Harmony to Partner with Chainlink for Off-Chain Connectivity
Feb 4, 2020 at 11:40 am UTC by Ikenna Uwakwe · 3 min read
Just few days after the completion of the Harmony IEO on Binance, the fintech company partners Chainlink in a bid to become a pioneer in the field of highly scalable networks.
In a bid to scale blockchain transactions to 10 million transactions per second with a latency of a 100-millisecond, Harmony entered the partnership with the leading oracle service provider – Chainlink. Chainlink Network is a smart contract interacting technology with provision of a highly secure input and output data readily available to a blockchain consensus.
Due to its ace security protocols, the Chainlink network has been acknowledged by both stellar and small scale fintech enterprises as there are on-going partnership speculations with such corporations as Zeppelin_os, Town Crier, Factom, Request Network, Microsoft, Ceek, Swift and Docusign.
Traditionally, blockchain design complexity increases over time, since individual blockchain has to support multiple oracle networks. By means of a deeply decentralized network of oracle nodes along with multiple verification layers (also known as Chainlinks), Chainlink would be able to oversee and guarantee end-to-end data security.
Evaluating such data as off-chain data feeds, web-based APIs, and traditional banking payments on various security layers ensures a 100% data integrity not to mention the functionality of the smart contract at any point in time.
Harmony: The Public Blockchain Network
The Harmony network is an infrastructure-based consensus ecosystem that facilitates a seamless and scalable transaction on the blockchain. With such features as a high-throughput and a low latency, this expansive network has all the markings to ensure a completely secure next-generation financial settlement.
The platform incorporates additional top-notch technologies in contrast to conventional blockchain projects such as; PoS Consensus Using BLS Signature Scheme, Adaptive State Sharding and Networking and Distribution. Key Features of the platform include:
Open infrastructure for the world’s data;
Global-scale marketplace platform;
Enabling decentralized and trustless economies.
By partnering with Binance, Harmony becomes the first ever cryptocurrency to be listed on both the centralized and decentralized exchanges.
Meanwhile, Harmony (One) takes the 1844th spot on CoinMarketCap. While many may ask: “Well, given the project is promising, partnerships are great, why the ONE is so distant from the top spots?”. In fact, it’s quite simple: the things are as follows only because CoinMarketCap hasn’t calculated its market cap yet.
Let’s do it for them: with current Harmony (ONE) price making $0,023841, and its total supply equaling 12 600 000 000, ONE’s market cap hits $300,182,400 which pushed the token to 31st spot by market cap on CMC. This places Harmony in the same row with its new partner, ChainLink, who takes the 29th spot.
Future Blockchain Expectations
Blockchain is well on its way to becoming the greatest invention since the internet. And as this burgeoning technology grows, so also does the need for highly scalable, seamless and secure blockchain transactions.
Taking into consideration these shortcomings, the Harmony Blockchain Network addresses these problems by combining the best research results and engineering practice in an optimally tuned system. Subsequently, the developers of the Harmony Network intends to extend and scale their services on a wider scope.
This merger becomes handy as the Harmony ecosystem would be able to implement a highly scalable platform of the future. One that is capable of connecting to data from real-world use-cases providing connectivity for billions of users in a bid to support the emerging decentralized economy.
Ikenna Uwakwe has been a writer since he could hold a pen. Having a lot of literary works in his portfolio including Poems, Articles and Essays. He enjoys a natural likeness for anything related to technology. His Educational background includes computer science and programming. As a seasoned cryptocurrency enthusiast with a professional writing career path of over two years of blogging for blockchain related companies. Working with various Fintech startups in the past, has aided him to better understand what IT proponents as well as financial Investors look out for.
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