With the impending London Upgrade expected for August, the Ethereum 2.0 beacon chain is getting more active with stakers, which is why layer-2 and scalability solutions utilizing cross chains are growing in popularity. The protocols Harmony and Polygon both provide such solutions. In this article, Polygon vs Harmony are compared to determine which has a greater user base.
Overview
What Is a Blockchain Network?
The technical foundation that enables applications to access ledger and smart contract services is known as a blockchain network.
What’s Unique About Polygon?
The MATIC token from Polygon is the only one that may be staked on the Polygon blockchain. Users who participate in staking might receive interest payments each year in exchange for validating transactions on the blockchain.
It offers support for a wide range of various scaling mechanisms, which applications can use as they see fit. This puts it in a good position should one scaling technique in particular become popular down the road or turn out to be ineffective.
What’s Unique About Harmony?
Harmony increases scalability and quickens transaction and block generation by using random state sharding. In order to reduce latency, the network can split the database up into smaller units called shards using random state sharding.
Additionally, sharding prevents network congestion while enabling nearly instantaneous transactions.
The distributed randomness generating process used by the sharding technique is based on an adaptive proof-of-stake (PoS) consensus mechanism. With this setup, security, scalability, and straightforward verification are all possible.
Advantages vs. Disadvantages
Polygon
Advantages:
- Swift transaction processing: Polygon can maintain quick transaction processing speeds.The processing of a block takes Polygon an average of 2.1 seconds.
- Low transaction fees are maintained by Polygon, with a median transaction price of about $0.01 per transaction.
Disadvantages:
- Polygon is a Layer 2 solution that runs on top of the Ethereum network, not an autonomous blockchain. Polygon would probably lose value if the Ethereum platform is severely disrupted or disappears.
- Limited MATIC use cases include: The MATIC coin is intended to control, safeguard, and cover transaction costs for the Polygon platform. MATIC is not typically utilized for everyday transactions, in contrast to certain digital currencies.
Harmony
Advantages:
- Extremely scalable
- Quick transfers and affordable fees
- Low entry threshold for validators
- High returns on investment
- Harmony is an ambitious initiative that offers quicker, more dependable solutions by improving the infrastructure supporting blockchain.
Disadvantages:
- Although Harmony makes use of certain sophisticated technologies, there is a lot of reliance on emerging technologies like 5G.
- Strong rivals to Harmony, such as Ethereum and Zilliqa, are working to solve the same issues.
- Project that is still relatively fresh and needs to pick up steam quickly.
- Roadmap seems a little hazy
What Do They Have in Common?
- Both the Polygon and Harmony One blockchains are built on the Ethereum network.
- They both offer high transaction speeds and low fees.
- They are open source and decentralized. Polygon is a scalability solution for Ethereum, while Harmony One is a sharded Proof-of-Stake blockchain.
Polygon Vs Harmony: What Are The Differences Between 2 Blockchains?
Mechanism
Polygon
Polygon employs a proof-of-stake consensus method, therefore one way people may profit from holding MATIC is by staking.
Running a full-time node (or computer) and staking your own MATIC are requirements for being a validator. Traders can lose some of your staked MATIC if having committed a mistake or act deliberately (or even if the internet connection is unreliable).
Through a dependable validator, delegators indirectly stake their MATIC. This is a far less serious form of staking. But investigation is still necessary because traders risk losing some or all of the staked MATIC if the validator traders choose commits fraud or mistakes.
Harmony
On top of the Protocol layer, Harmony uses a PoS consensus mechanism based on the Sharding Protocol, which can increase the number of nodes on the network.
According to the dev team, each sharding has hundreds of nodes, using the BFT algorithm to be able to set consensus in seconds.
On the Network layer, Harmony uses the QUIC protocol for faster information transmission.
In this early phase, the dev team is focusing on building Harmony, a Blockchain for Fungible Tokens (Energy Credits, Security Offerings) and NFT Tokens (non-fungible Tokens – collectible tokens in games, real estate, ..)
Programming language
- Polygon: A modular and expandable framework for creating ETH-compatible networks, Polygon SKD was created in the open-source programming language Golang, Solidity and Vyber.
- Harmony: The JavaScript SDK, which is the preferred language for DApp development, is however the most feature-complete is used to write the programming language.
