Harmony Review by Midgard Research

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ABOUT THE PROJECT

Harmony is a fast and secure blockchain with key innovations in state sharding and peer-to-peer networking. It aims to create an open infrastructure with high-throughput, low-latency, and low-fee to power decentralized economies of the future.

Only a few of Harmony’s real-world applications is allow users to put the ownership of user data back to the users – in continuously scalable environments. On top of that users will be able to benefit from any value arise from their data ownership rights. Harmony protocol will help businesses to build marketplaces of fungible tokens for industry use cases (like energy credits, non-fungible assets, etc).

The key features to increase high-throughput of the project are the following:
▪️ Harmony implements highly-scalable Fast Byzantine Fault Tolerant consensus with Boneh-Lynn-Shacham multi signatures in its protocol;
▪️ The project uses Secure distributed randomness generation protocol with Verifiable Delay Function;
▪️ Adaptive POS-based sharding in their new design;
▪️ To reduce the overall network load and the communication complexity in a sharded blockchain, Harmony will use a shard-driven approach of cross-shard communication.

Moreover, Harmony is applying zero-knowledge proofs for data sharing while preserving the consumer’s privacy.


MVP

Harmony has already launched it’s Testnet 3.0 (https://testnet.harmony.one) with Wallet, Block Explorer and Block Benchmark (Networking Optimization).

The testnet 3.0 has been running since April 2019 with 8 nodes, generating 220k+ blocks (https://explorer.harmony.one).

In May 2019, Harmony launched two working products, Demo dApps, based on Harmony Protocol:
▪️ Harmony Lottery
▪️ Harmony Puzzle

Lottery proves Harmony’s decentralized randomness and fair game play while Puzzle showcases Harmony’s fast finality. ,

We are looking forward to seeing more Harmony protocol implementations in the real-life sector.


ROADMAP

According to the Harmony roadmap, the team has worked hard to deliver their milestones in time or even earlier.

The full Mainnet Launch is scheduled to Q2 2019 with the implementation of the vast majority of features to allow high-throughput transactions.


TEAM

The Harmony team consists of prominent entrepreneurs and developers with previous work experience in tech giants like Google, Apple, Microsoft, and Amazon.

Stephen Tse (CEO and Co-Founder at Harmony) has been working as a Google Senior Engineer for 4 years. He is also a Founder of Spotsetter, a social search engine that was acquired by Apple Inc. in 2014. From 2017 Stephen with his team actively working on Harmony Protocol creation.

Nicolas Burtey (COO and Co-Founder at Harmony) is a Founder at Orah, VR startup with $10M VC investment and 40 people working there. He has been working in Orah for more than 6 years, in May 2018 Nicolas joined Harmony Protocol team.

Alok Kothari (Engineer and Co-Founder at Harmony) worked at Apple as a Machine Learning Engineer for Siri. Also, he has experience in the Research sphere. He conducted research in natural language processing, information retrieval machine learning and published at top conferences like SIGIR, ICWSM, and EMNLP. His research paper won the best dataset award at ICWSM 2013. Alok’s book “Game Changers” chronicles successful entrepreneurs from his alma mater IIT Kharagpur in India.

Rongjian Lan (Engineer and Co-Founder at Harmony) has been working as a Google Search Engineer for 4 years. Rongjian is not new in the industry, was involved in the ABC Blockchain Community, a community for engineers, researchers, investors, entrepreneurs, and other blockchain enthusiasts to collaborate on blockchain technology advancement.

Minh Doan (Engineer and Co-Founder at Harmony) has been working as a Google Software Engineer for 5 years. Before that, Minh worked at 5 other tech companies as a Software Engineer with up to a total of 10  years of experience in this field.

Nick White (Marketing Specialist and Co-Founder at Harmony) is a Senior AI specialist, worked at Zeos, first accelerator program backing founders working on frontier technologies such as artificial intelligence.

