In the age of digital business and fast-paced economy, online applications need to provide users with the best experience to retain them. One important aspect is how fast the apps respond to users’ actions. A slow website will test users’ short patience and eventually lose them. The same rule applies to decentralized applications where only a fast and responsive experience leads to high user satisfaction and retention rate.
With this in mind and after significant performance optimization and protocol improvement, we are launching 2 seconds block time on Harmony mainnet to allow Dapps to provide even faster blockchain experience. With…
On November 18th around 7:30AM PST, some of our community members reported that their ONE tokens were transferred out of their OneWallet without their approval. After getting the notice, our team immediately started looking into the issue and we found that all the stolen tokens are transferred into the address one1qclwtjg85cx4kfcxj3t284p908knldvfwk53ps. It contains a total of 9 transactions which all happening around 5am-6am on November 18th. Here is the address detail and its transaction history.
Out of the 9 transactions (25,356,279 ONEs total) into the attacker’s address, we’ve matched 5 of them with 5 different real users whose ONE tokens…
Since the launch of open staking in May this year, we’ve seen tremendous growth of interest for staking on Harmony network. Nearly 4 billion ONE tokens are being staked across a total of 86 unique validators and the numbers are still growing. As the first Proof-of-Stake protocol with sharding, we strive to simplify the staking flow and provide the best user experience for our stakers. We’ve also been paying attention to the community’s feedback to make sure our community’s concerns are taken care of in time.
A high performance and scalable blockchain is a key foundation for a decentralized economy. Adoption of decentralized applications is only possible when the infrastructure can handle a massive number of transactions. Harmony has been focused on building a blockchain with high transaction throughput and fast finality.
Since launch, Harmony mainnet has been finalizing blocks every 8 seconds. After more optimization on the consensus and networking layer, we are bringing the block finality down to 5 seconds, a 38% improvement! We are relentless in wanting to improve and will continue to drive to faster finality.
Finance, both decentralized finance and cross-border…
Harmony aims to build an open network operated and governed by hundreds of validators. On May 16th, 2020, we launched the first sharded proof-of-stake public blockchain with 320 external nodes which started our journey towards full decentralization.
On June 23rd (epoch 208), we implemented the first slot increase from 320 to 480 with strong support from our community (more details and the decision process can be found here). Now we look forward to the second network upgrade, increasing the number of validator slots from 480 to 640.
We saw a rise of unique validators from around 50 to currently 79…
Harmony is one of the first production mainnets to feature a fully sharded PoS architecture. Across the 4 shards in Harmony mainnet, blocks are produced every 5 seconds and cross-shard transactions are finalized in 2 block times.
Harmony’s Effective Proof-of-Stake (EPoS) is the first staking mechanism in a sharded blockchain that achieves both security and decentralization. EPoS allows staking from hundreds of validators and the unique effective stake mechanism reduces the tendency of stake centralization. Meanwhile, stake delegation, reward compounding, double-sign slashing, and unavailability checking are also supported.
As we prepare to launch the native ONE token through the token swap process, the security of token transfers and smart contract functionalities of the Harmony blockchain is the most critical launch criteria. When token swap is enabled, users will be able to convert their BEP2/ERC20 ONE tokens into native ONE tokens and freely transfer those tokens on Harmony mainnet. To make sure no security issues exist in our protocol, we’ve worked closely with Peckshield, a top blockchain security and auditing firm, to scrutinize every single detail of the core protocol codebase.
(Note this model has been updated. Details of the new model is in https://medium.com/harmony-one/harmonys-new-tokenomics-bcdac0db60d7)
Token economy of public blockchains is as important as the blockchain protocol itself. A good token economic model should support the security and longterm sustainability of the network. At the same time, it should also benefit all the participants of the network, including the validators, token holders and the users, thus growing the network over time.
We publish here Harmony’s token economic model, including issuance rates, fee market, validator yield and target staking ratio.
Harmony’s economic model features dynamic issuance around a target range of staking…
(*EPoS is already launched on Harmony Mainnet! Please follow this guide to participate.)
In May this year, we published Harmony’s initial design of a bidding-based staking mechanism. Since then, we’ve received feedback and suggestions from different parties, including staking-as-a-service companies, individual validators, and also Vitalik. We’ve taken seriously the feedback such as the potential operational burden of repeated bidding and the strong requirement of validating for 7 epochs (7 days). There are also unanswered questions such as how to support delegation and how to compound block rewards in a sharding-based blockchain. With this article, we discuss the design thinking of…
(NOTE: The design in this article is preliminary and already outdated. The latest design of Harmony’s EPoS staking mechanism is here)
Since the release of our technical whitepaper, we have been busy with implementing core protocol features including FBFT consensus with BLS multi-sig, distributed randomness generation, sharded p2p network and much more. We’ve also launched multiple testnet versions which have been running smoothly since January 2019.
In the meantime, we were also polishing our token economics and incentives design. We did research on staking models and incentives of existing PoS-based public blockchains such as Cosmos, Tezos, EOS, IoTex and ETH…
Co-Founder and CTO at Harmony