UNDERSTANDING HARMONY ONE || 10% beneficiary to tron-fan-club

INTRODUCTION

Hello friend, I will like to talk about harmony one but before I dive into the full details of what harmony one is, I will like to talk about what motivated the development of harmony one.

WHAT IS HARMONY ONE?

As we know that Ethereum came with the interesting technology of smart contracts but Ethereum has its problems which speed. The developers of harmony one came up with the idea to create a blockchain that is faster than Ethereum and also very secure.

The problem the harmony solve is very unique because other projects also solve the same problem even better.

Harmony one solves the problem of speed with an amazing strategy it takes a maximum of 2 seconds to reach finality but most of the time, it takes finality 1 second. You might be wondering what is finality, finality is a technical term for the harmony of one blockchain in that very transactions are done. The developers of harmony blockchain are very smart because they accomplished finality by allowing nodes to distribute massages all over the blockchain and that strategy increases the speed of transactions.

WHAT IS HARMONY ONE NETWORK BLOCK PROPOSAL PIPELINING?

The word block proposal pipelining might look confusing, it is just a technical term in the harmony of one blockchain which means that when an initial block is not done validating, the other blocks can start validating. For instance, if you go to a market, and there is a long queue, the clerk that is scanning customers' items can start scanning other customers' items when the first customer is packing his goods. The strategy of harmony network to solve the problem speed is good but it can potentially lead to security risk but they solve the potential security risk with sharding.

WHAT IS SHARDING?

The simple definition of sharding is dividing a blockchain into different blocks, It is just like a mini blockchain and they adopted this strategy to speed up the activities on a chain. For instance, you have a narrow highway and are always traffic that slow because the highway is narrow. So, in other to increase the movement on the highway, you need to upgrade the high to a five-line high and that is exactly what harmony one did. They divided a blockchain into several blockchains to increase the speed of information in the network. The idea of sharding creates speed in the network which means more users can join the network without slowing it down and make the gas fee very cheap. What makes the Ethereum blockchain very fee expensive is the congestion on the blockchain due to more users trying to get into the blockchain.

DOWNSIDE OF SHARDING

Although, the idea of sharding is very good there are also advantages a sharding. If they add more shards into the network, it may lead to security problems because the attack can have access to control a shard. For instance, if there are 20 shards, an attacker can have control over that 20 shards (mini blocks) than have control over all the blockchain because it is less congested. The developers know that attackers may find it easy to own 20 shards and cause a problem to the blockchain so they figure out how to solve that problem through effective prove of stake.

EFFECTIVE PROVE OF STAKE

The harmony strategy of prove of stake is very good because they design it in a clever way to prevent stakers from having control over a whole shard. Harmony one developer knows that the person will the highest stake can control the entire new so design a good strategy to tackle it. The strategy is that a user needs 250 nodes to participate in the network, and each shard will randomly be given 250 nodes to validate. In other words, there will always be different 25O nodes to validate a transaction, and this makes it difficult for a bunch of nodes coming together to have control over a shard.

HARMONY ONE ECOSYSTEM

Polkadot and harmony one seems simple in terms of the idea but it is different and they solve different problems. Just like said, they solve different problems, polka-dot deals with layer and anyone can experiment on their blockchain while harmony one only create bridges between different blockchain.

TOKENOMICS

Harmony one has its own native token which is ONE. There token is used to pay for fees on the blockchain, staking, and voting. You can also stake your ONE token on the Harmony network but you will need 100 tokens to stake ONE and you can validate with 10,000 ONE tokens. Part of the ONE tokens earned from transaction fees are burned and they only mint a max of 441 million tokens per year.

CONCLUSION

The problem the harmony solve is very unique because other projects also solve the same problem even better. Harmony one network is good but it doesn't have many use cases that could attract investors. I hope you find this Harmony one content interesting.

Regards:
@olatunde1