Harmony Launches Staking, Becomes First Sharded Proof-of-Stake Blockchain to Go Live

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by Steve Muchoki · 3 min read
Harmony Launches Staking, Becomes First Sharded Proof-of-Stake Blockchain to Go Live
Photo: Harmony

Harmony (ONE) just announced that it upgraded its mainnet to support staking. As a result, it will be the first blockchain to successfully combine proof-of-stake and sharding.

Harmony (ONE), a blockchain-based platform that was built to solve both scalability and decentralization at no expense of one another, has announced the launch of its staking. As a result of the mainnet upgrade, the network is boasting to be the first of its kind so far to deploy both sharding and proof-of-stake successfully.

According to the press release, Harmony will be working hand-in-hand with Binance, Huobi and also the BitMax crypto exchange. In addition, it will be using professional validators including Blockdaemon, Stake.fish and Figment Networks.

Harmony is promising its investors to earn between 45% and 15% annually for the first year. The launch of the staking will both the ONE coin, which has been on the downtrend since it was launched in May 2019.

Referring to CoinMarketCap market metrics on various cryptocurrencies, ONE coin is ranked position 182 out of the possible ones in the market. Essentially because it has attracted investors who have put around $14.5 million in market cap. Besides, in the past 24-hours, its volume averaged on $8.6 million.

The harmony coin approximate return on investment if purchased at the time of launch is -0.52%, hence only making it a long-term investment for the holders. Besides, its market price at the time of writing was hovering around $0.0031, with 4,596,807,869 coins in circulating supply and 12.6 billion ONE coins in total supply.

Future of Harmony Staking 

Harmony offers one of the fastest transaction speeds in comparison to most altcoins, whereby it settles a transaction in 8 secs. Besides, its transaction fees are very minimal, at around $0.000001, which is way cheaper than that of Bitcoin.

Its blockchain has been able to navigate through challenges of low throughput, latency issues and scalability issues by using sharding technology. Sharding is a concept, whereby a long blockchain contains shards that are horizontal of the database, hence storing data in a separate server. It is a technology that strives to spread the load and make the database more efficient.

With Proof-of-Stake in use with the Harmony blockchain, there are questions of the rich only getting richer. However, the company has come up with a mechanism called ‘Effective Proof of Stake’ to counter the challenge. 

In this mechanism, Harmony caps the rewards of large stakers and boosts the rewards of smaller stakers. With that mountain solved, the company will now focus on the ONE market adoption.

“Now that we’re equipped with a battle-tested base layer, we will shift gears to pursue adoption with the same non-stop execution that enabled us to launch the first sharded PoS blockchain. Our scalability, speed and cost will enable use cases and user experiences that no other blockchain before us could,” said Harmony CEO Stephen Tse.

The project’s roadmap for this year covers such issues as transitioning to community governance, reduction of the settlement times to under 8 seconds, and work on the adoption within some promising areas like cross-border finance, auditable privacy and branded digital collectibles.

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Steve Muchoki

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