Harmony- Revolutionising the Blockchain Industry
Safe for developed countries, blockchain literacy is at an abysmal level globally, with the exception of Nigeria and Venezuela. But it would appear that the narrative is gradually changing. According to a statista report, there are currently over 32 million bitcoin wallets. Knowing fully well that cryptocurrency is powered by blockchain technology, the immediately preceeding report truly suggests a marked increase in blockchain activity globally.
Let's talk about something more familiar, Bitcoin!
Bitcoin, the first blockchain to power cryptocurrencies, was launched in 2009 and for quite a while indeed, remained the best until the likes of ethereum virtual machine and ripple blockchain were built. It might interest you to know that the yardsticks for performance here include but are not limited to the following: processing speed, transaction capacity per second, degree of decentralisation, etc.
But as with every technological creation, there are certain bottlenecks that currently impede existing blockchain technologies from growing massively abroad. It is public knowledge that the transaction speed obtainable from EVM is hardly enough to cater for the dynamic blockchain community.
In response to the aforementioned challenge, harmony has been birthed. A look at the opportunity it offers is compelling.
Until now, we have seen the likes of DAGs, PoW amongst many other innovations used in an attempt to satistactorily meet the needs of existing users in the shortest possible time, but there is still a lot that can be done better. Here is where harmony comes in.
About
Harmony is built and equipped with a remarkable state-of-the-art digital infrastructure and consensus algorithm. Unlike many blockchains today, harmony intimates an approach that will hopefully, impose greater transparency and mitigate collusion of validators or nodes. For more technical information about this, please click here.
Harmony also holds a variety of practical applications, and some of them are explored in the paragraphs that follow.
Use case1
Tim Cook is the CEO of Hub8, an online market store. Tim realised from the onset that if he was going attract many customers, given the stiff competition existent in the market, then he must first do an actual market analysis.
After series of research and trend analysis, the pioneer R&D team discovered that it could run a faster, more secure and cheaper model by going digital. Harmony blockchain was integrated into hub8's architecture.
Today, though the business is barely a year old, it has already garnered huge customer base.
Use case 2
MedCareX is a blockchain-based pharmaceutical and medical kit supply distribution company. And, the organisation's core competencies is weaved around transparency and availing real-time information regarding logistics on a ledger that is publicly accessible. In this case, Harmony.
Final thoughts
From the foregoing, it is obvious that harmony has a solid architecture. Hopefully, it will supercede public expectation.
For more information:
https://medium.com/harmony-one/tagged/technology