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      "permlink": "a-comparison-between-fantom-consensus-and-other-major-consensus-mechanisms",
      "title": "A Comparison Between Fantom Consensus And Other Major Consensus Mechanisms",
      "body": "<div class=\"text-justify\">\n\n\n\nIn any centralized system, like a collection of regular information about students results in a university system, a central supervisor is granted the opportunity to access, maintain and update the information about those students result. That central supervisor is given the sole responsibility of making any updates like adding or deleting or updating of students results. \n\n![block-chain-3145392_1280.jpg](https://cdn.steemitimages.com/DQmXSGYajoVtGkANSzyj1NrXwmcL2rvMYRiB2qXyrMuhA2m/block-chain-3145392_1280.jpg)\n<sub><center> <a href= https://pixabay.com/illustrations/block-chain-data-records-concept-3145392>Image Source</a></center></sub>\n\nPublic blockchains is known to be fully decentralized and cannot be controlled by any single authority like the way the students results is controlled by that central supervisor. Public blockchains is also regarded as a permissionless blockchain as it involves contributions from anyone on the blockchain network. \n\nThe status of the blockchain is one that changes dynamically and there is need for a fully efficient, functional, fair, reliable and highly secured mechanism that will oversee the activities on the those publicly shared ledger to ensure that all the transactions that are occurring on the blockchain network are authentic and that a consensus is agreed upon by all participants based on the status of the ledger. The mechanism in charge of all this important task is the consensus mechanism, and it is a set of rules used in the decision making by the various participants of the blockchain.\n\nThere are different consensus mechanism and they all operate on different principles.\n\nThe most popular cryptocurrency network like Bitcoin and Litecoin uses the Proof of Work (POW) consensus algorithm, which offers a network that is secured and strong enough to ensure that there is agreement between all nodes before new transactions can be added to the blockchain. However, the issue with this is that the mining mechanism requires extensive energy consumption and longer processing time to keep the blockchain running. \n\nUnlike Proof of Work, Proof of Stake (POS) is dependent on the amount of coin staked by a participant. The higher the amount of coin staked by a participant, the more likely the participant will be able to add a new block of the transaction to the blockchain. This is the consensus algorithm used by blockchain projects like Ethereum. However, this particular consensus algorithm also has its own disadvantage, as it promotes cryptocurrency coin saving instead of spending. \n\nWe also have consensus algorithm like Tendermint pBFT which is used by the Cosmos Network. Tendermint happens to be one of the very first consensus algorithm to make use of pBFT in blockchain, and they uses peer-to-peer gossip protocol among nodes. The three stages involves in Tendermint are propose, prevote and pre-commit. But this also has some cons as it is centralized and permissioned.\n\nDespite the different consensus mechanism adopted by various blockchain projects, the blockchain technology still face different fundamental issues like the problem of scalability and lack of real-time transaction settlement. As a matter of fact, the improved consensus algorithm practiced by some blockchain implementation like Ethereum and Bitcoin still did not make them synchronize more than one block at a time. This leads to slow confirmation times, which is popularly recognized to be one of the biggest factors that has been limiting the global implementation and application of blockchain technology across many industries. \n\nIn order to provide solutions to this reoccurring issues, A new DAG-based Smart Contract platform adopts a new protocol known as \"Lachesis Protocol\", and that Platform is \"Fantom.\n\n![1_DaOGeYMPLPvQtteLRKrnTw.png](https://cdn.steemitimages.com/DQmPcMNmphQ4xmNXu5gaqEamFBBRMAeA1MsV7s89VwkmF6C/1_DaOGeYMPLPvQtteLRKrnTw.png)\n\n## What is Fantom?\n\nFantom is a new Smart Contract Platform that was developed and designed based on Directed Acrylic Graph (DAG) model in order to address the persisting problems of scalability of existing blockchain technologies. \n\n## Let's Discuss the Fantom Consensus Algorithm\n\nA new consensus which was developed as an improvement to existing DAG-based protocols was implemented by Fantom, and this is done with the intention of creating a unique platform that bring about an improvement in the scalability and versatility of existing DAGs, so as to provide solutions to the problems of existing blockchains. \n\n![Screenshot_20191201-192654.png](https://cdn.steemitimages.com/DQmZdzuygNd5x8W3RXezxckem24evRpQDTi65X612DDnQta/Screenshot_20191201-192654.png)<sub><center>Multiple layers of OPERA chain</center></sub>\n\nThe Fantom platform is powered by a unique technology called OPERA Chain. This OPERA Chain is the technology that houses the Fantom consensus algorithm which is known as \"Lachesis Consensus Algorithm\". Lachesis Consensus algorithm was developed with the intention to help bring about significant improvement in the performance and security of the Fantom blockchain using DAG-based distributed ledger technologies. The Lachesis Consensus Algorithm works similarly to a Byzantine Fault Tolerant (BFT) technology that assures to give a result that has similar level of consensus as existing blockchains. \n\nThe Presence of LCA go a long way to prevent the occurrence of attacks caused by node failure. It also help the Fantom platform to process high transactions upto to 300,000 transactions per seconds. A cryptographic techniques will be employed by the OPERA Chain to enhance security when communication is done between nodes, and full support will be given to the smart contract via the functional programming language adopted by the OPERA Chain. \n\n![Screenshot_20191201-191616.png](https://cdn.steemitimages.com/DQma6Xw1Ms74mLo18cmgugbLSYWCMF4vJJPgn8DXEKP4bok/Screenshot_20191201-191616.png)<sub><center>Lachesis DAG</center></sub>\n\nThe LCA is developed with the intention that it form a Lachesis DAG which operate based on the Lachesis Protocol. LCA is built on top of the Lachesis graph and it consist of some components which includes Events, Clothos, Atropos, and the Main Chain.\n\n## How Lachesis Consensus Algorithm Works\n\nThe Lachesis technology was developed with the intention that it helps in the achievement of high performance and secure data storage. The creation of all events blocks from nodes can be done at a time, in any order, without waiting for each other, and each of those event blocks consists of a series of transactions which include remittance, payment, story, reputation, smart contract and rewards. A connection is formed between the new event block and the parent block. \n\n![Screenshot_20191201-191843.png](https://cdn.steemitimages.com/DQmVymL1Wb1PWpnz8E7SCbt56Ght3ewS9HCoREVfPQfEeER/Screenshot_20191201-191843.png)<sub><center>Lachesis DAG Main Chain</center></sub>\n\nThere is a chain that forms its connection through set blocks and thus chain is referred to as Main Chain. The Main Chain is a series of event blocks capable of validating event blocks that are created over a period of time. When there is need for the LCA to provide solutions to various problems such as malicious attacks and double spending issues, incorrect event blocks are generated intentionally while the  maintenance is being done to the Main Chain. There also exist the Atropos which is located at the heart of the Main Chain. \n\n![Screenshot_20191201-191946.png](https://cdn.steemitimages.com/DQmReve7qyGKfHrgfqEkmun7x9LWkT1yz7KuV1z2DyyQFbL/Screenshot_20191201-191946.png)<sub><center>The Clotho of Lachesis DAG</center></sub>\n\nThere exist the Clotho in the Lachesis DAG, which has large connection with a series of event blocks. They also have the Atropos event blocks which is classified to be a subset of the Clotho event blocks that assist in giving out information for the connection of existing Main Chain event and it also facilitate the creation of a new Main Chain. \n\n![Screenshot_20191201-192116.png](https://cdn.steemitimages.com/DQmVVz5RL1H94fs8u5EjbGGib8wJDA5fuXX7AKjKg4Xv5mg/Screenshot_20191201-192116.png)<sub><center>The Atropos of Lachesis DAG</center></sub>\n\nThe determination of the order of unordered event block is brought into fulfillment immediately the Atropos is determined and the creation of the Main Chain is completed. The exact time which it will take the consensus of each event block to be completed can also be determined based on an information of the event block connection gotten from the Atropos. \n\nViewpoint is determined by using the Atropos timestamp if there is the same consensus time in two event blocks. The transaction order of a particular event block is determined by the point-in-time value of that event block.\n\n## Key Features and Benefits of Fantom Consensus\n\n1. Improved Scalability\n\n2. Real-time Transactions\n\n3. Data Sharing with Low Cost\n\n4. Low Energy Consumption\n\n5. Shorter Processing Time\n\n\n ## Final Thoughts\n\nThe Consensus Algorithm adopted by the Fantom Platform known as Lachesis Consensus Algorithm has proved to be fully effective and highly efficient to help solve the problems of existing distributed ledger technologies. The unique features and advanced technology behind this development is a spot on for various industries to want to adopt blockchain technology for the betterment of their products and services. \n\n## For More Information\n\n[Fantom Website](https://fantom.foundation)\n[Fantom Whitepaper](https://fantom.foundation/contents/data/2018files/10/wp_fantom_v1.6.pdf)\n[Fantom Medium](https://medium.com/fantomfoundation)\n[Fantom DeFi Modulus](https://fantom.foundation/contents/data/DeFi%20Chain%20Modules.pdf)\n\n</div>\n",
