Nikolaos Kost
Sep 10 · 11 min read

Harmony hosted a public Telegram AMA with Harmony’s CEO Stephen Tse in our community group. This is a transcript of the conversation.

Special thanks to the hundreds of our community members who engaged, especially those who asked their questions. We’re looking forward to making this an ongoing series with other members from Harmony’s Leadership Team covering different angles, where we’ll address more of your questions with each AMA.

Stephen Tse | Harmony CEO

Excited to be jumping back in here to tell more about our roadmap and Asia events.

Sonny | Harmony CM

Welcoming everyONE to our Mainnet AMA series with @stephentse. The group has been muted temporarily for us to answer pre-submitted questions. Feel free to DM any of the admins with your questions about Harmony’s Vision, Roadmap and company direction

So down to it, Stephen, the first question is about our staking smart contract, the community wants to know when it will be released.

Stephen Tse | Harmony CEO

Hey Sonny, after the token swap and mainnet SDK, likely around October. We’re manually adding new nodes and with staking pool partners like Honest Mining. Moreover, Trust wallet and other app products are also interested in client-side staking too.

Btw, I was just working with Gizem on our phase 2 (waiting for your questions…)

Nikolaos Kost | Harmony

Indeed, it has been a great success. We were planning for something small and only during the weekend the whole capacity for 10 nodes has been exhausted with a great demand to unlock new!

Stephen Tse | Harmony CEO

Absolutely, our 1000 nodes are getting filled fast, and on Pangaea, we’ve reached 3000+ signups.

Tosce | Harmony CM

Speaking of mainnet a community member will like to know when the full mainnet is going to be released.

Stephen Tse | Harmony CEO

Top features for our full Mainnet are deploying apps and open participation. We have successfully deployed our own puzzle game, and the Pangaea network is already 80% external. We’re engaging developers to test now, and becoming fully open in a few weeks

Sonny | Harmony CM

And when can developers start building Dapps on it?

Stephen Tse | Harmony CEO

Right away! We’re compatible with EVM and its toolchains. You can deploy to our Pangaea or staging net now.

Tosce | Harmony CM

A member of the community @josebazan has asked if you have any concerns regarding the possible regularization from the government and what that would mean for ONE? And what is the biggest WEAKNESS in your project and how are you planning to tackle it?

Stephen Tse | Harmony CEO

We’re working with all major exchanges and partners on compliance, staking, integration, custodial. In particular, we’re working through the legal framework to be a utility token in the US.

Adoption is the key for us, so we have some new partnerships to announce during the Wanxiang Shanghai conference to engage more use cases and users on our platform right away.

Sonny | Harmony CM

Transaction per second (TPS) is a very popular question and the community wants to know what the rough estimates are.

Stephen Tse | Harmony CEO

About 1000 tps per our 400-node shard, so we will eventually scale as we add more shards.

Sonny | Harmony CM

The token swap was recently delayed, but no official communication on why. The community would like some insights into what happened.

Stephen Tse | Harmony CEO

Apologies for the delay and late communication. We are more diligent in transparent reports every Tuesday, and I personally write and curate our newsletter every 2 weeks.

We didn’t plan well for the extra work in sharding-specific features in the user interface, and some engineering time was directed towards our Pangaea network in running 1000 external nodes. However, we’ve been working closely with Binance and KuCoin on the swap.

Nikolaos Kost | Harmony

A good question coming from @ddantes71; Right now, there is a limitation on the number of nodes allowed to be operated by a single person/entity. What is the bottleneck preventing an individual/entity from staking n-nodes if such had already purchased n-millions of tokens for each node?

Stephen Tse | Harmony CEO

There is no intrinsic limit but our mission is to decentralize and allow more people to run nodes first. We will scale the node seats to thousands but currently wanted to educate and engage more nodes to start operating.

We already have pooling partners and client products to help delegation, our EPoS model naturally allows delegation and compounding.

Sonny | Harmony CM

What is the predicted impact of stacking on circulating (tradeable) supply?

Stephen Tse | Harmony CEO

The next 25% tokens will unlock on 11/30. We’re working on more listings, games and DeFi adoption, ecosystem funds to sustain our growth. We’ll see a natural demand as we migrate apps and add more assets on the network

Sonny | Harmony CM

Has the token model been revised?

Stephen Tse | Harmony CEO

Not since IEO.

Tosce | Harmony CM

Another question from the community, @fifafifa123 wants to know if Harmony will develop a real-world API?

Stephen Tse | Harmony CEO

What kind of real-world apps or API would you be suggesting?

Sonny | Harmony CM

A member of the community @onurcg wants to know what Harmony’s milestones are in the near future?

