Open Consensus for 10 Billion People
Every day we see new blockchain technology surfacing in our midst. No matter how much we try to grasp the latest technology, they always have something new to offer to the table. Ever wonder what the root of all these blockchain technologies is? Well, consensus algorithms are the primary root of these revolutionary techs.
Consensus algorithms are what that makes all these blockchain consensus sequence different from one another. Blockchain network facilities millions and millions of people in the same space. So, how come they never interfere with one another or exist mutually?
The answer is in the architecture of the blockchain network. The architecture is cleverly designed, and consensus algorithms are at the core of this architecture.
Now let’s take a look inside the blockchain technology to get a better view of the whole network.
- It’s a new way to organize the database.
- Can store everything that changes according to the network.
- All the data get arranged in a block like matter.
However, you won’t see any decentralization in the blockchain itself. This is because blockchain doesn’t provide the decentralizing environment. That’s why we need consensus algorithms to make sure the system is fully decentralized.
So, blockchain Technology would only allow you to create a different structured database, but it won’t carry out the decentralization process. This is why blockchain is considered the skeleton of the whole decentralized network. These Blockchain consensus models are just the way to reach an agreement. However, there can’t be any decentralized system without common consensus algorithms.
It won’t even matter whether the nodes trust each other or not. They will have to go by certain principles and reach a collective agreement. To do so, you have to check out all the Consensus algorithms.So far we haven’t found any specific Blockchain algorithms that work for every blockchain Technology. But now, with more tokens, users, investors, exchanges and startups involved than ever, scalability is emerging as a serious issue. With transaction data piling up, the current system is beginning to strain under its own weight. With every purchase, the blockchain adds one more block to its ladder of transactions, and every block increases with data as it carries the history of the blocks before it. As more users join the networks and the transaction histories of individual coins grow, the current system is in danger of buckling.
Harmony is an open infrastructure for 10B people in the future. Harmony builds a high-performance consensus platform that will enable decentralized economies for everyone. Harmony tries to solve the challenges in blockchain (scalability) by keeping the core values of blockchain (de-centralization) intact & ensuring security.
Harmony solves scalability on blockchain problem by introducing sharding at the state level in its blockchain. Sharding vastly improves scalability due to the fact that each node only has to carry a portion of blockchain data in order to complete a transaction.
Harmony approach of sharding at the state and network level, along with the use of Kademlia approach for cross-shard communication makes it the most advanced technique for scaling. This approach will get Harmony blockchain to reach up to 10 Million+ transactions per second. The test net already proves the concept viability and showed on trial run speed of 10,000+ TPS.
due to low return time of weak miners, they are tilted towards joining mining pools which encourages centralization, hurting the core principles of the blockchain.
Harmony protects this by introducing PoS. With this, miners (or validators) don’t have to race for block award, instead, they stake tokens and depending on the number of tokens staked, they receive voting shares. Using PoS as validator registration is also energy efficient compared to PoW mining.
Also, the addition of beacon chain in Harmony enables miners (or validators) with minimum hardware specifications to easily download the node(state of the shard they join). Instead of downloading the whole blockchain history as with other blockchain projects, miners (validators) in Harmony only have to download block header information which is magnitude much less compared to downloading whole blockchain history.
#harmonyprotocol #deepsharding #blockchain #BUIDL
For more details, on Harmony
- Website: https://harmony.one/
- Telegram: https://t.me/harmony_one
- Whitepaper: https://s3-us-west-1.amazonaws.com/harmony.one-website/Harmony+Whitepaper.pdf
- Twitter : https://twitter.com/harmonyprotocol