Advantages and Disadvantages of Harmony (ONE)

Harmony (ONE) is an open source blockchain technology platform with sharding infrastructure that focuses primarily on the development of decentralized applications (DApps). Like other new blockchains, Harmony offers greater scalability and a better consensus system than the Ethereum blockchain.UOne of its main goals is to equally respect the trilemma, decentralization, scalability and security.

Harmony logo

Advantages and Disadvantages of Harmony (ONE)

The platform is aimed at achieving high processing speed and validation without compromising security. It aims to revolutionize the creation of blocks, for this it resorts to fragmentation with tools such as Sharding, which drastically reduces the validation times of the nodes. In terms of security, Harmony has introduced the VRF function, designed to guarantee the validation process and the integrity of the nodes. This function fragments blocks impartially and unpredictably and randomly assigns nodes and validators.

The Harmony network uses Effective Proof of Stake (EPoS), a slight variation of PoS. In this system, validators are delegated by users, who are called delegators. The network currently has 1,000 validator nodes.

A main difference with the classical proof of participation is that in this method the number of validator nodes that sign twice is drastically reduced, and it also penalizes unavailable nodes. The consensus algorithm is called “Fast Byzantine Fault Tolerance” (FBFT), which uses the Boneh-Lynn-Shacham signature (BLS).

thanks to its implementation, block generation every two seconds is achieved. Due to this, the reduction of its rates in remarkably low. The Harmony network has its own currency, whose usefulness serves as a governance system and payment method as an incentive for keeping the network active.

Advantages of Harmony (ONE):

  • Interoperable, it is compatible with Ethereum network applications.
  • Scalable, the network has demonstrated that with fragmentation the network is able to solve the problem.
  • Low commissions, it has really low commissions (0.000001$).

Disadvantages Harmony (ONE):

  • Inflationary structure. Although it is a rather small value, namely 3%.