Stephen Tse | Harmony CEO

I’m in the middle of preparing the deck for Asia. Here’s our roadmap slide that I will unpack with the community over the next few weeks:

Here’s another preview of our talk at the biggest blockchain event:

Sonny | Harmony CM

Another member of the community @AJIZZ56 wants to know if the team will be opportune to come to Taiwan for a meet-up?

Stephen Tse | Harmony CEO

Ah, I wish. I’ve been to Taiwan many times, stayed for 5 months at one time, and a round trip around the island. I may have a short personal trip during X-mas in Taiwan, ping me on s@harmony.one for a possible meet up during that period.

Tosce | Harmony CM

@sbrebol wants to know in your opinion, what you would consider the most important use case Harmony has accomplished thus far?

Stephen Tse | Harmony CEO

Games/collectibles with Animoca acquisition. We’re currently developing with Quidd for their 7 million users and 325 brands.

We’re also spending lots of time in the background on decentralized finance (DeFi) / credit rating data, engaging different analysts on designing the token model, which will allow us to capture many native uses of blockchain technology.

Sonny | Harmony CM

What will be the incentive model for validators/staking economy?

Stephen Tse | Harmony CEO

Block rewards and network governance (similar to Ethereum 2.0)

Nikolaos Kost | Harmony

Another question from @ddantes71: Stephen, what are your thoughts on competing with the new DLT technology Fantom, which uses a DAG decentralized ledger rather than a blockchain to validate transactions. It claims faster performance than Harmony and a future competitor to both POS and POW chains.

Stephen Tse | Harmony CEO

Directed graphs are a very common data structure for pipelining and resolving dependencies. The leader consensus is more fruitful for our research direction next year. However, PoS is the clear winner for all new chains now.

Tosce | Harmony CM

@figao has asked if the team has any plans of coming to Europe anytime soon it seems like harmony only goes to Asia.

Stephen Tse | Harmony CEO

We just went to Eth Berlin! Gizem will be based in Turkey/London, Robin will be in Holland — so we’ll host more events there. We’ll also hire 2 more engineers near Moscow. If there are any good places in Europe you’d like us to focus on, do let us know?

Sonny | Harmony CM

A question from @somebodyontelegram: Harmony seems to have the upper-end technologically in the industry, but still it seems like there is not much buzz in the cryptocurrency world surrounding it. Is the team planning to up their media presence after the network fundamentals are set in place? What is the current marketing plan for Q4?

Stephen Tse | Harmony CEO

Yes, we’re redesigning the website, keynotes in major conferences, making video/documentary on our vision, and would be having Pangaea nodes as our advocates.

Tosce | Harmony CM

@fifafifa123 noted gambling as one of the biggest sectors in the blockchain ecosystem, and wants to know if Harmony will support it too?

Stephen Tse | Harmony CEO

We have explored acquiring gambling/lottery licenses, but DeFi/lending and games may have more traction for us this year.

Sonny | Harmony CM

@Oldman_Sam wants to know if Harmony is worried by the current climate (currency devaluation and development of a central crypto by the Chinese government?

Stephen Tse | Harmony CEO

Naturally, we pay very close attention to China’s policies and blockchain development (my parents still live in Hong Kong), I do think China is also very pro-innovation and adaptive in new products for the market.

Nikolaos Kost | Harmony

I got another question in regard to regulation: How does Stephen see regulation in Washington impacting large tech companies’ adoption of blockchain or running nodes in POS chains?

Stephen Tse | Harmony CEO

Yes, blockchain native projects like us have full advantages over big tech firms in developing a truly decentralized platform. We’re serious in being a utility token/platform in the US.

Sonny | Harmony CM

@GenaBB wants to know if Pangaeans will have a chance to participate in the nodes program on the Mainnet?

Stephen Tse | Harmony CEO

Yes! the goal is to have Pangaea nodes fully deploy/run the Pangaea network, then have some stakes in the Mainnet.

Sonny | Harmony CM

@KlAnEk says “Blockchain is not just technology anymore, it goes along with sociology and humanity, do you agree with that?”

Stephen Tse | Harmony CEO

Absolutely!

The above image is from the deck I’m preparing. Signup for the mailing list on our homepage as I will be emailing a version to this community for feedback.

Sonny | Harmony CM

Speaking about Pangaea, when will the second Pangea phase begin and how long will it run for? Is it possible to delegate my stake to a validator after this?

Stephen Tse | Harmony CEO

Phase two is starting tomorrow [10th September 2019] and runs for 2 weeks! Yes, check out our campaign with Honest Mining.

Sonny | Harmony CM

When will Harmony’s staking and incentive design model be updated?

Stephen Tse | Harmony CEO

It will be fully finalized by the time our staking contract is ready, likely after mid Q4. we’re getting feedback from community and analysts on our hard cap, issuance rate, storage fees, governance.

Nikolaos Kost | Harmony

Another ONE from the many questions in regard to CoinBase. What does Coinbase’s decision to explore support for Harmony mean for the future of the project?

