The Harmony blockchain is a decentralized blockchain that uses an effective proof of stake consensus (PoS) method to secure nodes. It also supports sharding, network delegation, and rewards validators for their efforts. This method also minimizes communication complexity while improving processing speed and decentralization. The Harmony protocol also features a staking pool Saturation Parameter to prevent front-running.
The Harmony blockchain offers a low barrier to entry for new delegators and validators. A validator stakes at least ten thousand ONE tokens to verify blocks and transactions on the blockchain. A delegator, on the other hand, participates in the network without running a full node and earns a portion of block rewards from validators. To become a delegator, you must stake at least one thousand ONE tokens, which is roughly $116 at present.
The Harmony blockchain platform was announced as part of the Binance Launchpad IEO in May 2019. The main goal of Harmony’s platform is to bridge the gap between decentralization and scalability efforts. The platform has a motto of “decentralization at scale” and focuses on data sharing and the creation of marketplaces. The platform promises high throughput and low latency and is aimed at laying the foundation for decentralized trustless economies.
The Harmony network aims to provide cheaper, faster transactions. To achieve this, it uses sharding, which is a technology that partitions the blockchain. This allows more transactions to occur simultaneously. In Harmony’s case, there are four shards, which are independently validated by 250 randomly chosen nodes. This random selection of validators ensures that the network stays secure as it scales.