Harmony / What is Harmony?

Rongjian Lan presents "What is Harmony Protocol", explaining its technical underpinnings.

Intro - 0:00
HRC20 tokens explained - 0:24
Ript.io - 1:28
Vittorio Minacori - 2:06
The Token Creator - 2:46
Minting Tokens - 3:44
Outro - 5:51

ERC20 tokens and, more specifically, ICOs fuelled the extraordinary market of 2017 but what are these tokens and how easy is it to actually deploy one?

In this film we repurpose an Ethereum repo to do exactly that.

Michael Otis on Twitter: https://twitter.com/ohhhtis
Ript.io: https://ript.io/

Vittorio Minacori on Twitter: https://twitter.com/vittominacori
Vittorio's Github repo: https://vittominacori.github.io/erc20-generator/docs.html
The original Medium article: https://medium.com/@vittominacori/create-an-erc20-token-in-less-than-a-minute-2a8751c4d6f4

Niteesh on Twitter: https://twitter.com/Niteesh_Harmony


Github repo for BUSD on Harmony: https://github.com/harmony-one/busd-contract?

Read the announcment post here: https://medium.com/harmony-one/binance-usd-will-launch-on-harmony-8925d5e7a87

Learn more about Paxos and BUSD here: https://www.paxos.com/busd/

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Harmony News Update https://bit.ly/2QFQXFD
Harmony Tech Tests https://bit.ly/3bqrbgH

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#harmony #one #harmonyprotocol #sharding #blockchain #decentralized #proofofstake #pos #cryptocurrency

Harmony CTO Rongjian Lan on Sunday, Sep 29 gave a presentation of Effective Proof-of-Stake at ABC blockchain.

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Harmony CEO Stephen Tse - Keynote Speech at Shanghai Blockchain Week - https://youtu.be/p28BtJcj2wY
Harmony Keynote: Scaling Privacy, Secure Staking, Radical Fairness - http://harmony.one/keynote

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Telegram http://harmony.one/telegram
GitHub https://github.com/harmony-one
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Preventing Centralization with Effective Proof-of-Stake

We introduce Effective Proof-of-Stake, an efficient staking mechanism that avoids stake centralization while still supporting stake compounding and delegation.

Validator Election

As mentioned above, we will adopt the mechanism that elect the highest ranked validators based on stake as the committee. Specifically, for every epoch (~ 1 day), the top 1600 stakers will obtain the 1600 seats (4 shards * 400 seats) and become the validators across the shards. Once the epoch changes, the new rank of stakes will determine the validators for the next epoch.

Block Rewards based on Effective Stake

We’ve shared above that neither pro-rata rewards nor equal rewards is an optimal and fair choice for our design goals (specifically the even distribution of stakes and the ability to compound stake and returns). In EPoS, the validators will be rewarded in proportion to their effective stake, which is defined in the formula below. We use median_stake to denote the amount of stake at median in the ranked list of top 1600 stakers, and actual_stake is the actual stake hold by the validator.

Here, c is a protocol parameter (for example, c = 0.15). The effective stake of a validator is basically its actual stake bounded by the upper limit of (1 + c) * median_stake and the lower limit of (1 — c) * median_stake.
Besides the block reward, the voting power of each validator in the consensus is also determined proportionally by the validator’s effective stake.

With the introduction of effective stake, the higher ranked validators are actually economically punished to stake too much in a single validator and the lower-ranked validators are enjoying extra reward for their stake. The effective stake is acting as an equalizer that pushes for a more evenly distributed stake among validators, thus avoiding stake centralization.

For compounding, the validators in the yellow area are economically incentivized to spin up new validator machines to “compound” their rewards. In terms of staking pool, this design is forcing the staking pools to decentralize themselves and avoid single point of failure. The nodes in the blue and green area can directly compound by re-staking their reward in the same validator.
In terms of delegation, token holders can freely choose one of more validators to delegate their tokens based on their commission rate, uptime and their position in the rank. The block rewards will be distributed to delegators pro-rata after the commission fee set by the validator is deducted. For delegators, It’s economically more rewarding to delegate to the validators in the green area as the return to stake ratio is higher, thus avoiding the stake centralization too.

With these design features, we can achieve our goals of supporting delegation, compounding stake while preserving decentralization.

Read full transcript with diagrams by the link harmony.one/pos

#PoS #blockchain #harmonyprotocol #proof-of-stake

The Harmony founder & CEO, Stephen Tse is giving the keynote speech at the Shanghai Blockchain Week 2019.

Shanghai International Blockchain Week is the largest and most influential blockchain gathering in China, organised annually by the Wanxiang Blockchain Labs- a leading blockchain research institute in China and Ethereum Foundation.

This year the event has brought together over 2000 participants & teams from 50 leading blockchain projects to share their insights and experience on blockchain security, cross-chain technology, and staking.

You can read Stephen's participation here: https://harmony.one/deck

Let us know your thoughts in our official Telegram community harmony.one/telegram.

🐦Follow Stephen on Twitter: https://twitter.com/stse

See more at: https://harmony.one

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