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Harmony has received a lot of attention because it solves core blockchain problems, is energy efficient, has cross-chain capabilities, offers low gas fees, and has huge The Potential of Non-Fungible Tokens (NFTs).
maintain decentralization and security
Harmony believes its network can scale while remaining decentralized and secure because it uses sharding, which divides validators into groups and allows them to approve transactions and new blocks at the same time. Harmony can now process 2,000 transactions per second (TPS), which is on par with Visa, one of the largest payment networks in the world. Harmony believes it will handle 10 million TPS in the long run.
On the other hand, Harmony does not compromise security or decentralization even when scaling. For example, the network assigns nodes or computers that join the network and validate transactions to different shards through a distributed random generation mechanism. Harmony also reserves the minimum amount of ONE tokens required for nodes to join the network as validators and keeps decentralization low.
Energy efficient
Many blockchain networks now employ the proof-of-stake model, which Harmony has used since its inception. As a result, nodes stake their existing tokens as collateral in the process for a chance to randomly choose to validate transactions. To approve a block, multiple validators must check transactions. Harmony stands out from other networks because its architecture and proof-of-stake consensus method allow it to complete blocks in under two seconds.
Cross-chain capability
Additionally, Harmony introduced Horizon, a cross-chain interoperability bridge with Ethereum that allows assets to be exchanged between the two networks. This innovation could revolutionize cross-border payments and make cryptocurrency transactions more convenient. Harmony also has ties to other blockchains such as Binance.
By allowing nodes on other blockchain networks to validate transactions, Harmony’s platform can transfer data between various blockchain networks, whether they use proof-of-stake or proof-of-work governance.
lower gas bills
Due to its high TPS and the use of proof-of-stake verification, Harmony’s network rarely experiences blockages. So it doesn’t have high gas fees, and it’s now just a few cents per transaction on Harmony.
On the other hand, a network like Ethereum has seen far more overall demand and transactions than Harmony. Nonetheless, Harmony claims it can alleviate congestion problems by simply adding additional shards, even when the network is fully utilized and witnesses unusually high demand.
The huge potential of NFTs
The network’s cross-chain capabilities open up some exciting possibilities for NFTs, which are secure digital art, video and audio assets that can be transmitted over blockchain networks. Additionally, cheaper gas fees may make the network attractive to developers interested in minting NFTs.
According to Harmony, connecting NFTs from one network to another can be expensive at first, but the subsequent transaction costs will be modest.Harmony also Announce On Twitter, it is developing features such as NFT lending, NFT verification, and segmentation.
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