      "json_metadata": "{\"community\":\"busy\",\"app\":\"busy/2.5.6\",\"format\":\"markdown\",\"tags\":[\"blockchain\",\"fantom\",\"fantomiansexplain\",\"cryptocurrency\"],\"users\":[],\"links\":[\"https://pixabay.com/illustrations/block-chain-data-records-concept-3145392\",\"https://fantom.foundation\",\"https://fantom.foundation/contents/data/2018files/10/wp_fantom_v1.6.pdf\",\"https://medium.com/fantomfoundation\",\"https://fantom.foundation/contents/data/DeFi%20Chain%20Modules.pdf\"],\"image\":[\"https://cdn.steemitimages.com/DQmXSGYajoVtGkANSzyj1NrXwmcL2rvMYRiB2qXyrMuhA2m/block-chain-3145392_1280.jpg\",\"https://cdn.steemitimages.com/DQmPcMNmphQ4xmNXu5gaqEamFBBRMAeA1MsV7s89VwkmF6C/1_DaOGeYMPLPvQtteLRKrnTw.png\",\"https://cdn.steemitimages.com/DQmZdzuygNd5x8W3RXezxckem24evRpQDTi65X612DDnQta/Screenshot_20191201-192654.png\",\"https://cdn.steemitimages.com/DQma6Xw1Ms74mLo18cmgugbLSYWCMF4vJJPgn8DXEKP4bok/Screenshot_20191201-191616.png\",\"https://cdn.steemitimages.com/DQmVymL1Wb1PWpnz8E7SCbt56Ght3ewS9HCoREVfPQfEeER/Screenshot_20191201-191843.png\",\"https://cdn.steemitimages.com/DQmReve7qyGKfHrgfqEkmun7x9LWkT1yz7KuV1z2DyyQFbL/Screenshot_20191201-191946.png\",\"https://cdn.steemitimages.com/DQmVVz5RL1H94fs8u5EjbGGib8wJDA5fuXX7AKjKg4Xv5mg/Screenshot_20191201-192116.png\"]}"
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      "title": "Optimised Blockchain Option For Fast, Scalable and Enterprise Applications",
      "body": " \n\n## <center>**Introduction**</center>\n\n<div class='text-justify'>\n\n<div class='pull-right'>https://ipfs.busy.org/ipfs/QmW4h5aejmM7kKrLsoxou8MMFQo4mvrBmaCcKhkMb3dv2F\n<a href=''>Image credit</a></div>\n\nGone are the days when the most powerful computer has the size of a large washing machine; whereas, nowadays a tiny wrist watch have twice as much capacity to handle digital computation. This feat alone shows how far technology has evolved interms of size and capacity. This trend has seen us ushered into the Fourth Industrial Revolution unprepared; a period earmarked by the birth of blockchain technology in 2009. \n\nThis era will also see the rise of new economies built on Internet of Things (IoT), Big Data and Artificial Intelligence. A phase which has already started but is yet to gain global relevance like the reverred www era; which resulted in the birth of the internet amidst other social and economic engagement. \n\nBlockchain was invented as  a timely response to the global financial meltdown in 2009. From then, it became imperative that blockchain is the future network for hosting major economies if security  is not to be compromised including finance and other sectors of the economy. However, the present state of the technology looks out of reach to many and the reason for this is not far-fetched. Some of it are enumerated below\n\n* Transaction speed\n* Convoluted state of the technology\n\nAlthough far and few, this drawbacks have decimated the chances of the technology replacing the traditional payment  system. A feat which must be achieved if blockchain technology is to be reverred as the next wave of industrial revolution capable of transforming the way we store, exchange data and information. At the center of this conundrum lies an untapped service economy which will steer the economies of the next generation.  \n\n\n\n## <center>**[Harmony]() Blockchain Overview**</center>\n\n<center>![images (6).jpeg](https://ipfs.busy.org/ipfs/QmcXJNU1PFEQkMrqhyowNdirqs3a9y26Z9LvVtbjp4dSg8)\n</center>\n\n[ProximaX](proximax.io) is a next-generation integrated and Distributed Ledger Technology (\"IaDLT\") infrastructure platform pioneered via blockchain technology. In a nutshell, [ProximaX](proximax.io) combines the best of both worlds in the shape of *traditional centralised database solution* and *blockchain technology* to reduce the stress quota that **users** and **developers** may likely face when adopting this technology. They are enumerated in arrears below\n\n\n* **Flexibility** ; [ProximaX](proximax.io) host of SDK's and API  empower developers to build truly world class application with little resources and also enhance user experience\n\n* **Ease of Adoption**; Due to the universal nature of the blockchain, local border laws does not circumvent the operation of a business locally or abroad \n\n* **Security and Speed**; [ProximaX](proximax.io) has raised the bar by inventing the PoG(Proof of Greed) consensus mechanism to always keep malicious activity in check \n\n* **Cost-Efficiency**; Unlike other blockchain options, [ProximaX](proximax.io) economic model ensures that transaction cost remain competitive and fair via their **adjustable fee framework** powered by the PoG consensus.\n\n* **Data streaming enabled environment**; Data streaming is one of the derivable benefits of implementing the PSP(PeerStream Protocol) within the [ProximaX](proximax.io) blockchain.\n\n\n\n## <center>**Identifying the key technologies/concepts driving the [ProximaX](proximax.io) Blockchain**</center>\n\n\n![pasted image 0 (8).png](https://ipfs.busy.org/ipfs/QmcqhwP6CPLpN1xNP5D2ngwgdxfjJHJMv54WALu3uJzH1g)\n\n\n[ProximaX](proximax.io) **Sirius architecture** is the backbone of [ProximaX](proximax.io) blockchain  and its success is built on this five key cardinals \n\n* ### **Blockchain**\n\n<div class='pull-left'>https://ipfs.busy.org/ipfs/QmStBKfVokN6KzbeHsrkTqCNYfkvP7mksRRQBMR71D5SNw\n<a href='https://www.iamexpat.nl/career/employment-news/new-dutch-labour-laws-conversion-of-contract-from-fixed-term-to-permanent'>Image credit</a></div>\n\nThe Sirius chain is a fork of NEM's catapult. Albeit four times faster than the latter since new blocks are generated every 15 seconds. Beyond that, blockchain ensure the security of data within the [ProximaX](proximax.io) network.