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Harmony ($ONE): 2022 Project Re-Visit
Crypto Project Reviews

Harmony ($ONE): 2022 Project Re-Visit

In 2022 Harmony strives to be a top blockchain for cross-chain assets, collectibles, identity, and governance. Let us check out what the developers have planned!

Deividas Klypšas

Harmony believes it has built a blockchain infrastructure that can scale without sacrificing security and decentralization. The network was recently processing 2,000 transactions per second and has ambitions to do much more long-term. Given the low gas fees and cross-chain capabilities, Harmony could become a great tool for NFT creators in the next year and progress further with its price.

The main themes are:

  • Adoption — By bringing utility to users through developers and partners. Hackathons with Gitcoin and workshops at Ethereum events to boost reach.
  • Interoperability — bridging with Bitcoin and Ethereum for broader assets. The cross-shard and cross-chain transactions will enable new finance applications.
  • Decentralisation — By growing the validator community and network features. External voting power and resharding will guarantee our long-term governance.
  • Zero-Knowledge Proofs – by researching and prototyping products with 100x benefits, magical use cases, or universal constructs.

Here is a look at the EOY and 2022 road map:

  • Jan 2022 Support WalletConnect, and add to the Registry.
  • Staking Derivatives - Jan 8th Harmony tokens are staked into the network to secure the network and earn block rewards at around 10% APY currently. However, those staked tokens are not able to participate in any of the DeFi projects in the ecosystem. This approach has restricted the use of staking protocol, and some DeFi products.

Other PoS blockchains, such as LiDo Finance on Ethereum, staking partners can mint stETH to their staking customers. The staking derivatives such as stETH can be used to participate in other DeFi projects as collateral or for trading purposes.

The objective is to improve the composability of the staking protocol and increase the efficiency of the staked capitals, we would expose the staking information and staking actions to all the DeFi projects on Harmony via pre-compiled and caller libraries. All the DeFi projects deployed to Harmony blockchain can utilize the libraries to build lending protocols, vaults, or universal basic income projects.

  • Cosmo Bridge - Jan 31st.
  • February 2022 - Secure resharding - Feb 28th Resharding: randomized validator assignment to prevent single-shard attacks.

Re-assigning shared membership of validators every epoch to enhance network security. Innovations include using verifiable delay function (VDF) for randomized assignment, integrating staking and slashing with resharding, and forcing regular leader rotations. Harmony will be among the first blockchains to launch resharding.

  • March 2022 - 1 second finality - March 15th. Later on -> Decentralised RPC - March 31st Milestones and to do a checklist along the way of fully decentralized ops: deploys, monitors, supports of testnets / rpc / gateways.
  • June 2022 - Decentralised OPs - June 30th.

You can find full details here.

Some visuals below:

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