- Live from: June 2019
Harmony has designed a novel Proof of Stake mechanism for its blockchain called Effective Proof of Stake (EPoS) which reduces centralisation and distributes rewards fairly to thousands of validators.
It is a blockchain platform that developers can leverage to build decentralised applications and its development went under the motto of “decentralisation at scale” with the focus on data sharing and the creation of marketplaces of fungible tokens and non-fungible assets.
Furthermore, Harmony comes with an additional promise of delivering high throughput accompanied by two “lows”: latency and fees.
- The consensus algorithm (PoS) differs and stops concentration of power amongst stakers keeping it truly decentralised.
- The upcoming application for zero-knowledge proofs will allow Harmony to become a data-sharing platform that can overcome the conflicting problem of individual’s mutual distrust to share data but strong desire to acquire data themselves.
- It is fully EVM compatible. Ethereum tooling makes it compatible with a number of different wallets.
- Adoption is limited at this point and there continues to be a lot of competition from similar platforms, such as Ethereum.