\n\n\n* ### **Storage**\n\n<div class='pull-right'>https://ipfs.busy.org/ipfs/QmUdLfWRhwDL66UkoKBPK3s9iUnvCqBQ24CaCcTUeSkSxh\n<a href='https://www.marketingweek.com/2017/09/07/pricing-a-product/'>Image credit</a></div>\n\nThe Sirius storage employs the Distributed File Management System (DFMS) to encrypt, shard and store data trustlessly in a peer-to-peer fashion; to drive a decentralised economy, free from the influence of any third-party storage provider and allows client-side encryption for maximum data security.\n\n\n\n* ### **Streaming**\n\n<div class='pull-left'>https://ipfs.busy.org/ipfs/QmbbS9o4TWk4sy9nP2eEK2zNFhSzgKfTt6cgR25ku75iGU\n<a href='http://pluspng.com/win-win-situation-png-3074.html'>Image credit</a></div>\n\nThis feature is enabled by utilising the PeerStream Protocol (PSP). With this feature in place, Users derive a high security (enabled via the privacy routing protocol which reduce the risk of exit nodes and out-proxies), performance streaming infrastructure for real-time messaging, anynomous video streaming, end-to-end encryption to name a few. \n\n\n[ProximaX](proximax.io) streaming layer can be divided into two parts\n\n* Live streaming - For user to user interaction\n* Storage streaming - For retrieving previous data from the database.\n \n\n\n* ### **Database**\n\n<div class='pull-right'>https://ipfs.busy.org/ipfs/QmRXn6ib7vVY7QQxn11yrK4Ar4f5JXNEXD51Ui9US8AhHB\n<a href='http://pluspng.com/win-win-situation-png-3074.html'>Image credit</a></div>\n\nThe [ProximaX]() Database stack employs a document-based database (MongoDB) backed by Tendermint as a blockchain enforcement mechanism. This layer features *simple transfer transaction contracts*, *asset management* and *metadata storage*. \nWith this feature in place, Developers can build secure applications with powerful indexing and querying functionality where data enjoy optimum loading time, presence and integrity.\n\n\n\n* ### **Consensus**\n\n<div class='pull-left'>https://ipfs.busy.org/ipfs/QmP2Qo3iorjVgJ19S7HKmKtRuWJe4o7KKZa6ZybD7ZmCUg\n<a href='http://pluspng.com/win-win-situation-png-3074.html'>Image credit</a></div>\n\n[ProximaX](https://proximax.io/) blockchain Sirius which is the backbone of the [ProximaX](https://proximax.io/) network prefers the Proof of Stake (PoS) over the PoW consensus mechanism due to its high throughput. \n\n\nInorder to drive **transaction fees** to the lowest possible,   [ProximaX](https://proximax.io/) alongside the PoW develops the **PoG (Proof of Greed)** consensus to drive an `adjustable fee framework` -  *This model allocates a high probability of success to consumers who opt for lesser fees!*.\n\nThis invention helps to curtail this two major attacks,namely\n\n> * **Zero-Fee Attacks** - Validators may validate transactions for free to combat the PoG system and take over the network by forging the most blocks\n\nThe solution [ProximaX]() utilized was to ensure that those Validators which take some pre-specified average fee have a higher chance of forging a block\n\n \n\n> * **Large-Stake Attacks** - This becomes a problem if a Validator with a *51%* stake attacks the network, earn the majority of the fees, and begin to reverse transactions\n\nPoG ensures there is a fair distribution of Validator rewards\n\n[Source: cateredcontent](). \n\n\n\n## <center>**Why [ProximaX]()?**</center>\n\n![Screenshot_20191001-172921.png](https://ipfs.busy.org/ipfs/Qme2hixy7x3mndUoLWMNNP637LrHxogQhoa5aDTmjB6tyn)\n\n\n\n\n\n## <center>**Highlighting the full benefits and features of  [ProximaX]() Sirius Blockchain**</center>\n\nThe [ProximaX]() Sirius platform  thrives based on the Integrated and Distributed Ledger Technology (\"IaDLT\") in conjunction with API-driven architecture to enable content sharing and hosting services on the platform. Some of the shared features of this arrangement due to hosting on the [ProximaX]() blockchain are \n\n* Storing and hosting of data in a decentralised privately-owned or public chain networks.\n\n* Automatically synchronise and organise files.\n\n* Secured and supports multiple devices.Seamless sharing.\n\n* Optimised data retrieval from an efficient database system.\n\n* Basis of trust embedded into technology solutions.\n\n* Flexibility in design.\n\n* Monetising created content.\n\n* Choice and liberty to filter, flag, and remove inappropriate or illegal content.\n\n* Contents streamed direct to users without exposing identity and IP, thereby maintaining privacy.