The dapp-focused company announced today that it had successfully deployed a new version of its Harmony blockchain. After years of research and development, Harmony has become the first project to successfully deploy a combination of sharding (4 shards) and proof of stake (Effective Proof of Stake) – the goal of course being scalability.
Anyone can now become a block validator of the network, which seems to be a lucrative opportunity – according to Harmony, stakers can expect “45% to 15% in the first year”. To become a staker, you can visit this page.
In the announcement, the company makes a comparison to Ethereum to point out just how quick transactions are now handled by the network:
“Transactions on Harmony settle in 8 seconds, a welcome change for those accustomed to waiting minutes for Ethereum transactions to finalize. Costs are significantly cheaper as well. A transaction on Harmony will set you back only $0.000·001.”
Currently, there are around 320 public nodes on the Harmony network, with plans to increase that to 1,000 before the end of the year. It is important point out here that Harmony uses a proof-of-stake (PoS) consensus algorithm, and not delegated proof of stake. This means that anyone who holds some of the native-to-the-ecosystem ONE token can become a validator and start earning passive income.
Aside from PoS improving how computational resources are spent, the network is also split into 4 shards to ensure faster operations.
Harmony CEO, Stephen Tse, commented on future plans for the project now that it has successfully laid the foundation:
“Now that we’re equipped with a battle-tested base layer, we will shift gears to pursue adoption with the same nonstop execution that enabled us to launch the first sharded PoS blockchain. Our scalability, speed and cost will enable use cases and user experiences that no other blockchain before us could.”