The 5G Blockchain Revving up to Host Next Generation IoT, Augmented Reality and Robotics
Harmony aims to provide the fastest on ramp to the blockchain world. The competition to be the fastest blockchain is stiff, and the ranking changes monthly, but so far Harmony’s team of accomplished technologists is out in front.
The ambition of the executive and advisory team, incidentally steeped in former Googlers, is to produce a Google-scale blockchain by accelerating the speed of the decentralized marketplace by 1,000 times.
Google’s UDP, which handles the equivalent of 7 percent of Internet traffic with low latency, will help accelerate the souped up blockchain. The Harmony blockchain aims to process 10 million transactions per second with 100-millisecond latency. The transaction fee will be 0.1% or lower.
An On Ramp to 5G Speeds
The Blockchain will serve as the nexus of the Internet of Things, be it connected supply chains, homes or cars. The challenge is, services are being designed for this interconnected world on a 5G network while the current blockchain operates on a 3G/4G network. The race is on to build the fastest Blockchain but, so far, few Blockchains have passed the 5G threshold. Harmony cites Dfinity, Algorand, and Zilliqa as competitors, although their reported specs fall short of those of Harmony.
The OmniLedger Sharding Difference
A 10x faster network than Bitcoin or Ethereum will be required for the blockchain to host next generation supply chains, energy grids, financial trading and autonomous robots, estimates Harmony. To deliver these performance improvements, Harmony is performing a complete overhaul of the blockchain. Upgrades on the transport network include replacing TCP/IP with the Google UDP and deploying 5G mobile communication protocols. On the consensus protocol, high scalability is achieved using the sharding technology of the OmniLedger. The system is scalable to 100,000 nodes. In systems tooling, various innovations are being applied to provide parallel transaction processing, memory optimization, and faster program execution.
More Technical Substance, Less Hype
Harmony appears to barely have a footprint in the real world—its website and social media are sparse but considering the technical bench strength behind the project, it is not likely to be dismissed as more ICO hype. On the contrary, its detailed technical white paper reveals its grand design involves extensively reengineering the blockchain with next generation solutions, partially outlined above.
CEO Stephen Tse, holder of a PhD in cryptographic protocol, has lent his engineering expertise to Microsoft, Google and Apple, to which he sold mobile search company Spotsetter. CFO Alok Kothari is an award-winning machine learning expert who taught Apple’s Siri natural language processing. Tse and his team members have developed expertise in protocols and compilers, AI, deep learning, machine learning, and the blockchain at technology stalwarts including Microsoft, Google, IBM and Apple.
Advisory board members have headed major Google research initiatives, and include a former Google global creative director, head of mobile engineering, and marketing and strategy lead for Google Play. The team also represents an impressive breadth of technology startup experience.
The Harmony token will be the currency of a marketplace for the service and payments of IoT devices. Harmony also envisions its blockchain supporting incentivized games, augmented reality, autonomous cars, and swarm robots applications.
Pre-sale: Q3/Q4 2018
Token Sale: Q3/Q4 2018
Token Rate: Not announced
Available Tokens for Sale: 4.2 billion (20%)
Token Supply: 21 billion
Harmony has been successfully tested at a speed of 10 million transactions per second across 10,000 nodes. Coinciding with the token sale in the latter half of 2018, public mining of the Harmony token will be open. The Harmony blockchain will then be deployed in 10,000 devices for use in IoT, robotics and supply chain applications. In 2019, the network will speed up to 100,000 tps across 100k nodes to accommodate financial institution transactions.
Stephen Tse — CEO
Nicolas Burtey – COO
Alok Kothari – CFO
Zi Wang – Cofounder/CEO, Quantum Bakery
Aaron Li – Founder/CEO, Qokka
Navneet Singh – EIR, Social Capital LP/Head of Data Science and Engineering, Ezetap Mobile Solutions
Michael Young – CEO, Smart Focus
Kushagra Shrivastava – Senior Director, Small Business, Oath