\n\n* Supports Multi-signature \n\n* Low transaction fee\n\n* Aggregated Transactions - Combine multiple transactions\n\n* Faster Block creation process (4 times faster than NXT)\n\n* immunity from Zero-fee attack and Large stake attack\n\n* Proof of Stake consensus provides an energy efficient network\n\n* Peer-to-Peer communication\n\n\n\n\n## <center>**In the Offing : Core Apps and Services**</center>\n \nApplications | Description\n--- | ---- \nProximaX KYC enables fast and simple end-to-end counterparty onboarding. By using the ProximaX Sirius platform to store and manage sensitive KYC data, it can ensure maximum data security, privacy, with permission-based access. | ![apps-proximax-kyc.jpg](https://ipfs.busy.org/ipfs/QmbtQCehyEuodE3qBTYDQi1r4SZWgc7E4hct3bgemEq1on)ProximaX KYC \n![apps-proximax-suite.jpg](https://ipfs.busy.org/ipfs/QmXDkj4qtTnRHMdSoVqwUQgTD4EYnVZormEQ3jkg62XRc8)ProximaX Suite | ProximaX Suite is an enterprise-ready, end-to-end office suite where applications such as word processing, spreadsheets and presentations are now blockchain-powered for superior availability, security and privacy\n![apps-proximax-fileit.jpg](https://ipfs.busy.org/ipfs/QmVB5z2ZuLipfifuK2SABzR2mmerJtUKbE43q8gfVaSxk2)ProximaX File It | ProximaX File It! is a client-based file sharing app that stores and shares files across multiple nodes on the ProximaX Sirius platform\n![apps-proximax-notes.jpg](https://ipfs.busy.org/ipfs/QmQ4i8CF8p8KUfPZe66cXDYzuBZ4iXf467Nrw9rsHwmMrs)ProximaX Notes | ProximaX’s equivalent of a note taking tool with the ability to embed images. Files are encrypted for absolute privacy protection\n![apps-proximax-forensics.jpg](https://ipfs.busy.org/ipfs/QmR5euuNBzkpsu766sfJ8nkYL26oLejUz1ZWrVDeuXRn5P)ProximaX Forensic | ProximaX Forensics is designed to bring about greater efficiencies and data security, thus enabling investigators and scientists to access digital evidence easily, quickly and also store digital evidence securely\n![apps-proximax-identity.jpg](https://ipfs.busy.org/ipfs/QmbtX7uy5apNBfrXs4VgT1fEDMEenLCFVZnRcVk4UQWhwf)Proximax Identity | ProximaX Identity is a highly secure verification system for personal information that can be used as a unified source of data across public and private sectors\n![pasted image 0 (6).png](https://ipfs.busy.org/ipfs/QmVU3CMHmFxGn5khWJewS7vrLir2j3gp4zHz5qESR7SG4w)Automated Exchange | The Automated Inner Exchange** is built on top of the Sirius Chain to exchange the XPX with designated service units. Users can use the inner exchange economy to create new core service (such as a search engine) and their associated tokens.\n\n[Source : Proximax Website](proximax.io)\n\n\n\n\n## <center>**Real Time Enterprise Applications**</center>\n\n![Screenshot_20191002-152153.png](https://ipfs.busy.org/ipfs/Qmbf4CTXoAa4WQ5rwqk62FtTJccNgBmwdcu8N5N8KqDKgi)\n\n\n\n\n## <center>**Final Thoughts**</center>\n\n<center>![images (54).jpeg](https://ipfs.busy.org/ipfs/QmZEvrLeQP6GMUYea2is3HWUQVBnFkd1YVLk56usoFY2aE)\n[Image credit](https://talkroute.com/why-competition-is-good-news-for-your-business/)</center>\n\nIt is impertinent to realize that the advent of blockchain has created a new market for many businesses. However, venture capitalist and investors are having a swell time putting their money resources into the right project/businesses on the blockchain because of the obvious  limitations. \n\n### <center>*Use Cases*</center>\n\n* **High-Volume trader**\n\nVenita works at a crypto-asses firm and his work allows him to manage many crypto assets on a daily basis. Top of her worries daily is getting an exchange with sufficient volume for all the assets under her watch. Before now, she has to sift through so many exchanges inorder to reconcile those assets which is time consuming and inefficient on the long run. Having a completely decentralized exchange on the [Harmony]() Blockchain will allow this assets to find market easily. \n\nTherefore, venita trading experience  is even better because she can easily use such exchanges without revealing her identity; thereby ensuring her security and that of the assets.\n\n* **Reward-Based Games**\n\nBlockchain games are almost not feasible with the present limitations. Having a small blockchain unit, shards within the block chain makes it possible to build interesting games on the block chain. Hence, gamers can hoist a reward-based interactive game on the harmony blockchain to attract more users.\n\n\n### <center>**Token Metrics**</center>\n\n\n### <center>**Meet the team**</center>\n\n\n\n\n### <center>**Useful Resources**</center>\n\n\n**Check out this Additional Resources:**\n\n* [ProximaX Website]() \n* [ProximaX WhitePaper]()\n* [ProximaX Medium Blog](https://medium.com/)\n* [ProximaX Telegram Group](https://t.me/)\n* [ProximaX Twitter](https://twitter.com/)\n* [ProximaX LinkedIn]() \n* [ProximaX Instagram]()\n\n\n<br>\n\n\n\n**[Twitter share]()**</center>\n\n</div>\n\n",
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      "title": "Meet Harmony!! Setting the Pace for a Fully-decentralized, Scalable, Fast Economy on the Blockchain ",
