ICO Review
Harmony ICO Review

Harmony ICO Review: An Open Marketplace for a Decentralized Economy

Harmony ICO Overview

Harmony is going to start raising funds with the intent of launching an open marketplace on the scale of Google for the decentralized economy. The project aims to solve some of the biggest pain points in the blockchain industry today by focusing on issues related to scaling such as transaction times, latency, and fees. Harmony’s ambitious goal is to be “1,000+ times faster and cheaper” than the Bitcoin and Ethereum networks.

Overall Score 75%

Token Metrics

Ticker

TBA

Token type

Own wallet

ICO token price

TBA

hard cap

TBA

market cap

TBA

Pre-sale

Yes, details TBA

Total supply

21,000,000,000

Available for Sale

4,200,000,000 (20%)

Allocation

20% for sale

40% for developers and community

28% for foundation and research

12% for founder and team

Public sale date

Public sale not yet confirmed, ETA for private pre-sale is Q3 2018

Harmony ICO Project Details

As a high-throughput blockchain project, Harmony is looking to bring solutions to multiple areas in the blockchain sector with upgraded transaction times and significantly larger scaling abilities. The goal is to produce a system that can handle 10,000,000 transactions per second (tx/sec) and can support decentralized applications of all shapes and sizes. The biggest selling point of the project for future users is the lofty goal of creating a platform that supports not only 10M tx/sec, but one that also maintains a 100ms maximum latency and just 0.1% in fees as the maximum.

As we’ve already seen with projects like EOS and Ethereum’s plans for the future, major concerns for new projects include scalability, transaction fees and times, and adoption. For the time being, the Bitcoin network is riddled with high fees and slow transaction times. Ethereum has improved on the initial Bitcoin model, EOS is attempting to improve on the Ethereum network, and now Harmony is looking to beat both.

The project emphasizes using innovations that have already been tested in practice. To accomplish their goals, the team is implementing proven technology. They’ve built their network stack on Google’s UDP, which currently powers 35% of Google’s traffic with 50% latency improvement and zero round-trip latency as well as making OmniLedger with Shard Practical Byzantine Fault Tolerance (PBFT) the basis for their protocol. The team decided on OmniLedger after extensive research, concluding that it offers the most scalable permissionless protocol.

Harmony ICO Strengths

One of the key strengths Harmony has going for it at this stage is the team. With so much combined experience and relevant connections in the tech world, there’s no doubt that the group is strong. At its current stage, Harmony still has a lot to accomplish, but there’s a lot of opportunity in the future.

The roadmap indicates that the project will start testing the OmniLedger protocol up to 10,000 tx/sec by Q2 of 2018. The rest of the implementation will happen over the year until they reach 100,000 tx/sec and 1s latency times in 2019, when the tokens will be distributed to exchanges. If the team can successfully accomplish their goals, then Harmony is likely to be an incredible game changer in the crypto space.

Harmony ICO Weaknesses

Perhaps the biggest weakness for Harmony right now is their competition and timing. With other projects like EOS and Ethereum already working on solutions to scaling and transaction times, Harmony will need to stick to their roadmap and remain on schedule.

With no official website launched, it’s difficult for investors to hear about the project and pursue it. Adding to the concern, there’s been very limited information about the ICO at all. Currently, investors don’t know the name of the token, when the public sale is to be held, or if there is even going to be a public sale.

Harmony will need to step up their marketing, PR, and business development before a successful ICO at this point. The tech and team behind the project are solid, but that’s not all that an ICO needs to succeed, especially from an investor standpoint.

Harmony ICO Team

Stephen Tse

Graduating with a doctoral degree from the University of Pennsylvania on security protocols and compiler verification, Stephen has significant real-world experience in the tech world. Stephen was a former researcher at Microsoft Research. He also held senior engineering positions with both Google and Apple. Additionally, Stephen founded the mobile search startup Spotsetter with venture capital, which was later acquired by Apple.

Nicolas Burtey

Nicolas founded a virtual reality (VR) video startup in 2012 that raised $10m called Orah. Orah sold live stitching software and 360-degree cameras to an international client base of professional content creators in 70 countries.

Alok Kothari

Alok has worked at Apple Siri on deep learning models for understanding natural language and conducted research in machine translation, social media retrieval, and word sense disambiguation. Furthermore, Alok penned Game Changers, a book about the graduates from his alma mater, IIT Kharagpur. He received a master’s degree in artificial intelligence from Carnegie Mellon University.

Rongjian Lan

Rongjian worked as a search infrastructure engineer for Google. Additionally, he has published academic literature on map-based visualization and spatio-temporal querying. He is also the co-chair of the ABC Blockchain Foundation, an organization boasting a membership of more than 100 engineers from Google, Facebook, and LinkedIn.

Hakwan Lau

Hakwan is a full professor at the University of California, Los Angeles (UCLA) where he specializes in neuroscience and machine learning. Previously, he studied at Oxford with a Rhodes Scholarship and was an associate professor at Columbia University. Hakwan is working with Harmony exploring the connection between probabilistic consensus protocols and brain communication.

Conclusion on Harmony ICO

Harmony has ambitious goals and an impressive team to accomplish those goals; however, without getting more clarification on the ICO stages and information about the token metrics to consider, this project is likely going to be one to watch, but not to jump all in at the first chance.

As Harmony matures and gets out of its initial seed funding, we’re likely to get a better picture for the rest of the ICO. The project is promising, the team is fantastic, and their objectives are lofty. Should the ICO go to public sale and incorporate a more robust marketing/PR team, this could very easily switch to a confident purchase. Until then, keep an eye on the project for more information.

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