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HARMONY (ONE)

A high-throughput, low-latency and low-fee consensus platform

KEY METRICS [as of 15 May 2019]
Ticker ONE
Issuing Price $0.003175USD
Initial Circ. Supply 3,061,800,000 ONE (24.3%)
Total Supply 12,600,000,000 ONE
Project Website https://harmony.one/

PROJECT OVERVIEW

  • Harmony is a fast and secure blockchain with key innovations in state sharding and peer-to-peer networking. Its sharding uses secure proof-of-stake and decentralized randomness, and its networking achieves optimal cross-shard routing and fast block propagation.
  • Built by a 12-person team featuring 7 engineers from Google, Apple, & Amazon and 2 PhDs
  • Harmony helps businesses build marketplaces of fungible tokens for industry use cases such as energy credits and non-fungible assets (game collectibles, real estate). Harmony applies zero-knowledge proofs for data sharing (ad exchanges, credit ratings) while preserving the consumer’s privacy.

KEY FEATURES & HIGHLIGHTS

Harmony implements deep sharding with innovations on both protocol and networking layers of blockchain by introducing:

  • Highly scalable FBFT (Fast Byzantine Fault Tolerant) consensus using BLS (Boneh-Lynn-Shacham) multi-signatures.
  • Secure distributed randomness generation protocol using VDF (Verifiable Delay Function).
  • Sharding with adaptive Proof-of-Stake for strong network security.
  • Kademlia routing and erasure encoding for optimal network performance.

WHAT IS HARMONY?

Harmony is a fast and secure blockchain with key innovations in state sharding and peer-to-peer networking. Its sharding uses secure proof-of-stake and decentralized randomness, and its networking achieves optimal cross-shard routing and fast block propagation.

VALUE PROPOSITION

  • Harmony helps businesses build marketplaces of fungible tokens (such as energy credits and loyalty points) and non-fungible assets (such as game collectibles and real estate).
  • Harmony is applying zero-knowledge proofs for data sharing while preserving the consumer’s privacy. Common industry use cases include ad exchanges, credit ratings and many other data consortia that would otherwise take many years to form among competing companies.

TOKEN SALE & ECONOMICS

KEY METRICS
Total Token Supply12,600,000,000 ONE
Initial Circulating Supply24.3% of Total Token Supply
Launchpad Sale Token Price0.003175 USD (price in BNB TBD)
Launchpad Allocation1,575,000,000 ONE (12.5% of Total Token Supply)
Launchpad Raise$5.0MM USD
Seed Sale Token Price1 ONE = 0.0065USD
Seed Sale Allocation22.4% of Total Token Supply
Token TypeBEP2 while in Testnet Phase
Token DistributionWithin 15 days after end of token sale

Token Supply Distribution:

  • Seed sale tokens comprise 22.4% of total supply.
  • Launchpad sale tokens comprise 12.5% of total supply.
  • Team tokens comprise 16.9% of total supply.
  • Protocol development tokens comprise 26.4% of total supply.
  • Ecosystem development tokens comprise 21.8% of total supply.

Seed Sale Overview

  • Completed in May 2018 and raised a total of ~$18.3MM at ~$0.0065 per token, selling 22.4% of total token supply.

Binance Launchpad Sale Overview

  • Sale will be conducted on May 2019 for a total raise of ~$5MM USD worth of BNB at ~$0.003175 per token for 12.5% of total token supply. ONE/BNB exchange rate will be determined prior to day of sale.

Harmony Token Ecosystem

Harmony’s open, decentralized network is enabled through the use of the native protocol token - Harmony ONE. The token incentivizes and rewards a variety of participants including developers, validators/stakers, investors, and community members who develop, secure and govern the network. In order to use the network, users pay a small transaction fee denominated in the native Harmony token.

Token Governance & Use of Funds

As of May 2019, Harmony has used approximately 37% of TGE funds according to the allocations below:

  • 65% Core Team & Protocol Development
  • 15% Marketing & Community
  • 15% Professional Services
  • 5% Administrative & Office

ONE Token Release Schedule

The following chart represents the number and breakdown of all ONE tokens that are intended to be released into circulation on a monthly basis.
Team tokens are locked until 2020 with 4 years vesting.

Token Overview & Use Cases

Harmony’s scalable, high-throughput protocol is powered by a native token which is used for various forms of payment and participation in the protocol (staking, transaction fees, voting & governance).

Harmony uses blockchain to align incentives of different stakeholders, developers and businesses while allowing them to build open marketplaces of fungible and non-fungible tokens and assets. Furthermore, the upcoming application of zero-knowledge proofs will allow Harmony to become a data sharing platform that can overcome the conflicting problem plaguing many information and data markets: that individual market participants’ have mutual distrust to share data but strong desire to acquire data themselves.