      "body": "\n\n## <center>**Introduction**</center>\n\n<div class='text-justify'>\n\n<div class='pull-right'>https://ipfs.busy.org/ipfs/QmW4h5aejmM7kKrLsoxou8MMFQo4mvrBmaCcKhkMb3dv2F\n<a href=''>Image credit</a></div>\n\nJust like any other technology, Blockchain technology; reverred as the next big thing after web 3.o is still yet to fully tackle the this textbook trilemma which any trademark technology needs to contend with anytime they are brought into the spotlight. As such, security, speed and scalability represents the best  metric via which their performance is rated. \n\n<div class='pull-left'>https://ipfs.busy.org/ipfs/QmSGdYnCQriYAvcFnTsXxhGcCH6iFLgSCM6amnGrWhWhSh\n<a href=''>Image credit</a></div>\n\nBlockchain technology has being able to use the concept of decentralization to solve the problem of security while handling total control of the process to its users. However, an average blockchain performance reveals that this obvious advantage comes at a price, which is speed of transaction (measured in TPS). This loophole alongside scalability constitute one of the major reason why blockchain technology is yet to witness mass adoption by different sectors including Fin tech or gather sufficient attention from institutional investors to move the technology to the next level.\n\nIn a bid to put this drawbacks in check, alternative blockchain option  apart from bitcoin and ethereum  such as Zilliqa, introduced sharding technology to handle the complex task of computing large data as the network expands and get inevitably slow. However, the implementation of the sharding concept along with the PoW(Proof of Work) consensus further brought up familiar issues of **scalability** and **security** resulting from partial **decentralization** as evident in the **performance dieficiencies** revealed below. \n\nTherefore, in this article, we shall get the opportunity to discuss a new exciting project, **[Harmony Blockchain]()** that aims to change the landscape for billions of blockchain users but first lets highlight the **problem statements**.\n\n**[1] Pseudo-decentralization**; other blockchain attempt to implement sharding concept has helped compromise the decentralized nature of the network, hence security. For instance in the case of Zilliqa; which does not implement **state sharding**, but rather a network such that the blockchain data are not divided. This arrangement ensures that machines or nodes with less resources are constantly left out of the network consensus. This partial-decentralization makes the network more susceptible to the risk of a **[2] single-shard** attack resulting from its reliance on Proof of Work consensus mechanism.\n\n\n\n## <center>**[Harmony]() Blockchain Overview**</center>\n\n![pasted image 0 (3).png](https://ipfs.busy.org/ipfs/QmXjWPbKwbaRe2VxCu2GT7QUDBXJkxk9s79mgktM6c3xn7)\n\n\n[Harmony]() is a PoS (Proof-of-stake)  next-generation, sharding-based blockchain that is fully scalable, provably fair and energy efficient. Their goal is to build a  high-performance blockchain capable of serving 10 Billions people at the same time without compromising speed of transaction and security while maintaining its scalability for public use. So far, the team can boast of some breakthroughs in the following aspect\n\n* **Fully Scalable** ; [Harmony]() does not only shard the network communication and transaction validation like zilliqa, it also shards the blockchain state.\n\n* **Secure Sharding**: Harmony’s sharding process is provably secure thanks to the distributed randomness generation (DRG) process which is *unpredictable, unbiaseable,verifiable and scalable*. Harmony also reshards the network in a non-interruptive manner to\nprevent against slowly adaptive byzantine adversaries.\n\n* **Adaptive-Thresholded PoS**; The threshold of stakes required for a node to join thenetwork is adjusted based on the volume of total staking in a way that malicious stakerscannot concentrate their power in a single shard. Moreover, the threshold is low enough sothat small stakers can still participate in the network and earn rewards.\n\n* **Efficient and Fast Consensus**; Unlike other sharding-based blockchains which require\nPoW to select validators, Harmony is based on PoS and thus energy efficient. Consensusis reached with a linearly scalable BFT algorithm that’s 100 times faster than PBFT.\n\n* **Scalable Networking Infrastructure**; With RaptorQ fountain code, Harmony can\npropagate blocks quickly within shards or across network by using the Adaptive Information Dispersal Algorithm. Harmony also adopts Kademlia routing to achieve\ncross-shard transactions that scale logarithmically with the number of shards.\n\n* **Consistent Cross-Shard Transactions** ; Harmony supports cross-shard transactionswith shards directly communicating with each other. An atomic locking mechanism is usedto ensure the consistency of cross-shard transactions.\n\n## <center>**Identifying the key technologies/concepts driving the [Harmony]() Blockchain**</center>\n\n[Harmony]() blockchain is the product of intensive research on some of the most inventive concept in blockchain technology. The idea is to build a high-performance blockchain capable of handling applications that were previously not feasible on the blockchain while  negotiating a trust network for billions of blockchain users. For this to be possible, [Harmony]() re-invent the wheel by implementing and tweaking few underlying blockchain as enumerated below .