WHAT IS HARMONY (ONE)? Harmony is a first-level blockchain that uses sharding and Effective Proof of Stake to ensure scalability, security, and decentralization.
A team of like-minded people started developing a high-speed blockchain in 2017. After 2 years, the main network was launched.
BLOCKCHAIN HARMONY Like most next-generation networks, Harmony Blockchain aims to solve the blockchain trilemma where a blockchain cannot be decentralized, scalable, and secure at the same time.
To fix this, Harmony uses sharding and the Effective Proof of Stake consensus mechanism.
HOW EFFECTIVE PROOF OF STAKE WORKS? Validators add ONE to the staking to run the node and possibly process transactions during the election process. Delegates transfer their ONE to selected validators in exchange for a percentage of future rewards.
After the validators are elected by the shard, they create blocks and share the rewards with the delegates.
