Harmony Blockchain Explained: Network, Staking And Other Details
It’s been almost a month since the Harmony network has entered into a completely different phase of its technological development, launching the Open Staking and allowing ecosystem participants to benefit from the network. And it’s not only about network rewards that the other ecosystems provide too, but it’s more about a new paradigm that the project is trying to bring to the world.
What really differentiates Harmony from other systems is the following 4 network perks: Secure And Random State Sharding, Fast Consensus Algorithm, Effective PoS Mechanism. And by implementing such a sophisticated and complex technology related to Random State Sharding, the network has dramatically improved its decentralization and scaling capabilities.
Each Harmony shard consists of 250 nodes, and at the moment of writing this material, the network has 4 active shards, allowing Fast Consensus algorithm that has 8 seconds block finality time. EPoS algorithm supports stake delegation, rewards compounding, and double-sign slashing, which will positively affect the network, in the long run, making it more stable.
Furthermore, if we are going to look at the network from the perspective of persistence to different misbehaviors, then the network is prepared really well. In case a node included in the shard goes offline, then, unfortunately, it will be penalized by the network, since it has created the potential situation where network users have to deal with the worsened service.
In the middle of this May, the Harmony has launched the Open Staking, which implies the usage of ONE token for staking purposes. This step has marked a new important development stage in the project because by launching the economy the network can evolve faster, and slowly enter our lives in different shapes and forms. Harmony annual issuance is set at 441 million tokens, and it will slowly stabilize to a 3% inflation rate a year.
Milestones That Harmony Aims To Achieve
Developers have set very challenging goals for 2020, where they want to launch a full-fledged EPOS mechanism, improve the finality time to 3 seconds, implement fiat gateways that will play a crucial role in traditional market connection with the cryptocurrency market. The project plans to create new wallets that allow staking, which in the end will drive adoption.
Furthermore, in order to allow the network of new financial relationships with other blockchains, the Harmony team wants to implement the Ethereum bridge. The network also pushes towards auditable privacy, where a particular user remains relatively anonymous by having his data checked without revealing his actual personal information.
How To Earn On Harmony Network
The staking on the Harmony Network was finally launched, and now users can freely delegate their tokens to network validators and receive rewards from these financial activities. Users simply have to download specialized Google Extension, which is used as a medium that allows connecting to the blockchain. Harmony network offers on average 11.19% annual ROI, which is considered a good alternative to the traditional bank deposits.
In case you are interested in staking, you can support the Everstake team by delegating your tokens to our validator. As with any other network, we plan to improve the ecosystem by implementing a variety of different tools that ease the interaction with the network and allow collecting much more data which is used later on for improvement purposes. If you are a beginner, then you can refer to our newly created Harmony staking guide which explains step-by-step the staking process.
Validator Address: one1aagrkq9vg49jm5xx22fvm4leg0lt48qeupexvu
ONE token holder or potential investors can vote for our validator here
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