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INTRODUCTION
Since blockchain was introduced into our space, we have seen an increased improvement in the technology. Blockchain which was introduced through the bitcoin blockchain has come to live in our crypto space as very important utility tool for data management and transfer. Blockchain through its smart contracts can allow different data processing and which can be represented on an open ledger that allows parties to view and arbiter some transactions. The decentralized nature of the blockchain with its nodes allows an immutable record that makes it one potent technological innovation in our contemporary world. Most dominant are Bitcoin and Ethereum smart contracts. So blockchain is a new way to consolidate on our data, store changes on the network and all data are stored in a block matter. All this are computational processes from different nodes with different computational powers called the hash power, so for the blockchain to operate properly it needs a #CONSENSUS ALGORITHM for the decentralized system to be fully functional.
The computers or nodes that are working together do so in an agreement called consensus algorithm. This is a decision making process for an assemblage, where each node make/create and support a process that works best for the rest of them. So this is so whether all the groups likes it or not. But HARMONY is only what can make the process work. Different blockchain has its own consensus algorithm exist; namely
§ Proof-of-Work
§ Proof-of-Stake
§ Delegated Proof-of-Stake
§ Proof of Elapsed Time
§ Practical Byzantine Fault Tolerance
§ Delegated Byzantine Fault Tolerance etc
As technology improves more consensus are introduced.
Of all, the most used is the PoW consensus but it has its downhill which included high consumption of electricity and longer time in scalability, because of the amount of work needed to process. The second is the PoS which depends on nodes amount/stake, this is little dicey because nodes with highest stake can some way make decisions that are only favorable to it, so scalability and operability can be an issue. So comes Harmony one, which does not allow so much computational power and work on reduced energy. It has high scalable transactions up to 118k TPS when compared to Ethreuem 2.0 blockchain 2 which is about 2000 TPS.
Harmony one is designed to meet with lag in PoW and PoS. Harmony uses the Practical Byzantine Fault Tolerance (pBFT) BLS based to scale nodes in a very swift and smart way. Therefore, through the deep #sharding process from harmony one, nodes still scales as they increase in the network. What it means is that transactions time is not delayed. Harmony also uses #pipelining to #parallelize to scale transactions. Harmony’s increased CPU efficiency and security will allow global devices/nodes to contribute in a consensus for a more decentralized network. Harmony’s BLS-based pBFT #consensus protocol is designed to handle #connection latency and allows transactions to scale with the size of the network.
The consensus protocol is designed to power decentralized economies of the future through revolutionary low-latency, low-fee consensus platform and low electricity.
With this, the Harmony platform can allow various big data platform to connect, various dApp, like games and decentralize exchange, AI data marketplace etc. so the uses cases are massive for future global decentralized economy. Harmony platform is projecting to connect and open consensus to over 10billion people.
CONCLUSION
The world is not even up to 10 billion but this platform is already projecting that. This is to show you how futurist #Harmony platform is and allows the accommodation of changes that will happen both in technology and population.
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Website: know about Harmony Consensus protocol https://harmony.one/
whitepaper: https://harmony.one/whitepaper
Telegram: https://t.me/harmony_one
Twitter: https://twitter.com/harmonyprotocol
Medium: https://medium.com/harmony-one
Linkedin: https://www.linkedin.com/company/harmony-protocol/
Author Btt
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Profile: https://bitcointalk.org/index.php?action=profile;u=1223251
