Harmony (ONE) Wallet

What is Harmony?

Harmony is a fast and open blockchain for decentralized applications. Harmony has achieved secure and random state sharding. Harmony Mainnet supports thousands of nodes in multiple shards, producing blocks in a few seconds with instant finality. Harmony’s staking mechanism reduces centralization while supporting stake delegation, reward compounding and double-sign slashing. Are we decentralized yet? Harmony aims to build an open network of nodes operated and governed by a large community. Visit at harmony.one! Enjoy our monthly harmony.one/newsletter.

How does it work?

Harmony’s consensus protocol uses design principles such as sharding and pipelining to parallelize transaction processing. This allows Harmony to effectively handle connection latency and enables our throughput to scale with the size of our network. They are developing a lean, mission-specific kernel to run their protocol with increased CPU performance and security. This will also allow a broader set of devices to participate in consensus for a more decentralized network. Harmony implements network engineering techniques for smarter message propagation and faster consensus formation. An understanding of network topology allows them to run a highly concurrent protocol.

What does it aim to solve?

Harmony helps businesses build marketplaces of fungible tokens (such as energy credits and loyalty points) and non-fungible assets (such as game collectibles and real estate). Harmony is applying zero-knowledge proofs for data sharing while preserving the consumer’s privacy. Common industry use cases include ad exchanges, credit ratings and many other data consortia that would otherwise take many years to form among competing companies.

Platform Strengths

• Secure, Radom State Sharding. Harmony has transcended the blockchain trilemma by bringing the best research to production. Sharding is proven to scale blockchains without compromising security and decentralization. Harmony divides not only our network nodes but also the blockchain states into shards, scaling linearly in all three aspects of machines, transactions and storage. To prevent single shard attacks, we must have a sufficiently large number of nodes per shard and cryptographic randomness to re-shard regularly. Each shard has 250 nodes for strong security guarantee against Byzantine behaviors. We use Verifiable Random Function (VDF) for unbiased and unpredictable shard membership.
• Fast Consensus w/ Instant Finality. Harmony has innovated on the battle-tested Practical Byzantine Fault Tolerance (PBFT) for fast consensus of block transactions. Our Fast BFT (FBFT) leads to low transaction fees and 1-block-time finality in Harmony Mainnet. We use Boneh–Lynn–Shacham (BLS) constant-sized signatures to commit blocks in a single round of consensus messages. We achieve 8-second block time with view changes in production against adversarial or unavailable leaders. Harmony Mainnet was launched in June 2019. The network has produced 10M+ blocks with 20k+ transactions in publicly traded, native ONE tokens.
• Effective PoS & Token Economics. Harmony has designed a novel Proof-of-Stake (PoS) mechanism for network security and economics. Our Effective Proof-of-Stake (EPoS) reduces centralization and distributes rewards fairly to thousands of validators. The staking mechanism supports delegation and reward compounding. To support 100% uptime but fully open participation, EPoS slashes validators who double-sign and it penalizes elected but unavailable nodes. Harmony Economics Model caps the annual issuance at 441 million tokens (about 3% rate in long term). Our model gives validators a simple and predictable return. All transaction fees are burnt to offset the insurance, naturally leading to zero inflation when our network usage becomes high.