Stephen Tse | Harmony CEO

We can’t disclose anything regarding listing due to legal restrictions. But the major work which we’re seriously making progress is the legal framework be as a utility token in the US. We’re one of the very few networks in the world with thousands of nodes and many of them external.

Tosce | Harmony CM

The community wants to know if wallet based staking will be available, and will Harmony deliver its own wallet?

Stephen Tse | Harmony CEO

After the mainnet and staking contract has been released, likely mid Q4; not through our own wallet though, but we are working with the top providers like Ledger and Trust wallets to provide such features.

Sonny | Harmony CM

@onurcg wants to know your thoughts on quantum computing and if Harmony’s prepared to address any threat from quantum computing to blockchain tech?

Stephen Tse | Harmony CEO

Glad to hear from a technical mind on the future of crypto and computation. We’re very into research engineering of the latest crypto advances (we have the first verifiable delay function from scratch implementation in the industry). Quantum computer for blockchain is at least a few years ago, and we’re excited about it. We can swap or defend it at the consensus layer.

Let’s open the questions to everyone in real-time before I have to go soon? @Bowtiesarecool

Sonny | Harmony CM

The group is now open

Stephen Tse | Harmony CEO

Hey everyone!

Sonny | Harmony CM

Recently several projects came out with advanced sharding tech, to include Harmony, Elrond, Near Protocol, Polkadot, and Ethereum 2.0. Do you think there is enough space for all of them or will it be fierce competition as adoption is still far away?

Stephen Tse | Harmony CEO

We see these fellow projects as advancing the state of the blockchain adoption, very collaborative and I personally know many of the founders. I do believe the space is so early for exploration and adoption in different domains. very welcome and promising for the projects and the industry overall

Edmund | Community Member

Question about supply issue: Long term tokenomics, do you intend to implement a hard cap on the currency in circulation similar to BTC? Why do you currently feel it’s necessary to mint additional coins?

Stephen Tse | Harmony CEO

We will fix the hard cap or issuance rate by the time we have the staking contract around October. We designed the 21B tokens with inflation through mining a long time ago, but we are exploring that further now with PoS.

Coffee Lover | Community Member

Hi Stephen! Good day! When can we expect these NFTs to get deployed to Harmony?

Stephen Tse | Harmony CEO

Likely late Q4. Quidd already has many great marketing campaigns with their partners ready for Harmony.

Coffee Lover | Community Member

Cool. Also, will Yat be having AMA once these NFTs are deployed? I’d really want to hear his latest perspective and possibly plans to blockchain gaming — that is of course aligned to Harmony’s future.

Stephen Tse | Harmony CEO

Great idea. Nick White will be doing an AMA with this community again soon. As a team, we’re traveling quite a bit in the next few weeks but we’ll be back to report what we learn in Asia.

Tosce | Harmony CM

Stephen, @hjmg0 wants to know why you’re creating your own blockchain instead of leveraging an existing and proven base layer protocol?

Stephen Tse | Harmony CEO

There are still many fundamental research and production issues with other base protocols, and we’re the infrastructure/network engineers to help with that.

Piotr K | Community Member

Hello, because you operate in a very competitive market sector, how are you going to overtake your competition?

Stephen Tse | Harmony CEO

We must explore new use cases, make it easy to port ETH apps, partner with applications/startups with millions of users.

Moon Man| Community Member

@Nitori_m, why only throw him the softballs? We need to ask him the real questions. Since it’s AMA (Ask me Anything) can you answer why ONE didn’t moon as hard as MATIC?

Stephen Tse | Harmony CEO

We’re very close friends with MATIC and Sandeep. He gave us advice and tips on engaging more with the community and aligning the roadmap with events. They also spend lots of time with token holders with the future and campaigns, which we’re all learning from.

Nikolaos Kost | Harmony

It has been a great AMA with overwhelming participation and @stephentse has provided with many insights on Harmony’s roadmap that will make us all the more ambitious! We will soon recap with a post for all those who couldn’t tune in online with us and we will continue answering questions from our community members.

Thank you to all who made it happen and to @stephentse for his always short and on-point answers!

Sonny | Harmony CM

And that’s all for now folks. Stephen will be heading back to the codes and we want to thank him for being here with us. We’ll also like to thank him for extending the session by 20 minutes.

If you’ve got more questions, watch out for likely answers in our Transparency Tuesday post (TT) this week. For those who missed this session, we’ll be preparing a transcript for them to catch up. Thanks, guys for your time and support as usual.

Watch out for our next AMA session coming up soon.

To learn more about Harmony’s latest developments visit:

Harmony

To scale trust for billions of people and create a radically fair economy

Nikolaos Kost

Written by

Advising governments & interest groups for cryptocurrency regulation in the European Union.

Harmony

Harmony

To scale trust for billions of people and create a radically fair economy

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