Harmony Protocol - a short review


Harmony is a blockchain designed for decentralized applications, offering speed and security. Its mainnet consists of 4 shards with 1000 nodes, producing blocks in just 2 seconds with finality.

Key Features:

Effective Proof-of-Stake (EPoS): Reduces centralization, supports stake delegation, reward compounding, and double-sign slashing.

Decentralization: Harmony aims to build an open network called Pangaea, operated and governed by a large community with over 1,000 nodes, 800 of them run by the community.

Key Innovations:

Fully Scalable Architecture: Scales on network, storage, and transaction processing.

Secure Random Sharding: Protects against shard attacks using a secure and unpredictable randomness generation algorithm.

Efficient and Fast Consensus: Uses Fast Byzantine Fault Tolerance (FBFT) for speedy consensus within 2 seconds.

Effective Proof-of-Stake: An energy-efficient and low-cost PoS mechanism preventing stake centralization.

Scalable Networking Infrastructure: Utilizes industry-leading p2p protocol libp2p for high performance and efficient block broadcasting.

Asynchronous Cross-Shard Transactions: Supports cross-shard transactions for composability of assets between shards with eventual consistency.

In summary, Harmony combines speed, security, and decentralization through innovative features like EPoS, scalable architecture, secure sharding, efficient consensus, and asynchronous cross-shard transactions.

Source : Rayn Research / Jan 9, 2024

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