Harmony is one of the popular network being discussed in crypto world. Getting into its detail, it is actually an effective Proof of Stake (EPoS) blockchain being found in 2018 by Stephen Tse with mainnet lunch in 2019. It gives assurity of resolving the blockchain trilemma of decentralisation, security and scalability, as maximum post-Ethereum networks do. Harmony is actually providing answer to problem is sharding and it’s appropriate Proof Of Stake mechanism.
It’s also in air cause of its Cross-Chain Finance model and its famous cause of its cross-chain and multi-chain capabilities which have enhanced instantly and Harmony serves these capabilities as well. Blockchain tends to provide bridging services between BNB Smart Chain (BNB), Bitcoin (BTC), Ethereum (ETH) and various other networks. The main vision of Harmony is used for scaling Web3 relies on zero-knowledge proof and Decentralised Autonomous Organisations (DAOs).
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Working Of Sharding In Harmony
Harmony is able to give security, decentralisation and scalability cause of sharding. This sharding of Harmony tends to separate the network in four sections which tend to work in parallel. Users could easily select the shard desired by them, which tends to distribute the network’s workload. The transactions, validation, block creation and even staking are performed individually on each of the shard. Sharding is advantageous for Harmony as:
• Validator don’t require maintaining entire copy of the blockchain’s transaction history.
• Validators are by way of chance, being allotted to shards for avoiding the hostile shard takeovers. The validators, after each Epoch, would go ahead towards new shard and rotation of leaders exits thereafter.
Harmony network limits itself to 250 validators slots per shard recognised as BLS keys. If required, the number of validators as well as shards could enhance in meeting the network requirements in near future. Shard 0 is Beacon Chain which works as information relay amongst shards 1,2 and 3. No doubt shard is being used, the transaction times would be of around two seconds.
At present, maximum of the work is conducted on Beacon Chain. Also, the full cross-shard implementation was not entirely grown, but it’s still on the roadmap. Also the cross-shard communication would allow the smart contracts for operating across the shards by way of transferring the messages across the nodes straight away.
Effective Proof Of Stake (EPoS)
EPoS is same as standard Proof Of Stake (PoS) validator and delegator model. The validators tend to stake ONE (Harmony’s native token) for running a node and processing transactions by way of an election process. Delegators stake their ONE at back of a validator against percentage of future block rewards and the transaction fee as well. When it comes to electing and assigning of shard, validator tends to build blocks and shares their reward with delegators.
The reward distribution of EPoS’s is something which makes it different from others. Many of the PoS systems tend to consolidate rewards and power at the back of few number of validators. The maximum one stakes, the more one tends to validate and earn. Where, EPoS tends to lessen the rewards and penalise validators who are involved in staking in a single node, but the Nodes having small stakes receive much favourable rewards, in terms of their size, thereby motivating huge number of validators for decentralising. Therefore, this system also aids in zero failure chance and also alongwith lending secure way for validating transactions, it also helps in giving lower gas fee. This makes it a way different and beneficial than Ethereum, in terms of high gas fees and a better alternate to Bitcoin’s scalability as well in terms of Proof of Work(POW).
About ONE
ONE is the native token of Harmony and is used as, for the payment of network transaction fee, participating in Harmony’s open governance mechanism and staking as validator or delegator in return of block rewards. Where Harmony tends to reward on regular basis, to its validator of 441 million ONE on annual basis.
Procedure Of Purchasing ONE
ONE could be purchased on Binance in some ways as:
• one could purchase it with both either credit or debit card, thereby using Fiat currencies.
• Then move further over Buy Crypto with Debit/Credit Card page.
• Then go for choosing the currency desired for paying in.
• After all this, go for selecting ONE in the Receive field.
• Last but not the least, go on the click button for following the instructions for your purchase.
Other cryptocurrencies could be effectively traded for ONE. ONE could be purchased even on decentralisedcryptocurrency exchanges (DEX) and marketplaces as Sushiswap.
Procedure Of Staking ONE
ONE could effectively be staked on the Harmony blockchain as a validator. Very easy way is staking a delegator, which needs to find a validator for delegating individuals tokens. Consider the following steps:
- Initiate staking, head to Harmony Staking Explorer and then select a validator by clicking on their name.
- Then Click on the Delegate button.
- Then the option of signing in would be asked. One could successfully then choose for creating new wallet address with Harmony or could even use the current one as MetaMask.
- After getting logged, you have to click on the Delegate button again and then select the amount required to be staked. In case the validator so selected, is elected, then you and other delegators are going to start receiving a portion of their block rewards.
- To stake as a validator, requires running a node, thereby making it an enhanced complicated process.
Procedure Of Storing ONE
Harmony is an EVM supportive blockchain network and it’s easy to add it to your MetaMask or Binance Chain Wallet. In case you are upto using yet another extension wallet which allows to add additional EVM (Ethereum Virtual Machine) networks to interested individuals then, you could also use it with Harmony. You could even end up following our Connecting MetaMask to BNB Smart Chain guide and thereafter use the mainnet guide. Also, while connecting to particular shard, you must be sure of selecting the correct RPC URL and Chain ID pair thereafter.
Crux
Harmony holds a solid ecosystem for exploring and getting involved, even though you are an investor, Defi DApp user or a staker. Harmony progress on its website has to be kept updated, in cases having more cross-shard capabilities to meet in near future.
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