Technology
Polygon
It is a Layer 2 scaling solution that uses side chains for off-chain computation, but still ensures asset safety thanks to the Plasma framework and the Proof-of-Stake (PoS) decentralized authentication network.
The zero-knowledge (ZK) mechanism was created to ensure that transaction data processed on Layer-2 is sent back to the main blockchain accurately and quickly while maintaining high security, as well as simplicity.
Read more: Layer 1 Vs Layer 2 Vs Layer 3: Blockchain Scaling Solutions Need To Know 2023
Harmony
Harmony contains “one beacon chain” and “multiple shard chains”. In it, the “one beacon chain” functions as a random beacon and registers an identity.
On the other hand, “multiple shard chains” hold the task of storing separate blockchain states and simultaneously processing transactions in parallel.
Harmony also integrates PoS in the sharding process, helping the security of the shard transition from the minimum number of nodes to the minimum number of voting shares.
Decentralization
- Polygon: decentralization is not an option but rather a distinguishing feature of blockchain technology and one of the driving forces behind future innovation. The organization’s goal is to eventually decentralize Polygon’s products by utilizing both off-chain and on-chain governance structures.
- Harmony: Decentralization with security, each shard has its own set of transaction validators in addition to its own processing capacity (nodes). On the blockchain, several shards enable parallel processing capability for speedier block genesis. By expanding horizontally, sharding enables Harmony to scale quickly while retaining the rigorous protocols that guarantee the network’s high level of security.
Downtimes
- Polygon: March 10, 4:49 (UTC) There is a problem with the state-sync mechanism on the Polygon PoS Mainnet, according to an alert that comes in. A data size check problem exists in the Heimdall layer, which manages state-sync communications between bridge contracts on the Ethereum mainnet and Polygon PoS, allowing a huge transaction to jam the state-sync mechanism
- Harmony: Between January 12 and January 14, 2023, the Harmony (ONE) network intermittently went down due to a block synchronization problem followed by unusually high amounts of observed network traffic.
Transaction cost (Gas fees)
- Polygon: The gas fee has been cut by more than 10,000 times thanks to Polygon. Per transaction, it now only costs less than $0.01.
- Harmony: Transactions in the Harmony network often incur a gas price of $0.000001.
Transaction speed
- With the capacity to handle almost 65,000 transactions per second, Polygon is unquestionably advantageous for both users and developers.
- Harmony to reach 2000 transactions per second (TPS)
Read more: Polygon Vs Polkadot: MATIC Vs DOT. Which Crypto Is Better Investment In 2023 For Crypto Traders
Network size
- Polygon: The network now generates almost 3 million transactions per day, more than twice as many as Ethereum, thanks to its more than 130 million unique addresses and over 2.67 million monthly active users.
- The Harmony team set up a network of 40,000 nodes (AWS, GCP, and Azure instances) in 100 different shards (400 nodes each). 118,000 TPS was the rate at which the network as a whole reached its peak performance.
Scalability
- Polygon: A Layer-2 scaling solution of MATIC was developed to aid in the widespread adoption of the Ethereum platform. By giving developers the tools they need to build scalable decentralized apps (dApps) that put performance, user experience (UX), and security first.
- Harmony: Through the use of random state sharding, Harmony provides scalability and boosts the speed of transactions and block production. Sharding provides quick and nearly instantaneous transactions while reducing network traffic.
Read more: Polygon Vs Ethereum: MATIC Vs ETH. Which Crypto Is Better In 2023
Market cap
| Polygon | Harmony | |
| Market Cap (USD) 24H Volume Price Rank | 6,463,823,365 $531,207,092 $0.8086 12 | 268,807,371 $42,967,626 $0.01916 118 |
DeFi ecosystem
Polygon
It focuses on the strategy of building a strong ecosystem, creating partnerships that drive protocol adoption.
- Animoca Brands (global game developer of Garfield, Doraemon and Astro Boy). Harmony is working with Animoca to build digital in-game coins and collectibles that are compatible with the ERC-721 standard token.
- NoIZ: Blockchain advertising distribution platform that pays users.
- Timeless: a calendar application that connects users with services in the same ecosystem.
