Upcoming: Harmony — The Larger the Better
While legacy blockchains like Bitcoin and Ethereum have done a great job in revealing the potential applications of blockchain, they are still limited with regards to real-life and global-scale usability. The cryptocurrency frenzy of late 2017 revealed existing bottlenecks in legacy projects. As more people came aboard the bitcoin train (crypto kitties in the case of Ethereum) and tried to perform transactions, transactions took longer to confirm and fees began to increase.
Over a year later, multiple blockchains have entered into the space with the aim of solving the scalability and efficiency problem of Bitcoin. Protocols like Proof-of-Stake (PoS), Delegated Poof-of-Stake (DPoS), Sharding and Directed Acyclic Graph (DAG) have all been proposed as possible solutions. However, these solutions have not been able to solve blockchain’s scalability problem without compromising on security and decentralization. Harmony is “the next generation sharding-based blockchain” that uniquely combines full scalability, security and energy efficiency.
Harmony’s propriety sharding solution thrives on a large number of participants. The network becomes faster as it scales (as more nodes join the blockchain). Network communication, validated data and blockchain state are all sharded, thus, providing a fully scalable blockchain. Harmony also ensures security by adopting a distributed randomness generation process, in addition to a reshard process.
According to an official Medium post,
At Harmony, our aim is to scale trust for billions of people and create a radically fair economy. We envisage the largest open consensus network built for the benefit and future of humankind.
Harmony’s opensource and full stack approach will enable quick and aggressive innovation move blockchain applications to new heights.