Sahil Dewan (Business Developer and Co-Founder at Harmony) is a Founder and Director at Edtech, startup platform. He received his MBA degree from at Harvard Business School, specialization in Business Administration, Management and Operations.

The rest of the team consists of solid and experienced professionals.

Harmony has advisors that consists of people with solid academic and research background, successful entrepreneurs and specialists.

Hakwan Lau is a full professor at the University of California, Los Angeles. He specializes in neuroscience and machine learning. With Harmony, he is exploring the connection between probabilistic consensus protocols and brain communication.

Ka-yuet Liu is a tenured associate professor at the University of California, Los Angeles. She specializes in medical data, network analysis, and other system science methods. Her research is funded by major grants from the National Institute of Health. Ka’s paper “Social Influence and the Autism Epidemic” won the prestigious Eliot Freidson Award.

Zi Wang worked on Google Chrome, Google X, Android and Nexus from 2006-2015. He was Google’s first global creative director for its hardware division and co-founded a Google research lab with a $20m budget.

Bruce Huang was a lead engineer at Microsoft for 7 years, a director at Alibaba Cloud and at Credit Ease. Later, he became the CEO of Madailicai, a top peer lending company in China. He obtained his master’s degree in computer science from the Simon Fraser University. Bruce is a certified snowboard instructor.


PARTNERSHIPS

We can observe notable funds and blockchain companies act as investors in Harmony.
As per words of the team, Harmony investors like Qtum, UVA, and Lemniscap provide a lot of support to the team and helped organize many events for Harmony in China, Korea, and Vietnam.

Harmony also has notable key partners including Animoca (parent company of game assets like Garfield),  Contentos (a content platform with 60M monthly users), and Timeless (a calendar-based service marketplace).


TOKENOMICS AND TOKEN SALE

Harmony has a native token ONE. ONE will be used as a measure of payment and fuel for transaction creation in the Harmony ecosystem. The token incentivizes and rewards a variety of participants including developers, validators/stakers, investors, and community members who develop, secure and govern the network.

ONE token has three use cases:

– it will be used in staking mechanism, POS consensus
– it will be used to pay transactions fees (similar to gas in Ethereum blockchain)
– it will be used in voting for on-chain governance of the protocol.

Harmony IEO will take place on Binance Launchpad on 28th of May.

Tokenomics looks solid and reasonable.

Ticker: ONE
Token Type: BEP2
Total Token Supply: 12,600,000,000 ONE
Initial Circulating Supply: 24.3% of Total Token Supply

Binance Launchpad Hard Cap: 5,000,000 USD
Binance Launchpad Allocation: 1,575,000,000 ONE (12.5% of Total Token Supply)
Public Sale Token Price: 0.003175 USD
Max Number of Winning Lottery Tickets: 16,666
Allocation Per Winning Ticket: 300 USD (94,488.18 ONE)

Seed Sale Token Price: 1 ONE = 0.0065USD
Seed Sale: 22.4% of Total Token Supply
Seed Sale Vesting Period: 25% unlocked at TGE, remaining 75% unlocks at 25% every 6 months afterward

TOKEN ALLOCATION

TOKEN RELEASE SCHEDULE


VERDICT: 10 out of 10

Overall, we see both short-term and long-term investment potential in Harmony. Harmony aims to provide a high-throughput consensus protocol over the open internet. The idea of the product is not new, but it’s very relevant and will allow a number of problems associated with the usage of existing blockchains in a real life to be solved.

Harmony team is solid and experienced in the relevant spheres, most of the team members have been working in such tech giants. The team is working on Harmony protocol since 2017 and has already launched Testnet 4.0 with the vast majority of features of the protocol.

Harmony has raised $18,345,600 on seed round. Binance Launchpad IEO hard cap is $5,000,000. Moreover, Binance has proven that they do help the projects that conduct IEO on their launchpad to grow and evolve.

Overall, our team is very excited about the future of Harmony.

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Vladyslav Skakun
thecryptodiffer@gmail.com

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