The open blockchain platform Harmony announced that it will now support staking in an attempt to create a blockchain infrastructure that achieves high scalability without compromising decentralization.
In a press release issued on May 19, 2020, Harmony said that it is the first time it has integrated staking into a blockchain network and that it is also using database partitioning – called sharding- to achieve high transaction performance. Nick White, co-founder of Harmony, told Cointelegraph
„You won’t find another chain that can support the same performance, the same speed of settlement, the same extremely low cost and the same level of decentralization. This puts us in a sweet spot for growth.“
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Staking is the process used in the Proof-of-Stake
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protocol, in which network users staking out their cryptomoney holdings to support network operations. It then rewards users for their contribution.
Harmony’s CTO, Rongjian Lan, said the convergence of staking and sharding was an „order of magnitude more complex to build and design.
It is known that the proof-of-stake test protocol rewards stakers based on the number of tokens staked in the network: the higher the number, the greater the reward.
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However, with its new staking mechanism, called „Effective Proof-of-Stake“, Harmony claims to achieve a balance between large and small scale stakers. The network will limit the processed reward to those with higher stakes and increase it for those with relatively fewer stakes.
Harmony also intends to increase the decentralization of its main network by increasing the number of public nodes from 320 to more than 1,000 by the end of this year. It also intends to further reduce the network settlement time to less than 8 seconds.