\n\n\n* **Consensus Mechanism**\n\n<div class='pull-left'><a href='https://www.iamexpat.nl/career/employment-news/new-dutch-labour-laws-conversion-of-contract-from-fixed-term-to-permanent'>Image credit</a></div>\n\nThis factor determines how quickly and securely new blocks can be created on the network. This is important because it affects the speed of transaction  on such network and blockchain is not excluded. As we have know, bitcoin and ethereum implements the PoW(Proof of Work) consensus mechanism - where miners race to solve a cryptographic puzzle and win the right to propose a new block; meaning that the network security can only be breached if an attacker gains 51 % control of the nodes on the network(Sybil Attack); \ntechnically impossible due to high cost outlay. \n\nHowever, the blindside is that the network gets inevitably slower as new nodes join the network. Due to this, a new protocol, PBFT (Practical Byzantine Fault Tolerance) was proposed after years of research to reduce communication complexity.  Harmony via modification brought about a new consensus, **FBFT**; to drive a linearly scalable communication complexity which implements BLS (Boneh-Lynn-Shacham) multi-signature to speed up the block creation process. \n\nThis better consensus based on PoS(Proof of Stake) helps Harmony to create new blocks 50% faster than traditional consensus methods available.\n\n\n* **Sharding**\n\n<div class='pull-right'>\n<a href='https://www.marketingweek.com/2017/09/07/pricing-a-product/'>Image credit</a></div>\n\nSince far back as 2017, sharding has being implemented in so many blockchain projects as a solution to  scalability issues which affect the mass adoption of the technology. Few of the first projects to implement this concept are Zilliqa and Multivac to name a few. However, there implementation along with a PoW (Proof of Work) consensus raised a few more concerns interms of security and decentralization of the network. \n\n* `First, they do not maintain state sharding which means each node has to hold the entire blockchain state to be able to process transactions; this prevents machines with limited resources from participating in the network.`\n\n* `Secondly, they are more susceptible to single shard takeover attack due to their reliance on PoW as their consensus wager.`\n\n[Harmony]() addresses the former by maintaining full decentralization of the network via implementation of state sharding and the latter by adopting a PoS-based consensus.\n\n* **Distributed Randomness Generation**\n\n\nVia the DRG (Distributed Randomness Generation) algorithm , random numbers are being assigned to each nodes participating in the network to help generate a unique identity for any node in a shard. This is made possible via the introduction of a beacon chain which act as the identity register and the  shard chains which store blockchain state s and process transactions concurrently. \n\nThis is a measure to ensure efficient node management, hence high performance block chain. \n\n* **Kamdelia-based Routing**\n\n<div class='pull-left'>https://ipfs.busy.org/ipfs/QmPfGt9aQDoBYXpiMQDLqsg3CNDa4z6kBZ6tmuHXKd973J\n<a href='http://pluspng.com/win-win-situation-png-3074.html'>Image credit</a></div>\n\nInorder to drive efficient shard management, [Harmony]() blockchain adopts Kamdelia as the routing mechanism for cross-shard messages. This technology significantly helps to reduce the overall network load in a shared blockchain\n\n\n## <center>**Why [Harmony]()?**</center>\n\n\n\n√ **Full-decentralization**\n\n<div class='pull-left'>https://ipfs.busy.org/ipfs/QmQgLGjyP39vf3Eg1QhXFGkjdE8LspJDzT89Yv3mCwsLtZ\n<a href='https://www.google.com.ng/amp/s/blog.bannersnack.com/5-networks-where-to-launch-a-banner-ad-campaign/amp/'>Image credit</a></div>\n\nIt is impossible to create a secure and fair network without building trust. Decentralization ensures user control over his resources. Therefore, [Harmony]() open economy will help billions of user to scale trust on a global scale. \n\n√ **Highly Scalable**\n\n\nOne of the few concerns that have lingered on the mind of business owner adopting the blockchain is how the technology will adapt as their customer base grow. While conventional blockchain such as bitcoin and ethereum can only manage a maximum of 20 transactions per second; this pales in comparison to local payment solution like visa e.t.c. \n\n[Harmony]() blockchain is designed to be at least 50% faster than conventional blockchain options and therefore suitable for mass adoption and hosting dApps. \n\n\n\n## <center>**Highlighting the full benefits and features of  [Harmony]() Blockchain**</center>\n\n### **To users**\n\n* Provably secure\n\n* Peer-to-Peer communication\n\n* Faster Block creation process\n\n* Linearly scalable for mass adoption\n\n* Low transaction fee\n\n* immunity from 1% shard attack\n\n* Zero-knowledge proof of data sharing to ensure customer's privacy\n\n### **To Miners**\n\n* Provably fair consensus mechanism to drive mass participation ensures overhead cost per block created is low.\n\n* Proof of Stake offers a better energy efficient network than Proof of Work\n\n* Provably fair mining reward\n\n\n\n## <center>**In the Offing**</center>\n \n\n√ **[Harmony Blockchain]() as the hub for IoTs** \n\nInternet of Things(IoTs) is the next big thing to bring about major industrial and commercial revolution. Blockchain as an open network will serve as the front burner in bringing all the different pieces together. [Harmony]()'s drive to deliver a faster, secure and highly scalable blockchain will put them on the front wheel of innovations that can support the big data computations involved.