What is Harmony?

Harmony, also known as ONE, is a blockchain platform that strives to enable the development and utilization of decentralized applications (DApps). The network's primary emphasis is on random state sharding, a process that allows for the creation of blocks in a matter of seconds. Harmony's mainnet is designed with a focus on enhancing block creation by prioritizing processing speed and validation. The platform employs a unique version of the proof-of-stake (PoS) consensus, referred to as effective proof-of-stake (EPoS), which permits simultaneous staking from a large number of validators. This consensus method is intended to increase processing times and enhance scalability.

How does Harmony work?

Harmony functions through a process known as sharding, which significantly decreases node validation times. To safeguard nodes and ensure a secure validation process, Harmony utilizes the Verifiable Random Function (VRF) for unbiased and unpredictable shard membership. This implies that nodes and validators are randomly assigned and re-assigned. Harmony also operates a Grants program that aims to foster innovation and attract developers to the Harmony mainnet. The platform employs a unique version of the proof-of-stake (EPoS) consensus, which permits simultaneous staking from a large number of validators, thereby improving processing times and scalability.

What are the potential use cases for Harmony?

Harmony strives to cater to a broad spectrum of decentralized applications (DApps). The platform's emphasis on random state sharding and rapid processing times makes it a suitable choice for high-throughput applications such as gaming or decentralized exchanges. Harmony also aims to facilitate Internet-of-Things transactions, which necessitate quick and efficient processing. The platform's effective proof-of-stake (EPoS) consensus method allows for simultaneous staking from a large number of validators, making it a potential option for applications that demand a high degree of security and scalability.

What is the history of Harmony?

Harmony was established in 2017 by Stephen Tse, a Ph.D. graduate from the University of Pennsylvania with a specialization in cryptographic protocols and type theory. Prior to establishing Harmony, Dr. Tse had a successful career in the tech industry, serving as a senior engineer at Google and as a principal engineer for Apple. He also founded Spotsetter, a successful search engine that was later acquired by Apple. The Harmony founding team consists of twelve individuals, seven of whom previously worked at Google, Apple, Microsoft, and Amazon. Harmony (ONE) has a maximum supply of 12,600,000,000 tokens, with approximately 9,486,327,268 ONE in circulation as of February 2021.