Harmony (ONE) is an open infrastructure platform for scaling consensus and is the most recent firm to hold out their IEO on the Binance Launchpad system. In the present day, they opened for public buying and selling on the primary Binance alternate platform.
As IEOs are similar to ICOs in a number of regards, it is vital for potential buyers to do their very own analysis and perceive tasks earlier than investing in them.
The Concord Platform
Concord is a public blockchain community designed to scale because the infrastructure for ‘the decentralized economies of the longer term.’ Specializing in high-throughput and low-latency, Concord deploys a number of progressive, and experimental, applied sciences when utilized to a public blockchain.
Concord is a part of an rising class of next-generation blockchain networks specializing in scalability, so the very best technique to guage the community separate from the suite of latest tasks on the horizon is the place it applies distinctive know-how. General, we will break down Concord’s main technical parts into the next:
- PoS Consensus Utilizing BLS Signature Scheme
- Adaptive State Sharding
- Networking and Distribution
PoS Consensus and BLS Signature Algorithm
Just like a lot of the platforms striving to enhance on Bitcoin’s on-chain scalability, Concord is a proof-of-stake (PoS) consensus cryptocurrency community that depends on a linearly scalable BFT algorithm. Concord calls their consensus ‘Quick Byzantine Fault Tolerant’ (FBFT) versus the standard ‘Practical Byzantine Fault Tolerance’ algorithm.
Whereas PoS consensus mechanisms are extensively identified and understood at this level, Concord throws a novel twist into their mechanism. Drawing inspiration from ByzCoin’s BFT algorithm that makes use of Schnorr multi-signatures, Concord makes use of BLS signatures, one other multi-signature protocol for constant-sized signature aggregation.
Utilizing BLS truly makes Concord’s FBFT sooner than a standard BFT algorithm, which they quote as being 100 occasions sooner.
Adaptive State Sharding
Akin to an identical on-chain scaling platform, Zilliqa, Concord makes use of sharding to assist the community scale on the protocol layer. Particularly, Concord shards community and transaction validation — like Zilliqa — however goes a step additional into uncharted territory with state sharding.
State sharding is taken into account a extremely subtle subject that's nonetheless experimental when utilized to a distributed community like a public blockchain. Zilliqa has opted to not deploy state sharding at this level because of the immaturity of state sharding and its unproven monitor document on a public blockchain community. To grasp its relevance to Concord, the staff makes use of Zilliqa’s method as a pillar to reference the distinction between transaction, community, and state sharding.
Primarily, community and transaction sharding allow the on-chain processing of transactions to be carried out in subsets of nodes within the networks, known as shards, that are then consolidated into the community’s broader PoS consensus. Processing happens in parallel, enabling the community’s TPS to surge far past the restricted nature of proof-of-work networks. Nonetheless, in such a system with out state sharding, all of the nodes within the community maintain the blockchain’s total state to make sure safe and genuine validation of transactions — as with Zilliqa.
Concord truly splits the community’s state into subsets of shards, the place teams of shards solely maintain a portion of the state and never the whole state.
Concord achieves this utilizing a ‘Beacon Chain,’ which is analogous to what's employed in DFINITY, and makes use of a verifiable random perform (VRF) to function the supply of randomness within the PoS validation mechanism.
One of many key obstacles in sharded blockchains is the problems of reconciling cross-shard communication. Primarily, this encompasses the idea of how shards can ship messages between one another with out sacrificing the safety or integrity of the validation/state of the community. Concord makes use of a shard-driven mannequin, which implies that every node broadcasts messages to the community independently, and Concord makes use of the Kademlia routing protocol to make communication between shards extra simple.
Additionally it is necessary to notice that Concord makes use of an account-based transaction mannequin like Ethereum, relatively than the UTXO design employed by Bitcoin. Every shard chain has its personal account state, which makes the general design much less advanced than if a UTXO system was put in place.
Networking and Distribution
Cross-shard communication is difficult and largely considered as one of many main obstacles to a securely sharded community. Points such because the ‘train-and-hotel’ drawback are well-established and reveal the underlying drawback of atomic database transactions.
Kademlia is the routing protocol that Concord makes use of for cross-shard communication. Kademlia is a distributed hash desk invented in 2002 and was designed to enhance the alternate of knowledge by way of an overlay community for node lookups. The consideration for utilizing Kademlia in Concord relies on the truth that Kademlia doesn't require as a lot overhead as normal gossip protocols, and messages solely journey and specific distance earlier than reaching the vacation spot node — making the communication much less cumbersome.
Leaner communication can result in sooner consensus and lowered networking load for nodes within the community — supplementing the decentralization that Concord strives for.
A part of the core ideas Concord goes for is reconciling the ostensible mutual exclusivity of scaling and decentralization. One typically comes on the expense of the opposite. Concord makes use of a set of progressive applied sciences to attempt to obtain each, however time is the last word arbiter of success within the technological house.
A Crowded Subject of Scalability
Following the latest launch of Cosmos and the looming inauguration of Cardano, the competitors for on-chain scalable networks is ramping up. Add in Ethereum’s ongoing transition to Serenity, and it appears PoS, sharding, and new routing protocols are the favored development amongst improvement groups for on-chain scaling.
Nonetheless, issues over the long-term safety and decentralization of PoS persist, and it's unclear how these networks will overcome among the established predicaments relating to smart contracts (i.e., the Oracle drawback) and blockchains. Fairly merely, scalability is just not the limiting attribute that's precluding the mainstream from utilizing blockchains. Reasonably, it's that centralized programs function at scale higher, have higher UX/UI, and are extra acquainted to the mainstream.
Till public good contracts platforms can furnish a worth proposition that's luring sufficient to encourage a widespread transition to decentralized networks as an alternative of centralized alternate options, their person numbers will continue to be lackluster.
Concord’s staff comes from a background in main tech corporations, together with Google, Apple, Microsoft, and Amazon. Whereas spectacular, that isn't a assure of sustainable success within the quickly evolving crypto sphere. They've developed an intriguing confluence of technical advances, and the launch of the IEO on Binance is certain to draw consideration.
As an investor, it is very important understand the variations between upcoming tasks, and particularly their core worth proposition. Many tasks in 2017 promised ‘scaling to billions’ of customers for the ‘future financial system,’ however the actuality has tarried far behind that.
Contemplating the meteoric rise and fall of ICOs and altcoins, it's prudent to take the idealistic guarantees of upcoming blockchain networks and cryptocurrencies with a grain of salt.