Recently, Binance announced its support for its fifth project, Harmony, a fully scalable and secure block chain. The Harmony test network is operational and fully open source, with key innovations in the use of state fragmentation and peer-to-peer networks.
According to CZ (Changpeng Zhao) CEO and founder of Binance, "Scalability remains one of the key problems of the blockchain industry, which we, as an industry, must try to solve in the most effective way possible,". He further stated that, "The ambitious team behind the Harmony project proposes to solve this problem using sharding to parallelize transaction processing. I believe that the team's commitment to open blockchain technologies for billions of people will allow them to make a significant contribution to address the problem of scale. "
Harmony helps companies personalize their assets and incentivize user participation. Harmony also creates an open economy for the exchange of data. Companies take years to form data consortiums, such as ad exchanges and credit ratings. Harmony partners include Animoca (with gaming assets such as Garfield), Contentos (a content platform with 60 million monthly users) and Timeless (a service market based on the calendar) validate its value as a platform. "Harmony mission is to build trust for billions of people and create a radically fair economy," said Harmony Executive Director Stephen Tse. "Binance will take our chain of blocks fast and secure for the exchange of data to companies while preserving consumer privacy."
The Concept of Harmony One Project
As part of Binance's active service and mission to help the industry create a more sustainable blockchain ecosystem, Binance Launchpad continues to support and introduce global blockchain infrastructure projects to the community, helping to expand technologies and accelerate mass adoption.
Harmony is a fast and secure block chain with key innovations in state fragmentation (secure redefinition and reorganization with decentralized randomness) and in peer-to-peer networks (optimal fragment routing, rapid block propagation). Harmony is a sharding-based, fully scalable, proved safe and energy-efficient blockchain for the next generation. By combining the best research results and engineering practice in an optimally tuned system, Harmony addresses the problems of existing blockchains.
Harmony is designed to build a platform that works substantially faster than Bitcoin and Ethereum, and that can operate on a Google-like scale, too. The focus of Harmony is on improving network usage efficiency. A number of improvements are also proposed by Harmony to address the real-world networking scenarios.
Market Space & Competitive Landscape
Harmony One Platform is trying to make provision for a blockchain infrastructure with a high potential for scaling and processing transactions speedily and at low cost. This has resulted to numerous competitions from platforms that are looking out to apply similar approach like EOS, Cardano, Zilliqa and Hashgraph. There are projects like High Performance Blockchain, Dfinity, and Seele that are also addressing similar problems, and Harmony is coming into a rather huddled sector which will only keep on attracting more participants. The team wants to master innovations already evidenced in practice, and intends to focus on the key parts of transport networks, consensus protocols, and systems tooling.
The Potential Market Size For HarmonyOne
Notwithstanding, the existence of a number projects aimed at solving similar problems, there's still a sizeable market for the Harmony team to focus on. Scalabilityremains an important issue within the blockchain economy and any project that's ready to tackle the matter and attract users to their platform will experience an appreciation in value that is highly considerable.
As the downside of manufacturing a high performance blockchain that's able to work out within the world has still not been handled, the Harmony platform is a viable option to the globe of economic technology if the teams are able to fulfill their promises.
The Project’s Contribution For The Blockchain Economy
Harmony is one of the various high output blockchain project in existence; but, it still has one thing to render the Blockchain Economy. By attempting to solve current problems concerning scalability and by providing low cost, quick payments, Harmony will act as a blockchain answer to various firms and organizations and disrupt numerous key industries.
The teams also are focussed on coming forth with innovations to various existing protocols like the OmniLedger Byzantine protocol and update current scaling panacea , if successful they're going to assist the larger community of blockchain developers to make forward steps.
For more information;
Website: https://harmony.one/
Whitepaper: https://harmony.one/whitepaper.pdf
Telegram: https://t.me/harmony_one
Twitter: https://twitter.com/harmonyprotocol
Medium: https://medium.com/harmony-one
LinkedIn: https://www.linkedin.com/company/harmony-one/
Github: https://github.com/harmony-one
Written by Darkangel
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