Li Jiang, COO of Harmony Protocol recently tweeted about Harmony grants. The purpose of this grant is to drive the mainnet’s utility, cryptographic innovations, and decentralized community. And, all of these in alignment with the 2020 roadmap on cross border finance and auditable privacy.
Of note, Harmony Foundation allocates 154.2M tokens per month for their protocol and also the ecosystem development. This is, $1.70M at $0.011 per token.
The details of the grant and project are completely transparent to everyone. The details of all grants like application materials, funding amounts, community discussions, governor decisions and wallet addresses are made publicly available. However, the grant approvals and governance are solely members of the Harmony community, Harmony Angels, Elected validators, Pangaea Captains and Harmonauts. The important acceptance criteria are active users with 7-day retention. Also, they need to do what it takes to bring assets, transactions and volume to Harmony Mainnet.
Michael Otis tweeted: “Once you’ve developed on @harmonyprotocol, it’s extremely difficult to go back to Ethereum. The massive gas fees, long wait times are atrocious. On Harmony, executing function calls is like talking to a real backend server, taking mere seconds. Like going from dial-up to fiber.”
Sydney Ifergan, the crypto expert opined: “Harmony Protocol (ONE) and the term “fair” go hand in hand, they are working towards what is called a fair economy. I think there is nothing called a perfect fair economy, may be near-perfect.”
Harmony Protocol Creating Radically Fair Economy
Harmony Protocol is meant to scale trust and create a radically fair economy providing for a fast and secure blockchain for decentralized applications. The production mainnet supports 4 shards of 1000 nodes, thus producing blocks in 5 seconds with finality.
They have an Effective Proof-of-Stake (EPoS) which brings down centralization, while at the same time supports stake delegation and rewards compounding and double-sign slashing.
Of note, the Harmony Economics Model caps the annual issuance at 441 million tokens, which is nearly 3% rate in long term. The model also provides validators with simple and predictable return. The transaction fees is burnt to offset the insurance, thus, naturally leading to zero inflation when the network usage becomes high.
For those who do not understand sharding: It is the process of breaking up large tables into smaller chunks called shards which are spread across multiple servers.
Sharding is the major focus on the platform. They divide not only their network nodes, but also the blockchain states in to shards, thus scaling linearly in the different aspects of machines, transactions, and storage.
There needs to be sufficient numbers of nodes per shards and by using cryptographic randomness, they re-shard regularly.
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