\n\n√ **[Harmony Blockchain]() support for high-volume decentralized networks** \n\nThis feature is enabled by its innovation on both the protocol and network layers ; and this will help to facilitate the hosting of interactive fair games, visa scale payment system and high volume decentralized exchange for billions of users.\n\n## <center>**[Harmony](https://busy.org/exit?url=https%3A%2F%2Fpatron-influencers.com%2F) ONE token**</center>\n\nHarmony ONE token is a native protocol token. The token provides a reward system for developers, validators/stakers, investors, and community members who develop, secure and govern the network. A small transaction fee denominated in the native Harmony token needs to be paid in order to use the network.\n\n\n`The Harmony token will also function in the following aspects of the protocol:`\n\n`1. For staking, which is necessary to participate in the POS consensus & earn block rewards and transaction fees.`\n\n`2. As payment for transaction fees, gas and storage fees.`\n\n`3. To vote for on-chain governance of the protocol`\n\n\n\n## <center>**Final Thoughts**</center>\n\n<center>![images (54).jpeg](https://ipfs.busy.org/ipfs/QmZEvrLeQP6GMUYea2is3HWUQVBnFkd1YVLk56usoFY2aE)\n[Image credit](https://talkroute.com/why-competition-is-good-news-for-your-business/)</center>\n\nIt is impertinent to realize that the advent of blockchain has created a new market for many businesses. However, venture capitalist and investors are having a swell time putting their money resources into the right project/businesses on the blockchain because of the obvious  limitations.  [Harmony]() blockchain presents a viable blockchain option for investors to connect with interesting businesses and create market for billions of people.\n\n### <center>*Use Cases*</center>\n\n* **High-Volume trader**\n\n<div class='pull-left'>https://ipfs.busy.org/ipfs/QmeJP8oF89bnn92F4LhaaX4ymypk1rJT4nz7b8scTv2nFY\n<a href='https://www.google.com.ng/amp/s/blog.bannersnack.com/5-networks-where-to-launch-a-banner-ad-campaign/amp/'>Image credit</a></div>\n\nVenita works at a crypto-asses firm and his work allows him to manage many crypto assets on a daily basis. Top of her worries daily is getting an exchange with sufficient volume for all the assets under her watch. Before now, she has to sift through so many exchanges inorder to reconcile those assets which is time consuming and inefficient on the long run. Having a completely decentralized exchange on the [Harmony]() Blockchain will allow this assets to find market easily. \n\nTherefore, venita trading experience  is even better because she can easily use such exchanges without revealing her identity; thereby ensuring her security and that of the assets.\n\n* **Reward-Based Games**\n\nBlockchain games are almost not feasible with the present limitations. Having a small blockchain unit, shards within the block chain makes it possible to build interesting games on the block chain. Hence, gamers can hoist a reward-based interactive game on the harmony blockchain to attract more users.\n\n\n### <center>**Token Metrics**</center>\n\n![ONE10.png](https://ipfs.busy.org/ipfs/Qmc5bHcGR4a886WY9YbN1VvuzyFFUc3Gh8DHGiRUS2DU2B)\n\n\n### <center>**Meet the team**</center>\n\n\n\n### <center>**Useful Resources**</center>\n\n* <sub>**[Harmony Website](https://harmony.one/)**</sub>\n* <sub>**[Harmony Whitepaper]()**</sub>\n* <sub>**[Harmony LinkedIn]()**</sub>\n* <sub>**[Harmony Twitter](https://twitter.com/harmonyprotocol)**</sub>\n* <sub>**[Harmony Telegram]()**</sub>\n\n<center>This article is submitted for @originalworks contest sponsored by Harmony. Feel free to join [here]()\n\n<br>\n\n\n\n**[Twitter share]()**</center>\n\n</div>\n\n",
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      "permlink": "re-acidyo-steem-fantasy-premier-league-gameweek-2-preview-20190819t214711954z",
      "title": "",
      "body": "Hi, acidyo please can I still join the steem fantasy league\nMy team: Abel Fc",
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      "memo": "Just a reminder! The 6,700 STEEM prize pool contest is still running! You can submit here: https://cateredcontent.com/events/harmony1 OR check out the details here: https://steemit.com/contest/@originalworks/6-700-steem-1-300-usd-sponsored-writing-contest-harmony |Very few submissions so far and a massive prize pool! Make sure to submit before it ends!|        You have gotten this message because you followed @contestbot! If you want to stop receiving this message, unfollow @contestbot."
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      "memo": "A 6,700 STEEM PRIZE POOL (1300 USD) OriginalWorks writing contest sponsored by Harmony.one is now live! This is the largest prize pool we have ever had to date! Read about it here: https://steemit.com/contest/@originalworks/6-700-steem-1-300-usd-sponsored-writing-contest-harmony         You have gotten this message because you followed @contestbot! If you want to stop receiving this message, unfollow @contestbot."
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