The Harmony token will function in the following aspects of the protocol:

  1. The token is used for staking, which is necessary to participate in the POS consensus & earn block rewards and transaction fees.
  2. The token is used to pay for transaction fees, gas and storage fees.
  3. The token is used in voting for on-chain governance of the protocol.

ROADMAP & UPDATES

Achievements
Planned DateMilestoneActual DateTimingComments
2018: Q210k tps & 10k nodes network benchmark;
Formed founding team
2018: Q2On TimeBenchmark spread across 8 cloud regions across 3 continents;
Founding team of 7 engineers from Google, Apple, Amazon
2018: Q3118k tps & 41k nodes network benchmark;
Asia roadshow
2018: Q3On TimeBenchmark incorporates all core features of OmniLedger;
Building communities in Beijing, Shanghai, Singapore, and Hong Kong
2018: Q4Launched Devnet;
1.3-sec block propagation benchmark;
Animoca partnership
2018: Q4On TimeDevnet on multiple shards;
RaptorQ's rateless coding overcomes communication overhead;
Signed mutual investment partnership with Animoca, a publicly listed gaming company
2019: Q1Open source & research forum;
Whitepaper 2.0
2019: JanEarlyFully open source with 1,700 commits;
Harmony whitepaper released
2019: FebTestnet 1.0;
Foundational nodes launch
2019: FebOn Time
2019: MarTestnet 2.02019: MarOn TimeExplorer
2019: AprTestnet 3.02019: AprOn Time Testnet URL
2019: JunDemo dApps: Lottery & Harmony Puzzle2019: MayEarly Launched Harmony Lottery and Harmony Puzzle with fast finality and staking

Features of each Harmony Testnet versions are listed below:

2019/02 Harmony Testnet 1.0:

  • Faster consensus using BLS multi-signatures & gossiping broadcast
  • Node staking on beacon chain using smart contracts
  • Secure resharding with Cuckoo Rule
  • Robust peer discovery via libp2p bootnodes & Kademlia routing

2019/03 Harmony Testnet 2.0:

  • Instructions for nodes on home networks with NAT Port Mapping Protocol (NAT-PMP), Port Control Protocol (PCP), and Internet Gateway Device (IGD) Control Protocol
  • Deployment of Solidity smart contracts, demo apps such as lottery
  • Full persistence with archival node, on-chain transaction storage
  • Beacon-shard syncing, proof-of-concept for Verifiable Delay Function (VDF)
  • Hybrid ECDSA (cold keys for staking) and BLS (hot keys for block validation)

2019/04 Harmony Testnet 3.0:

  • A network with peer-to-peer (p2p) using 1 beacon shard + 3 consensus shards
  • Cuckoo-rule resharding at 10% reshuffle rate and auto-restarting nodes
  • Genesis shard state, new nodes for staking, state sync for beacon chain
  • Researching into porting zkproof prototypes such as zkDAI and zkERC20 to Harmony

Updated Roadmap

Q2 2019
  • Lottery and Puzzle demos
  • Cross-shard communication
  • Harmony Game of Stakes
  • Throttled mainnet launch

Q3 2019
Q4 2019

Commercial Partnership and Business Development Progress

Harmony has a robust ecosystem building strategy focused on creating partnerships that drive adoption of the protocol across a variety of core use cases and verticals including gaming, data sharing, open marketplaces, provenance and supply chain tracking. At scale, Harmony helps businesses tokenize their assets and incentivize user engagement.

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

  • Animoca Brands, global game developer of Garfield, Doraemon, and Astro Boy. Harmony is working with Animoca to build ERC721-compatible gaming assets and digital collectibles.
  • CoinXP, decentralized exchange, partnering with Harmony to run on our infrastructure.
  • Contentos, 60m MAU media application ecosystem. Harmony is launching dApps on Contentos’ media ecosystem.
  • GSVlabs, innovation center accelerating innovation for startups and Fortune 500 companies. Harmony is working with GSVlabs on implementing enterprise-grade solutions on public blockchain.
  • hBits, tokenizes real estate and gives investors access to earn interest on commercial real estate investments through fractional ownership. Harmony is building the token protocol for hBit’s real estate token origination and exchange.
  • Hyperion, decentralized mapping platform. Harmony provides the decentralized network for Hyperion to build the map layer on top of.
  • NoIZ, blockchain-native advertising delivery platform that rewards consumers. Harmony is building with NoIZ a decentralized advertising ecosystem that protects user data privacy and rewards users for consuming advertising.
  • Picolo, decentralized database.Harmony is supporting Picolo database product on its protocol.
  • Qokka, prediction and sentiment analysis engine to analyze and understand language. Harmony is working with Qokka on data analytics on blockchain.
  • Quanta, decentralized exchange. Harmony has developed the true randomness generation and infrastructure to support Quanta.
  • Rymedi, FDA-approved patient tracking company. Exploring using Harmony infrastructure for patient health tracking.
  • Timeless, calendar app that connects users with services. Harmony is building the open marketplace infrastructure that powers the service economy on Timeless.

TEAM OVERVIEW

  • Rongjian Lan
    Engineer

    Google Search engineer, Maryland PhD candidate

  • Minh Doan
    Engineer

    Google Voice AI engineer, Olympiad champion, UC PhD candidate

  • Nick White
    Marketing

    Zeroth AI specialist, Stanford EE BS & MSc

  • Sahil Dewan
    Business Development

    Edtech startup founder, Draper Dragon, Harvard MBA, CS BS

  • Eugene Kim
    Engineer

    Amazon/Blizzard/NTT networking engineer, CS BS

  • Leo Chen
    Engineer

    Amazon AWS & Kindle engineer & manager of 8, CS BS & MSc

  • Chao Ma
    Engineer

    Amazon NLP & fraud engineer, Math PhD

  • Li Jiang
    Business Development

    logistics startup founder, Global Education Summit organizer, GSV Capital

  • Marianne Dansker
    Growth

    blockchain agency founder, Draper University mentor, business innovation MSc

  • Garlam Won
    Marketing

    ICONIZ global partnership, Deloitte consultant, featured in Forbes

TRADING DATA

Liquidity

ONE token is not actively traded as of publish date of this report - the token will be available through the Binance Launchpad portal.

TECHNICAL OVERVIEW

Harmony has in total 18 public repos; The main repo is the core protocol repo. The project in total has 2980 commits, 120 stars, 17 contributors, and 24 forks.

GitHub Overview

Top Public GitHub Repositories

Harmony

Harmony Core Protocol implementation

17 Contributors   2980 Commits  
Go-RaptorQ

Go Wrapper of RaptorQ implementation

1 Contributor   57 Commits  
Harmony-Dashboard

https://github.com/harmony-one/harmony-dashboard

3 Contributor   122 Commit  
Experiment-deploy

Harmony Node Deployment and Benchmark Test Automation and Configuration

8 Contributors   455 Commits  
Demo-apps

Harmony dApps, frontend, and backend

8 Contributors   496 Commits  

PRODUCT & METRICS

Testnet Overview

In Q3 2018, the Harmony team deployed a network of 40,000 AWS/GCP/Azure instances (nodes) in 100 separate shards (400 nodes each). The peak performance of the overall network was recorded at a rate of 118,000 TPS. The test block size was roughly 2 megabytes, and the average test transaction size was around 250 bytes.

In December 2018, the Harmony team achieved a block sync time of 1.36 seconds by implementing an adaptive IDA protocol.

The team then subsequently released several Testnet versions with the latest Testnet 3.0 in April 2019. The testnet 3.0 has been running reliably for over one month since launch, generating 220k+ blocks

The Harmony wallet, explorer and testnet documentation here.

A block explorer of Harmony’s multi-sharded network is also available here.

Demo App / Product Launch

The team recently launched the Harmony Lottery (to demonstrate its decentralized randomness) with hundreds of users on the first day. Harmony will also be launching Harmony Puzzle on Contentos platform to engage 50k+ users.

Each level of Harmony Puzzle is recorded on the Harmony testnet explorer and can be viewed during or after the game play.

The player should first play the game until the end (either ending at “Game Over” or winning all of the levels) and then click on the Harmony logo to be directed to the explorer for that specific game.

A player’s move is shown in the “Sequence” line below. In this example, the player’s moves were “UURDDLU” or “up-up-right-down-down-left-up”.

COMMUNITY DATA

Since early 2017, the Harmony founding team has been hosting a weekly 4-hour gathering of entrepreneurs in the Bay Area to organically grow their team and community of partners.

The Harmony team has focused on a hybrid online/offline strategy to engage its community. The offline and online presences are split between three key strategies: content, channel, & ecosystem.

Community and Social Channels

  • Telegram (English) | 11.1K Members
  • Telegram Announcement (English) | 2.9K Members
  • Twitter (English) | 4.2K Followers
  • Instagram (English) | 161 Members
  • Discord (English) | 470 Members
  • Medium (English) | 720 Members
  • Facebook (English) | 310 likes
  • Youtube (English) | 38 subscribers
  • Official Harmony Forum

Global Community

  • Telegram (Chinese) | 62 members
  • Telegram (Korean) | 92 members
  • KakaoTalk (Korean) | 62 members
  • Medium (Korean)
  • Telegram (Portuguese) | 16 members
  • Telegram (Russian) | 365 members
  • Telegram (Indian) | 165 members
  • Telegram (Filipino) | 315 members
  • Telegram (Indonesian) | 108 members
  • Telegram (Vietnamese) | 30 members

Channel Strategy

  • Growing global community - Harmony currently has 10 country-specific communities around the world. Local ambassadors manage community channels, offline presence, and media outlets (local platforms focused on videos and articles). The team aims to grow the size of existing community channels (Telegram, Discord, Twitter, etc) and grow to 20 country-specific communities.
  • Content & events - develop content around main Harmony initiatives and events
    • Q2 - Harmony Game of Stakes and Mainnet Launch preparation
    • Q2 - Crypto Mondays San Francisco (1,000 members) - inviting thought leaders
    • Q2 - BUIDL Seoul and Cosmos hackATOM
    • Q2 - Blockchain Beach Los Angeles and Disruption Disciples, a PWC-sponsored global events series
  • Engage key opinion leaders - work with KOLs on AMAs and online educational sessions to engage their communities and followers about Harmony
  • Email Engagement - Convert more users to join Harmony mailing list (7,000 current subscribers)

Ecosystem Strategy

  • Ecosystem Building - build out tooling and help on-board dApps to Harmony
    • Q2 - Hackathons - engage dApp developers to build on Harmony through Hackathons, Competition, and Rewards
    • Q2 - Technical Bounties - working with developers to start migrating applications using Harmony tools and SDKs.
  • Staking Education and GoS Participation for community
    • Q2 - Game of Stakes - opening a program to allow validators to earn rewards by stress testing the Harmony network. Validators and community members can learn about Harmony’s technology and staking in a Fantasy sports type format.

Bounty program

Harmony has been open source since January 2019 and has over 2,700 commits with over 100 stars from the community. Its team actively engages in technical discussions online on the Harmony Discourse forum at talk.harmony.one and on Discord. In Q1 2019, Harmony also announced a $1M USD worth of Harmony tokens technical bounty on Gitcoin to build out a full suite of developer tools with the goal of being the most accessible platform for developers to build on.

COMPETITOR OVERVIEW

 HarmonyZilliqaDfinityEthereum 2.0EOSQuarkchainMultiVac
Sharding DimensionNetwork Sharding Transaction Sharding State ShardingNetwork Sharding Transaction ShardingNo ShardingNetwork Sharding Transaction Sharding State ShardingNo ShardingNetwork Sharding Transaction Sharding State ShardingNetwork Sharding Transaction Sharding State Sharding
ConsensusBLS-based FBFTSchnorr-based pBFTThreshold RelayCasper FFG+CBCDPoSPoWpBFT
Sybil Attack PreventionPoSPoWPoSPoSPoSPoWPoS
Single Shard Performance1000+ TPS~500TPSN/AN/AN/A~60TPS533TPS
Transaction FinalityLowMediumMediumMediumLowHighN/A
Core ImplementationGolangC++Not Open SourceGolangC++PythonNot Open Source
Single Shard AttackSecureVulnerableN/ASecureN/AVulnerableModerately Vulnerable
Randomness SourceSecure Distributed Randomness Generation Protocol using VRF and VDF.PoW hash provided by individual minerVRF based on BLS threshold signatureRandao Protocol + VDFNo Randomness UsedNo Randomness UsedVRF executed by individual validator
Cross Shard TransactionShard-driven merkle proof-based cross-shart transaction with efficient Kademlia cross-shard routingCross-shard operation handled by the single mainchainN/AShard-driven merkle proof-based cross-shart transactionN/AMainchain-driven cross-shard transaction broadcast; Kademlia routingRead-only cross-shard interaction
Network LayerP2p gossip broadcast; Erasure code-based efficientP2p gossip broadcastP2p gossip broadcastP2p gossip broadcastDirect unicastP2p gossip broadcastP2p gossip broadcast
State ModelAccount-basedAccount-basedN/AAccount-basedAccount-basedAccount-basedUTXO-based
Linear ScalabilityHighLowNot scalableMediumNot scalableMediumHigh

Harmony Points of Differentiation

  • Key innovations in state sharding (secure staking & resharding with decentralized randomness) and in peer-to-peer networking (optimal cross-shard routing, fast block propagation).
  • Harmony is a POS-based state-sharding protocol, while existing protocol projects are mostly POW-based.
  • Harmony's consensus is a fast BFT algorithm which uses BLS multi-sig and scales linearly with the number of nodes, while many existing projects uses the old single chain-based consensus (same as Bitcoin).
  • Harmony's consensus doesn't have forks and has instant finality, while existing chains have forks and no instant finality.
  • Harmony's cross-shard communication is sublinearly efficient due to the use of Kademlia routing and Erasure Encoding.

APPENDIX

Harmony Official Information

Node Operator Program

Reports & Updates

Advisors

  • Hakwan Lau | Professor of neuroscience and machine learning at UCLA
  • Ka-yuet Liu | Professor of medical data and network analysis at UCLA
  • Zi Wang | 9 years at Google, founder of Google X lab on retail
  • Bruce Huang | 8 years at Microsoft, director at Alibaba Cloud and CreditEase.

Harmony Videos


Harmony has organized and presented at the following conferences and developer community events:

2018

Date Role Event Link & Notes
2018-05-10 Host TGI Community Meetup in Sunnyvale, CA Harmony officially launches
2018-10-11 Panelist Cryptoeconomics and Security Conference (CESC) by Blockchain at Berkeley “Scaling Consensus with Systems and Language Design” CESC link
2018-11-22 Speaker TokenGazer AMA on WeChat
2018-11-23 Host Montreal meetup to discuss upcoming testnet launch Link
2018-11-23 Speaker Hong Kong meetup event discussing its scalable consensus infrastructure Link
2018-11-28 Host Technical Introduction to Harmony at Starfish Mission Link
2018-12-10 Host Harmony Happy Hour at World Digital Asset Summit Link
2018-12-14 Guest Lecturer Video Interview with Dean Peter Zemsky of INSEAD for his Coursera class on real-world challenges faced by blockchain practitioners Link

Q1 2019

Date Role Event Link & Notes
2019-01-14 Host Harvard Business School WestTrek to discuss business use cases on blockchain Link
2019-01-16 Speaker Guest on Stanford Radio to answer questions on how blockchain will shape the world Link
2019-01-27 Host “Unblock: Saigon” with Asia Blockchain Review to engage the Vietnamese community Link
2019-01-30 Participant Meeting with leading researchers at Stanford Blockchain Conference (sponsored by Harmony investor Lemniscap) Link
2019-02-04 Organizer Cent AMA Link
2019-02-07 Speaker Live Video Cryptocopia AMA Link
2019-02-08 Speaker GSVlabs’ Tokens and Beyond event Tokens and Beyond
2019-02-10 Host Developers Meetup with NuCypher at ETHDenver Link
2019-02-18 Winner ETHDenver Hackathon “Most Innovative Award” Link
2019-02-23 Speaker Harvard Blockchain Conference Link
2019-02-24 Host Community Brunch at Harvard Link
2019-03-01 Host Harmony AMA on dbcrypto dbcrypt Link
2019-03-02 Presenter Cryptonite Event Link
2019-03-08 Speaker #Outlier accelerator in Seattle Link - Watch Here
2019-03-28 Guest Lecturer CMU Silicon Valley Link

Q2 2019

Date Role Event Link & Notes
2019-04-06 Speaker IEEE Summit Link
2019-04-10 Participant ZKProof standardization at Berkeley Link
2019-04-13 Host “Future of Blockchain” with CoinXP and HashFuture in Beijing Future of Blockchain Link
2019-04-15 Host “Sharding & Scaling” with ICON and Quarkchain in Seoul Sharding & Scaling
2019-04-18 Guest blocktimes.tw AMA Link
2019-04-19 Speaker Berkeley Blockchain Xcelerator on deep sharding Link
2019-04-29 Speaker AMA with NKN.org Link
2019-04-29 Panelist Huobi Blockchain Summit Link
2019-05-04 Host Pitch Day at Harmony with Draper University Link
2019-05-07 Mentor Berkeley Blockchain Accelerator Link
2019-05-08 Speaker AMA on Qudem Link
2019-05-10 Host Post-Google I/O celebration Link
2019-05-11 Speaker Block Plus Summit NYC Link / Panel
2019-05-12 Guest “Building The New Web” NY Link
2019-05-13 Sponsor The Information and Global Coin Research Happy Hour Link
2019-05-14 Host Sharding Consensus Hosted by Harmony, Quarkchain, Thunder Link
2019-05-15 Speaker Coin98 Research Group AMA Link

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