thecoinrepublic.com
- Harmony Protocol is a worthy sharding protocol that aims to promote decentralization
- The project will issue ONE token with a fixed supply of 12,997,694,791 tokens
- Validator of the ONE blockchain’s block will receive rewards ranging from 164% to 9%
Harmony Protocol is a sharding protocol with a trustless Ethereum bridge. Mainly it is for fast and open blockchain for decentralized applications (dApps). The consensus mechanism of the protocol is observed to be very clever. Many deemed that the algorithm highlights the level of forwards thought of the team behind the project. Recently the team behind the project has shared a simplified version of its WhitePaper. The visual representation of Harmony Protocol consists of details related to tokenomics, rewards, and security of the blockchain.
⚡Harmony WhitePaper Simplified #7⚡
— Harmony (@harmonyprotocol) April 22, 2021
✅Tokenomics
✅Consensus Rewards
✅Stake Slashing
✅Stake Security
This is the final piece in this line from @WellnessOneNode 7/7 amazing graphics! Check this out to learn about tokenomics and rewards 👇 pic.twitter.com/LNyWbxgq4B
Harmony Protocol will work its way to zero issuance
Harmony Protocol has fixed the total supply of its ONE token to 12,997,694,791. Each year up to 441 million ONE will be issued regardless of changes to staking ratios and block time. With the increment in the number of transactions, the fees will be burned every year. Eventually, the fees burned per year would equal the 441 million ONE.
However, the annual issuance of ONE token is offset by burning the fees generated by the network. Hence, the project will step towards zero issuance as ONE experiences mainstream adoption.
Validators can receive ONE as rewards
Harmony Protocol will reward each validator with ONE coin after every block gets verified and signed. Any rewards that have been generated will be split between delegators. And that split will be based upon the delegator’s stake. On the other side, it is also revealed that the rewards will range from 164% to 9% and will serve to offset any inflation experienced by the issuance.
Is there any worth behind the mechanism?
Following the entire series of the simplified WhitePaper of Harmony Protocol, it is observed that the project has a clever mechanism. Not only is the mechanism innovative, but also it is worth it, which is being encouraged by many in the cryptosphere. According to Wellness.One, the project has a simple goal of promoting decentralization. The main strength of the project is Secure, Random State Sharding, and fast Consensus. Harmony has also designed a novel PoS mechanism for the network’s security.