Next best public channel? Ethereum Killer Harmony

What is ETH 2.0 and why should people expect ETH 2.0?

By 2020, the number of DApps on Ethereum has reached 407 while the number of DApps on Ethereum has increased. The Ethereum network has a limit of 15 transactions per second (TPS), and as the market volume increases, the network can be easily blocked by many exchanges, causing oil prices to skyrocket.

Data source: Footprint Analytics - The number of processes for each public channel

Data Source: Ethereum Fingerprint Analysis-Transaction Cost

Fuel costs are the costs incurred by consumers as a result of their business operations on Ethereum.The price is intended to support and enhance the metering of the energy needs of the market.

Therefore, Ethereum needs to quickly raise the bar to improve TPS's expansion plan. This is why Ethereum 2.0 needs to be developed and the scalability of Ethereum can be improved through network modifications.

Ethereum 2.0 includes three updates to improve the robustness, security, and stability of Ethereum:

signal chain: Proof-of-Stake (PoS) instruction, an algorithm used to create new blocks and reach consensus with other nodes. At the same time, the beacon chain also provides the infrastructure for a fragmentation mechanism.

splinter saw: Improve Ethereum's scalability and mining capabilities by creating 64 new shard chains.

Together a lot: Refers to the process of slowly moving Ethereum from the mainnet to the beacon chain. Once the installation is complete, the entire Ethereum network will fully activate the PoS approval mechanism.

Upgrading from Ethereum 2.0 will take several years. On October 27 of this year, the Ethereum 2.0 beacon chain completed its first update and is expected to be integrated in the second quarter of 2022.

Considering the many issues facing the Ethereum transition, the industry is always thinking about other solutions at the same time, and many public channels have preceded as well.

Partitioning technology is now the solution of choice for most chains.And Harmony is one of the applications of sharding technology..

About Harmony

Socialization is a public-private partnership based on sharding and PoS. Each shard is equivalent to a free blockchain, but different shards have the ability to exchange information and send and receive money to connect multiple shards into one. similar network. Must be

This project is dedicated to building a new generation of blockchain network. Based on the sharding architecture, a blockchain with high scalability, security and low power consumption is known.

How could Harmony become a serious competitor to ETH 2.0, if only through technology sharding?

In addition to sharding technology, Harmony offers many special designs that are designed to solve the problems encountered by other blockchain technologies.

deep partitioning system: Deep sharding, which includes several layers of network, industry and state sharding, and the introduction of the Kademlia routing protocol allows data transmitted to its source by the shortest path to be blocked. Based on this, even the smallest nodes are allowed to top up the distribution level.

Consensus Consensus (PBFT Consensus Mechanism): Relations have been approved by PoS FBFT, mainly improving Zilliqa's PBFT. The PBFT approval protocol is made up of a certifier and a leader. All communications should be reported to all validators and nodes. The more nodes you have, the more complex communication multiplies. The improved reading algorithm can perform multiple signature methods to register voters, reducing the difficulty of communication.

Distributed Random Generation (DRG): The machine facilitates communication on the platform. One type of integration is a combination of cryptographic functions of VRF (Random Functions Function) and VDF (Random Functions). These procedures are procedures that each user can first create a random number, and then the reader creates a quadratic number of random numbers, which makes it difficult for attackers to guess or match a random number first, and the whole process. the complexity is low. . It can be done in no time.

Inter-chain interoperability (Kademlia Cross-shard Communication): The network operating budget is greatly reduced with the introduction of the Kademlia routing protocol.

Peacemakers call it a platform that will support future business ventures.

Construction since the liberation of the peace

TVLConsidering the Mcap / TVL price of 3.88, the scale is high, TVL's strong growth demand is considered more reasonable. However, Harmony's outstanding accomplishments in financial development, expanding external partnerships, and creating more projects (Curve, etc.) make people look forward to Harmony TVL.

Data source: Footprint analysis-Harmony TVL

liveHarmony announced an ecosystem capital enhancement of $ 300 million on September 9, and ONE's value increased two months after the announcement.

Data Source: Footprint Analysis - Harmony Token ONE Price Trend

Harmony's DeFi project

There are many functions in the ecological map published by Harmony, but among them, in the footprint analysis data,Low number of DeFi operations. And with the focus on Dex, Loan, Yield, and other challenges, there are still many differences, and the harmony of wealth in the community remains scarce.

Additionally, Harmony's biggest TVL project is Defi-kingdoms, a game to win with games as the medium and DeFi as the core. However, TVL is not happy after using Harmony by major partners such as Curve, Anyswap and Sushiswap.

Data source: deploy Footprint Analytics-TVL by DeFi Project on Harmony

Data Source: Footprint Analysis - Percentage of DeFi Project Types by Harmony

The future of Harmony

Currently, Harmony TVL remains weak, 20th on the public channel, with around 50% of TVL concentrated in the Defi realms. As a new public channel, Harmony is still in a green development process and still has a lot of room for development.

The stimulus package announced by Harmony in September is still ongoing, and the green boost will be implemented in the future and will always have the opportunity to lead to higher growth.