harmony blockchain harmony layer 1 harmony defi
Here, we will introduce how the Harmony blockchain works and the Harmony NFT game “DeFiKingdoms” !
Table of Contents
Harmony is an EVM compatible Layer 1 smart contract platform developed since early 2017. Harmony (ONE) is a solution developed as a blockchain that employs sharding and solves the trilemma (scalability, decentralization, security) of public blockchains.
・ Harmony is an open and fast layer 1 blockchain. Harmony’s mainnet is capable of running Ethereum applications with a transaction finality of 2 seconds (immutable completion state) and a fee of 1/1000.
・Harmony is an open platform for assets, collectibles, identities, and governance. Harmony’s secure bridge provides cross-chain asset transfers with Ethereum Binance and three other chains.
・Harmony’s consensus provides 2 seconds of finality and uniform scaling. Harmony bridges and wallets are protected by trusted smart contracts. The Harmony cross-chain architecture universally connects different chains such as Bitcoin, Ethereum, Cosmos, and EVM compatible chains.
* Sharding: A method of dividing the network into shards (shards / fragments) and distributing the load to each to speed up the processing performance of the entire network.
Here, we will compare Harmony and other chains.
Characteristics of Blockchains other than Harmony
Cryptocurrency / Blockchain
|Comparison with Harmony|
|Solana(Solana/SOL) Layer 1||
It has an optimized system, is liquid, but makes centralized decisions with expensive nodes.
|Luna(Terra/Luna) Layer 1||
It has a solid economic and collaborative community, but lacks Ethereum tools and on-chain scaling.
|Polkadot(Polkadot/Dot) Layer 1||
There are inter-chain protocols and developer grants, but slots are limited and adoption is delayed.
|Avalanche(Avalanche/AVAX) Layer 1||
There is innovative consensus and corporate support, but peer-reviewed research is limited.
|Polygon(Polygon/MATIC) Layer 2||
There are Ethereum integrations and DeFi products (Layer 2 scaling solution for Ethereum blockchain), but no uniform scaling.
|Near(Near) Layer 1||
There is sharding consensus and DAO governance, but there is a lack of cryptographic research.
Also pay attention to Layer 1 Polkadot/DOT.
Here, we will introduce the advantages of the Harmony protocol.
Harmony transcends the blockchain * 1 trilemma by bringing the best research to the production environment. Sharding has proven to be able to extend the blockchain without compromising security and decentralization.
It divides the blockchain state into shards and network nodes and scales linearly in all three aspects of machine, transaction, and storage.
Single shard attack Each shard has 250 nodes, ensuring strong security against Byzantine operation. Use a verifiable delay function (VDF) for unbiased, unpredictable shard membership.
* Sharding: Sharding is one of the database load balancing methods, in which one table is divided and recorded on multiple physical computers.
* 1 Trilemma: A predicament of alternatives (here, scalability, decentralization, security) in which one must be selected from three unfavorable ones.
Harmony has revolutionized the tested and practical Byzantine Fault Tolerance (PBFT) to gain a quick consensus on block transactions. Harmony’s High Speed BFT (FBFT) leads to low transaction fees and one block time finality on the Harmony mainnet.
Boneh–Lynn–Shacham (BLS) achieves a block time of 2 seconds by modifying the production view of a hostile or unavailable reader with a fixed size signature.
Harmony Mainnet was launched in June 2019. Harmony’s network is over 30 million blocks with over 450,000 transactions using the listed native ONE tokens.
Harmony has designed a new Proof of Stake (PoS) mechanism for network security and economy. Harmony’s Effective Proof-of-Stake (EPoS) reduces centralization and fairly distributes rewards to thousands of validators.
Harmony’s staking mechanism supports compound interest in delegation and rewards. To support fully open participation with 100% uptime, EPoS reduces double signing data and penalizes nodes that are selected but not available.
Harmony’s model provides simple and predictable returns for your data. All transaction fees are burned to offset issuance, and inflation naturally goes to zero as network utilization increases.
Metaverse offers a unique market product for accelerating Web3 by integrating culture and technology.
DeFi Kingdoms, the most played game on Web3, was born on Harmony’s open platform. This gamed blockchain project combines the power of decentralized finance (DeFi) with the utilities of NFT.
DeFi Kingdoms using the Harmony blockchain is a browser-based game, so you need a compatible browser with MetaMask extensions installed to set up your system (Chrome, etc.).
In addition, you will need a Harmony (ONE) token to convert to JEWEL with gas charges and in-game. Harmony (ONE) virtual currency can be purchased at overseas exchanges such as BINANCE.
Harmony (ONE) needs to find an exchange that trades ONE such as Binance, Crypto.com, Kucoin. Next, you need to send an ONE to your MetaMask wallet.
Set up your browser and MetaMask, put Harmony ONE in your wallet, and you’ll be ready to join the game.
So far, I have introduced Harmony, a layer 1 blockchain. Harmony’s website has just been redesigned as shown in the picture above. Even just looking at this, you can feel the momentum of Harmony. Together with Solana, these two layer 1 blockchains are worth watching.
Harmony has a game called DeFi Kingdoms that is popular on Web3, and it seems to be the royal road of popular games along with YGG’s Sandbox. Gameplay is also convenient because you can play it immediately by installing MetaMask on Chrome. I think it’s easier to play because people who are selling or purchasing NFT art already have it.
It is still unknown which games will become explosively popular with NFT games like today’s online games. In that sense, it’s worth remembering the existence of DeFi Kingdoms. Also pay attention to the virtual currency Harmony (ONE).