![]() Harmony furthers the weakening of the influence of large stakes by fragmenting the stake across multiple shards. By breaking up stake amounts, this mechanism weakens the influence that a significant stake may have. This mechanism revolves around splitting validator stake amounts into smaller pieces (by creating BLS keys) and moderating the size of the stake by associating it with network median effective stake. Harmony uses a first-of-its-kind Proof-of-Stake mechanism, Effective Proof-of-Stake, specifically designed to provide resistance to large stake attacks. Similar to many other Proof-of-Stake protocols, Harmony offers an eco-friendly alternative to first and second-generation blockchains (such as Ethereum & Bitcoin). Harmony has designed their blockchain to be fully Ethereum Virtual Machine compliant to create a developer-friendly experience, allowing developers to deploy Ethereum applications on Harmony in less than 5 minutes. Harmony is a sharded layer-1 blockchain solution that utilizes a unique consensus mechanism known as Effective Proof-of-Stake (or Adaptive Threshold Proof-of-Stake) to provide a highly secure and scalable blockchain. The issue to CEO Stephen Tse was limited to security, decentralization, and scalability, and privacy he classified this as the blockchain quadrilemma, and Harmony has been designed from the ground up to solve this. While most 3rd generation blockchains attempt to solve the blockchain trilemma, Harmony's goal was different. All 1.58 billion ONE tokens were sold to Launchpad participants who drew and claimed winning lottery tickets. The token sale was conducted through a single session where participants purchased Harmony tokens using Binance Coin (BNB). The project was successfully kick-started in its Initial Exchange Offering on the Binance Launchpad platform on May 28 th 2019. Harmony was first introduced in July 2018 as an open, scalable marketplace for the decentralized economy. The project was founded by Stephen Tse, Rongjian Lan, Sahil Dewan and Nick White. It uses Effective Proof-of-Stake, an enhanced modification to Proof-of-Stake, to select its validators, minimizing stake centralization while significantly reducing energy-consumption compared to Proof of work consensus. Harmony's blockchain uses sharding not only on the network communication and transaction validation level, but also on the blockchain itself, making it fully-scalable while reducing bandwidth and latency. Harmony is a decentralized, fully-scalable layer-1 blockchain, powered by ONE, its native cryptocurrency, capable of layer-2 solutions and is currently among the top 100 in market capitalization. Search Harmony (blockchain platform) on Amazon. Stephen Tse, Rongjian Lan, Sahil Dewan, Nick White
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