Harmony is an open and fast blockchain: its mainnet runs Ethereum applications with 2-second transaction finality and lower fees. The network aims to innovate how decentralised applications work by focusing on random state sharding, which allows the creation of blocks in seconds. Harmony is a blockchain platform designed to facilitate the creation and use of decentralised applications (DApps). The central Harmony’s goal is to address the problems of existing blockchains by combining the best research results and engineering practice in an optimally tuned system.
The Harmony project was created as the next-generation sharding-based blockchain that should be fully scalable, secure, and energy-efficient. However, these solutions couldn’t make significant performance gains without sacrificing other critical aspects, such as security and decentralisation. Others tried to use Delegated Proof of Stake (DPoS), where block proposers are elected by voting rather than by an on-chain algorithmic process. Some blockchains offered to replace Proof-of-Work (PoW) consensus with Proof-of-Stake (PoS) consensus. Given some Ethereum and Bitcoin performance limitations, many blockchain projects proposed various solutions to increase transaction throughput.
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