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Harmony Becomes the First Blockchain to Support Staking and Sharding

Harmony Becomes the First Blockchain to Support Staking and Sharding

Harmony has upgraded its blockchain mainnet to support staking, becoming the first platform to successfully combine sharding and proof-of-stake.

May 21 2020 | AtoZ Markets – Open blockchain platform Harmony announced that it will now support staking along with sharding. The platform aims to create a blockchain infrastructure that attains high scalability.

Harmony launches staking

Harmony claims it is the first to ever integrate staking into a blockchain network also utilizing sharding to attain high transaction throughput.

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Nick White, Harmony co-founder said:

“You will not find another chain that can support the same throughput, same speed of settlement, same extremely low cost, and the same level of decentralization. This puts us in a sweet spot for growth.”

What is staking?

Staking is the process (utilized in Proof-of-Stake blockchain protocol) where users on the network stake their cryptocurrency holdings to support network operations. The network then rewards the users for their contribution, the larger the amount at stake, the bigger the reward.

Related: Things You Should Know About Zero Knowledge Proofs

Harmony CTO Rongjian Lan said that the convergence of staking and sharding was an “order of magnitude more complex to build and design.”

However, with its new staking mechanism namely “Effective Proof-of-Stake”, Harmony claims it will strike a balance between large and small scale stakers.

Basically, the network will cap the reward processed to those with higher stakes and boost it for those with a relatively smaller amount.

Pushing for adoption

At the moment the network counts on 320 public nodes. However, this number is expected to grow to 1,000 by the end of the year. Harmony also aims to further decrease the network settlement time and bring it below 8 seconds.

Harmony CEO Stephen Tse said that, after making the network more scalable and decentralized, they will look towards solving the harder challenge, i.e. adoption:

“We will shift gears to pursue adoption with the same nonstop execution.”

It is also worth mentioning that the launch has the support of exchanges and validators. These include Blockdaemon, Stake.fish, Staked.us, Wetez, Sesame Seed, Everstake, and InfStones. Binance, BitMax, and Kucoin will give support to Harmony staking on their platforms.

Think we missed something? Don’t hesitate to let us know in the comments below!

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.

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