The token performs multiple utility functions within the ecosystem, including governance of the platform. Having 18 decimal units, the native token is designed to facilitate the monetary flow within the economic system of the Harmony platform. ONE is the on-chain cryptocurrency of the Harmony platform. However, the platform claims to allow users to work on Harmony from any Ethereum wallet, MetaMask or Ledger, without any code changes. EVM (Ethereum Virtual Machine) is a software platform that facilitates the creation of decentralized applications ( DApps) on the Ethereum blockchain network. Harmony states that developers will be able to access faster EVM executions by migrating on the platform and changing the Chain IDs. Out of the total 1,000 nodes, the platform states that about 800 are run by the Pangaea community, consisting of validators from over 100 countries. Similarly, the platform aims to build an extensive node network governed by an integrated community called Pangaea. Blockchain nodes are small interconnected servers that exchange information within the ecosystem. Additionally, the Harmony mainnet supports four shards of 1,000 nodes, which helps reduce block times to as low as two seconds. However, the platform aims to bridge the gap between PoS and proof of work ( PoW) via its in-house block architecture, Fl圜lient. Harmony uses a proof-of-stake ( PoS) consensus mechanism to verify transactions, which it claims improves energy efficiency and transaction speed. The platform also claims that sharding can improve network scalability without compromising security or decentralization. The cross-shard transactions, Harmony states, allow cross-chain databases to interact with each other to ensure consistency. Sharding is a database division technique that helps blockchain networks to process a higher number of transactions per second (TPS). According to the whitepaper, Harmony seeks to overcome the shortcomings of other currencies by providing highly scalable network infrastructure.Īpart from scalability, Harmony claims to offer secure sharding and cross-shard transactions for addressing existing problems plaguing blockchain networks. The Harmony network supports cross-chain transfers for major blockchains, including Ethereum and Binance. The platform allows users to exchange digital assets, digital collectibles, secure identities, etc. Harmony is an open-source blockchain network that aims to provide high-speed transactions at lower costs.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |