Skip to content

Harmony’s main blockchain network now supports staking along with sharding

May 21, 2020

The open blockchain platform Harmony announced that it will now support the deployment to create a blockchain infrastructure that achieves high scalability without affecting decentralization..

In a press release dated May 19, 2020 Harmony stated that it is the first time that it integrates staking into a blockchain network and that it also uses the database partition – called sharding– to achieve a high transaction throughput. Nick White, co-founder of Harmony, told Cointelegraph:

“You won’t find another chain that can support the same performance, processing speed, same extremely low cost, and same level of decentralization. This puts us in a sweet spot for growth.”

Staking is the process used in the proof-of-stake blockchain protocol Network users drop their cryptocurrency holdings to support network operations. The users are then rewarded for their contribution..

Harmony’s main blockchain network now supports staking along with sharding
Harmony’s main blockchain network now supports staking along with sharding

Harmony CTO, Rongjian Lan said that the convergence of stake and shards is a “more complex order of magnitude for construction and design”“”

Proof-of-stake effective

It is known that the proof-of-stake test protocol rewards Staker based on the number of tokens set in the network: the higher the amount, the higher the reward.

However, With its new stakeout mechanism, known as the “Effective Proof-of-Stake”, Harmony aims to strike a balance between large and small stakeouts.. The network limits the processed reward to those with the highest stake and increases it to those with a relatively small amount.

Harmony also intends to step up the decentralization of its core network Increase the number of public nodes from 320 to over 1,000 by the end of this year. It is also suggested to further reduce the network settling time and reduce it to less than 8 seconds.

Driving adoption

Stephen Tse, CEO of Harmony, said: After making the network more scalable and decentralized, they will try to solve the most difficult challenge, namely the introduction.

“We will change gears to drive acceptance with the same execution without interruption,” which allowed them to launch the first PoS blockchain, he said.

Harmony also plans to encourage more developers to build online and innovate.Provision of a “full set of developer grants”.

Do not stop reading: