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Harmony’s Next Level PoS Network

April 12, 2019

Investors from Hong Kong’s Lemniscap VC, Australia’s BCA Fund, Singapore’s UniValues Associates and Silicon Valley’s Consensus Capital and many others are interested in the potential of a new blockchain network called Harmony. The network plans to launch as a proof-of-stake organization from the get go, rather than make a transition as the Ethereum network has been working on for years.

 

“Harmony’s core architecture and approach are the right ones to scale blockchain protocol (state sharding and peer to peer networking). Innovation in centralized systems is slowed down and bottlenecked by massive incumbents like Google/Facebook.” - Maximilian Thyssen, an angel investor who joined the Harmony round

 

The current Harmony team includes employees with previous work experience with the biggest Web 2.0 companies like Google and Amazon, companies that have made great advantage of people’s data on the internet. They are looking to do more than just improve upon the technology. They hope to take on the greater good of empowering people with their user data on decentralized networks like Harmony.

 

“The companies our team came from, they monopolize all this, and they extract a lot of the value that maybe users should be getting.” - Co-founder Nick White

 

PoS and Chain swapping

 

Harmony’s version of a decentralized protocol is beginning with a pre-mined pool of 12.6 billion tokens, 2.8 of which have already been sold in their initial token sale for a total of $18 million. Moving forward, another pool of those tokens will be used to incentivize early adopters of the network, including distributions to those who participate as nodes. Although it will be a proof-of-stake network through and through, like Bitcoin and other traditionally formatted cryptocurrency, the Harmony network will gradually reduce the staking reward to prevent inflation. However, there is no predetermined total number of tokens.

 

One of the biggest features the Harmony chain is working on is the ability to easily port dapps over from other networks. They are focusing especially on making this easiest for Ethereum dapps, as they are most prevalent on that network. Further, it creates network congestion and raises fees to operate the dapps, which leads to the advantage of porting the dapp to the Harmony network where it could run more efficiently.

 

“When we start to attract a meaningful number of users, you kind of create a new data economy. And that, in the end, is what enables data as an income.” - Co-founder Nick White

 

 

By: BGN Editorial Staff

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