Binance Launchpad, the initial exchange offering (IEO) launching platform from the stables of the Changpeng Zhao-led Binance cryptocurrency exchange, has announced the launch date for its fifth project called Harmony, according to a blog post on May 16, 2019.
Harmony Roaring to Go
As stated in its blog post, Harmony One will be the next token sale project on the Binance Launchpad, the token sale platform of Binance exchange.
Per Binance Launchpad, Harmony is a fully scalable and secure distributed ledger technology (DLT) project that has already launched its open source testnet since January 2019.
Harmony claims to be focused on creating a revolutionary high-throughput, low-latency, and low-fee distributed ledger to power decentralized economies of the future.
However, Harmony has stated clearly that its technology solves the issue of scalability, while also maintaining the decentralization properties of the network.
“Just the same way Google vertically integrates its search infrastructure, we take a full stack approach to solve consensus at scale. We apply 10x innovations at every layer in consensus algorithms, systems and networking to maximize network performance while maintaining decentralization.”
At current, the Bitcoin blockchain has a transaction processing capacity of between 3.3 and seven transactions per second, and Ethereum manages to process between 12 to 45 transactions per second.
However, the Harmony team claim to have built a network with a capacity to process 10,000 transactions per second on 10,000 nodes.
Commenting on the matter, Binance CEO, Changpeng Zhao (CZ) reiterated that:
“Scaling is one of the key problems of the blockchain industry, which we as an industry should strive to solve in the most effective way possible. The Harmony team proposes to solve the scalability problem with sharding to parallelize transaction processing.”
At a time when security token offerings (STOs) are fast attracting the attention of forward-thinking businesses across the globe, the Harmony team says it plans to provide organizations with a platform to tokenize their assets and incentivize user engagement.
Since its launch in 2017, Binance Launchpad has facilitated several successful token sale events including BitTorrent (BTT), Fetch.AI, Celer, MATIC and Harmony, which is scheduled to go live on May 28, 2019, at 06:00 AM UTC via the lottery system.