- Category: Smart Contract Platform
- Coin Launched: September, 2019
- Resources: White Paper
- Official Website: Harmony
- Reddit: Harmony
HARMONY History / Information / Buying / Staking
Harmony was founded in 2018 by Stephen Tse and co-founders Rongjian Lan, Nick White, and Sahil Dewan. All were infrastructure engineers who used to work at Google, Amazon, Apple, and Facebook. Harmony launched its mainnet in June 2019 and open staking in May 2020. The team’s goals in 2020 include cross-border utility, decentralized development, and auditable privacy. The project designed a new version of Proof-of-Stake (PoS), which it calls Effective PoS (EPoS), on its consensus layer to provide Sybil resistance.
EPoS allows participants to either stake directly or delegate their holdings to an active validator in exchange for block rewards. It also incentivizes users to delegate to smaller validators, thus aiming to reduce the tendency of stake centralization. Other EPoS components include reward compounding, double-sign slashing (to keep validators in check), and unavailability checking. Harmony raised an $18.3 million private round, a $5.5 million node round (led by Binance Labs and HashKey Capital), and a $5 million initial exchange offering (IEO) through Binance Launchpad.
HOW HARMONY WORKS
Harmony is a fast and secure blockchain with key innovations in state sharding and peer-to-peer networking. Its sharding uses secure proof-of-stake and decentralized randomness, and its networking achieves optimal cross-shard routing and fast block propagation.
BENEFITS OF USING HARMONY
Some of the benefits of using Harmony are:
FAST TRANSACTIONS WITH LOW FEES
LOW BARRIERS FOR ENTRY VALIDATORS
HIGH RETURNS FOR STAKING
CAN YOU STAKE HARMONY
Harmony's Staking is either as a delegator or a validator. For Delegators: For those wishing to participate in staking without running a validator, delegation is the best approach to still get involved and earn block rewards.
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