Harmony 2020: CrossFi, Open Dev, Auditable Privacy

Stephen Tse
Jan 10 · 7 min read

Harmony Team continues to obsess over customer’s use cases, build the network effect of our ecosystem and bring the world’s best research to production. Our goals in 2020 are cross-border utility, decentralized development and auditable privacy.

We wear our ambitions on our sleeves. But these goals are not guaranteed deliverables. The asterisk * below denotes stretch goals. Here are the summary at the project level:

cross-border utility ($1M transaction fees, $10M assets on chain, $100M tx values)

decentralized development (20 contributors, 10 wallets, 200 app dev)

auditable privacy (2 researchers, 10x cheaper primitives, 100k users)

Harmony #CrossFi — Forex & Liquidity

Below we explain the WHY and HOW to justify the WHAT of the goals above. As we have been since 2019 Q4, the team will follow up with quarterly execution plans and milestone reviews in public.

Why Finance? Blockchains enable many marketplaces but banking services are the native use.

Consensus protocols are creating new economies with tokens and trading. Smart contracts are serving as a platform for collectibles and gambling.

These early use cases are driven by the core value of blockchain: providing exchange and liquidity infrastructure for financial transactions. Harmony focuses on broader financial products as they are well validated with Ethereum and ready for mass adoption.

Why Cross-Border? Open platforms work locally but global users are the most underserved.

Finance products within one country are already highly efficient and protected. On the other hand, purely on-chain #DeFi solutions without onramp gateways or local distribution have limited impact in real-word economies.

Harmony focuses on bridging high-growth economies in countries such as China and India, hence #CrossFi for cross-border finance. Harmony remains an infrastructure layer; our local partners serve customers with country-specific products and compliance.

Why Harmony? Not only fast and secure, Harmony is decentralized and guarantees privacy.

Ethereum’s short-term pains are scalability and security, which Harmony has solved with sharding and proof-of-stake. The long-term value of open platforms is decentralization, which Harmony has committed to with thousands of nodes and open development.

Private transactions, similar to secure HTTP for the Internet, are essential to businesses and corporations. However, governments mandate audits and compliance. Harmony solves this dilemma by bringing auditable privacy to production.

How? We are customer obsessed but must identify the right customers and external values.

The market is divided into serving consumers or businesses: c2c (cash remittance), c2b (ecommerce billing), b2c (employee payroll) and b2b (marketplace payout).

Platform protocols seek rent but must inject capital from off the chain as revenue.

The values Harmony provides for customers, beyond open settlement, are forex quotes and peer-to-peer liquidity.

Stablecoins and forward contracts can manage fluctuations in fiat currencies; private matching can pool together local reserves like trades with over-the-counter (OTC).

In the CEO’s keynote, we explain our commitment to decentralization and privacy. We will expand this article shortly to cover our top other two initiatives listed above: decentralized development and auditable privacy.

To Yearn for the Vast and Endless Sea

Here are the individual goals of our team (a dream team!). The quoted titles each link to a 1-pager executive summary with WHY and HOW.

Leadership & Vision

stephen tse (@stse, medium)

rongjian lan (@RongjianLan, medium, github) “Year of Fruition: Decentralization and Privacy

  • 100% decentralized mainnet, 1k dapp dev with 100k users, productionize zkSNARKs
  • external contributors: core protocols 20%, tools & sdk 50%, application infra 80%
  • sfbw keynote on token economics, 5 research talks/articles, china eng office

sahil dewan (@sahildewan, medium) “Product-Market Fit: Explore, Exploit, and Experiment

  • token swap & wallet integrations, foundation governance, india/vietnam dev partners
  • dai/synthetix/uniswap ports with $1M bounties, shard agnostic, cross-chain asset swap
  • $100M tx value on cross-border w/ 2 regulated partners for corporate accounting

leo chen (@leo_hao, medium, github) “New Decade of Blockchain Adoption

nick white (@nickwh8te, medium) “Year of Launch: Staking & Ecosystem

  • $2m branded NFTs, biweekly call w/ animoca & quidd, alliance w/ sandbox & opensea
  • SF office hour, monthly TGI & speaking in SF, 10x twitter engagement
  • open staking launch, blockchain game power user, 10 game dev captain & community

li jiang (@lijiang2087, medium) “Zero to Escape Velocity: Lean Execution

Technical & Research

eugene kim (@astralblue, github) “Faster Network, Bigger Dev, Easier Nodes

chao ma (@chaosma000, github) “Snark, Stark and Sonics in Harmony”

minh doan (@minhdoan82, github) “Seamless User Experience: Applications, Wallets, ZKP

john whitton (@john_a_whitton, github) “#Eco — Community Adoption and Utilization

edgar aroutiounian (@EdgarArout, github) “Keep Grinding and Realize Zero Knowledge

dennis won (@denni_swon, medium, github) “Scalability x Decentralization + Stability + Privacy

  • protocol: port dai/compound/celo (stablecoin), uma, kyc/aml
  • ecosystem: loom (interoperability), wrapped one, onboard 10 cross-fi, $1m tx defi
  • tooling: shard agnostic, one-click evm migration

Community & Empathy

garlam won (@garlamwon, medium) “2020 Inserting Product Gravity

helen li (@chaowen28, medium) “Local Knowledge, Connection, Team in China

  • china cross-border payment (products research, partnership, content communities)
  • 4 months in china, 4 biz roadshows, bank and payment partners, stablecoin fund
  • create “polka world” level community and content, 4 meets-ups/hackathons

gizem cakil (@gizemcakil, medium) “Testing on Pangaea and Bootstrapping Governance

robin schmidt (@dirschmidt, medium, youtube, instagram) “Video Hero: Clarity & Transparency

nikos kostopoulos (@nickostopoulos, medium) “Towards Business and Institutional Adoption

matt lockyer (@mattdlockyer, medium, reddit, youtube) “#NiftyFi: Collectibles and Marketplaces

  • 5M NFTs sold, 500k NFT trades, $50M of NFT value on chain
  • 2 partner launches, 20 community launches, 5 wallets w/ ERC20-like support
  • 20 community DEXs/games, dapp NFT API, one click port and launch NFTs

nick vasilich (@vasilich_nick, medium) “Marketing Digitalization and Russification

  • 10k twitter russian followers, 3 pools for open staking, 20M more social mining
  • 10 dev captain & community for game & defi, remote work biz/marketing team

Mission & Excellence

ganesha upadhyaya (@gupadhyaya, github) “SDK Adoption, dApp Migration, ZKP Innovation

andy wu (@bwu2sfu, github) “Cost Reduction, Node Recovery, and Cross Security Audit

howard yu (@cottontail2000, github) “Hardware Wallets, Ring Signatures and Randomness

daniel van der maden (@danielvdmaden, github) “Adoption Tooling: ‘Flat’ On-Ramp

  • one-click migration of evm apps, shard agnostic, go-sdk, game sdk, python library
  • improve tps/latency benchmark: 20 nodes to saturate; 5 min analysis of our logs
  • increase test coverage to 50%, continuous deployment

vlad (flicker) (@flicker05091469, github) “Upgrading Explorer & Blockchain APIs

yuriy (@potvik1, github) “Delightful Staking Dashboard & Website

Harmony

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

Stephen Tse

Written by

https://harmony.one, Open Consensus for 10B. To scale trust for billions of people and create a radically fair economy. https://twitter.com/stse

Harmony

Harmony

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

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