Harmony Condensed Summary

Tags
Summaries/Reports
Links
Leads
dj3n PRD

What is Harmony (ONE)?

  1. Short Introduction (The prerequisites for creating a project)

Harmony is on a mission to scale trust and create a radically fair economy for 10 billion users.

  1. What is Harmony (ONE)?

Harmony is an open and fast blockchain. Our mainnet runs Ethereum applications with 2-second transaction finality and 100 times lower fees. Our secure bridges offer cross-chain transfers with Ethereum, Binance and 3 other chains.

  1. How does Harmony work?
  2. Description of the consensus algorithm

Harmony’s Fast Byzantine Fault Tolerant (FBFT) consensus protocol, combined with random state sharding and Boneh–Lynn–Shacham (BLS) constant-sized signatures allows Harmony to achieve finality in one block or roughly two seconds.

  1. Description of the main technical feature (if it exists)

Harmony uses a novel Effective Proof of Stake (EPoS) mechanism to secure the network.

  1. Why is Harmony unique?

Harmony is unique in the trustless bridges it has built to other chains, enabling confidence to build and move assets in confidence in a multi-chain world. The 2-second-finality and fraction-of-a-penny gas costs provide a world-class experience for builders, creatives, and degens alike.

  1. What is the Harmony ecosystem? (if it exists)

Harmony is a general-purpose, fully-capable chain that’s gaining traction as the preferred home for Web3 gaming.

image
  1. What is ONE token/coin?

Harmony’s native ONE token is used:

  • For running a node (minimum 10,000) or staking (minimum 100) in Harmony’s Effective Proof-of-Stake (PoS) consensus to earn block rewards and transaction fees. Stakers who double sign have their ONE slashed.
  • To pay for transaction fees, gas, and storage fees.
  • For on-chain governance (currently only for validators).

Annual issuance is set at 441 million ONE tokens, declining to zero over time, offering predictable and simple tokenomics for holders.

With the link to the Coingecko ranking resource:https://www.coingecko.com/en/coins/harmony

image
  1. Token Economics (Charts)
    2. image
image
image
image
image

Source for the charts

  1. Token/Coin Roadmap

In 2022 Harmony strives to be a top blockchain for cross-chain assets, collectibles, identity, and governance. Our main themes are:

  1. Adoption — We are bringing utility to users through developers and partners. Hackathons with Gitcoin and workshops at Ethereum events will boost our reach.
  2. Interoperability — We are bridging with Bitcoin and Ethereum for broader assets. Our cross-shard and cross-chain transactions will enable new finance applications.
  3. Decentralization — We are growing our validator community and network features. External voting power and resharding will guarantee our long-term governance.
  4. Zero-Knowledge Proofs – We are researching and prototyping products with 100x benefits, magical use cases, or universal constructs.

More detailed initiatives can be found here.

  1. The team behind Harmony

Harmony was founded in 2018 by Stephen Ste and a team of ex-Google and Apple entrepreneurs. The team has grown and diversified since 2018, with over 25 core team members and over a hundred of additional fellows and contributors.

  1. Partners

Harmony is currently partnered with Sushi, Curve and Aave.

  1. How to stake ONE? (if the token is possible to stake)

Harmony ONE can be staked with validators to help secure the network for 8-10% APY. Various tutorials and articles are available to help new Harmonauts get started staking and earning interest.

  1. Community Channels