Harmony
- Curve Finance: $15 million TVL on Curve Finance – a DEX for peer-to-peer assets on Harmony. Harmony is one of the 7 chains that Curve Finance operates on.
- Openswap: A small AMM DEX on the Harmony system, with only 3 million USD TVL and already has basic features like swap, liquidity, farming.
- Dopple Finance: A DEX for peer-to-peer assets similar to Curve Finance, running on multiple chains including BSC, Harmony and Fantom, with the current TVL in Harmony at just $5,000.
Read more: Polygon Vs Solana: Which Crypto Is Better In 2023
At a Glance
| Polygon | Harmony | |
| Transactions Per Second (TPS) | Aim to reach 10 million TPS with a latency of 0.1 seconds | 65,000 TPS |
| Proof-of-Stake (PoS) | 1,000 validators | 110 validators, 35,184 stakers |
| Bridge fees | 400 gas per transaction with BLS checkpoints | 295k gas per transaction |
| Economics Security | $700 million staked with 109 open pools | $2.8 billion staked with 110 validators |
| Ecosystem | Sushi, Binance, Bitcoin Bridges | Aave, Sushi, Curve |
| Founders | Sandeep Nailwal | Stephen Tse |
| Market cap(USD) | 6,463,823,365 | 268,807,371 |
| All time high | $2.92 72.50% on Dec 27, 2021 (8 months ago) | $0.379020 -94.3% on Oct 26, 2021 (10 months) |
| All time low | $0.003012 26597.82% on May 09, 2019 (3 years ago) | $0.00127355 1608.2% Mar 13, 2020 (over 2 years) |
Potential Projects
On Polygon
- EasyFi: a decentralized lending and borrowing platform with support for non-decentralized loans.
- Aavegotchi: a DeFi trading game based on non-fungible tokens (NFT).
- The Graph: Dubbed the ‘universal’ Google of blockchain, The Graph protocol creates a self-operating decentralized data query and indexing network for users.
On Harmony
- A Decentralized Governance Model: The network is controlled by a group of individuals who are elected by the community.
- A Low-Latency Network: The harmony one blockchain network offers a low-latency environment
MATIC vs ONE: Which Is a Better Investment?
ONE and MATIC are two potential altcoins that are anticipated to skyrocket in the future with consistent updates. In order to respond to our inquiry, Covemarkets think that investing a 50% share in each is ideal.
Traders might want to consider investing in Polygon in 2023. Short-term traders could be more at risk and have more chances to lose money. However, Polygon is a cryptocurrency asset that can offer potential for long-term investors to generate large gains.
Where to buy MATIC and ONE?
The MATIC and ONE tokens are presently unavailable on Coinbase, but people can purchase it on, to name a few, the following exchanges: Binance , KuCoin, Gate.io, Bybit, Huobi Global, Crypto.com Exchange, and PancakeSwap.
Read more:
- KuCoin Vs Binance: Which Crypto Exchange Is Better For You in 2023 Full Comparision
- Bakeryswap Vs Pancakeswap: Which Is The Best Choice For You 2023?
- Best Crypto Exchanges For Trading In 2023: Centralized Exchanges
FAQs
Which one should I choose?
If traders need a more powerful and customizable smart contract platform, then traders should choose Polygon.
Which one is the best ecosystem?
It depends on individual preferences and needs. Some people may prefer the Polygon ecosystem while others may prefer Harmony
Is Polygon more secure than Harmony?
Polygon is considered to be more secure than Harmony due to its use of cryptographic signatures and its decentralized design.
Which is more advanced?
Harmony One is more advanced than Polygon as it offers more features and functionality.
Is Polygon or Harmony more popular?
From a general perspective, it seems that Polygon is more popular than Harmony.
Why are they so popular?
They have low fees, which makes them attractive to users looking to save on trading costs.
Where can I learn more about them?
There is a lot of information available on the internet about the differences between Polygon and Harmony One. People can look for the information through the website “covemarkets.com”
Conclusion
ONE is a full blockchain unto itself and also offers a bridge for interoperability with Ethereum and other blockchains like Binance Smart Chain gives it the advantage of Polygon in this regard.
In contrast, Polygon is essentially a level 2 scaling platform that offers transaction efficiency and speed while using ETH for security.
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