capable of 15 TPS made it easy for user to develop smart contract and issue their own cryptocurrency without having to develop blockchain from scratch. Ethereum became the driver behind a brand new multi billion industry built on decentralized crowd funding for innovators and developers. However, despite the improved transaction speed and ease of use, Ethereum soon fell victim to the same problem plaguing bitcoin - scalability.
As the blockchain industry continues to mature, a number of proposed solutions has been addressing issues such as scalability, security, transaction speed, and true decentralization. While these solutions are adeptly tackling the issues they've being developed for, they exist in a heterogeneous space-space behind wall gardens, rather than in homogenity making it impossible for businesses, individuals and government to access a blockchain solution that addresses all their needs.
Harmony is literally harmonising all these.
Where Is The Harmony
From high transaction speed to ability to scale according to user demand, interoperability, accessibility and size. The current crop of blockchain solution has no shortage of solutions to chose from the only downside is that these solutions exist in an isolation with most implementation being superficial.
Harmony is a blockchain sharding-based project, that offers not only security, but also highl TPS, scalability, and complete decentralization. Due to its capability to shard the blockchain state, this makes Harmony a highly scallable blockchain.
Shardingin on blockchain briefly means separation or dividing of datasbases stored or recorded in each block in the form of rows, so that each shard of blocks can easily be conceive or serve its different purpose. For instance a shard of block might be responsible for the storage of data history of a specific transaction while another can be responsible for a different entity involved in transaction. Basically all these blocks work as means of keeping records but correspond to different entities, from records of customers name to their specific transaction date, digital keys configured and so on.
The highly scalable awsome platform would ushers the growing decentralized economy a secured and scalable blockchain that will enable and support blockchain applications, decentralized exchanges, visa payments system and make them effectively executable on the scalable blockchain.
Harmony blockchain sharding is entirely different from any other sharding-based blockchain. The harmony sharding-based blockchain is fast, time and energy efficient. This means its reduces a lot of bulkiness and enhance speed rate. Unlike other sharding-based blockchains that PoW (needs proof of work) consensus which is costly and time consuming for the validation of transactions, harmony is based on PoS proof of stake which requires less time and energy for transaction validation.
Defining The Term PoW
Proof of Work Work is a protocol that allows a computer system to calculate complex algorithm math for the validation of transactions. On the other hand proof of stake PoS is a consensus algorithm by which forgers or miners contribute hassh power mining equipments to archive distributed consensus.
In PoW miners are rewarded in Bitcoin if they've solved a complex mathematical puzzle on the blockchain block with the intention of validating and creating new blocks.
In contrast between the two is that in PoS (proof of stake) doesn't need to do with solving of complex computerise puzzles to get rewards. It has to do with the person who has the highest stake in the network would get to run node within the network and earn reward.
For more insightful information kindly refer to one of the links below.
Website link
https://harmony.one/
Tweeter link
https://twitter.com/harmonyprotocol
Facebook link
https://www.facebook.com/harmonyoneprotocol/
Instagram link
https://www.instagram.com/harmonyoneprotocol/