Recap of AMA Series #6: Crypto OLALA x Harmony with the attending of Mr. Minh Doan — Co-Founder of Harmony and Mr. Li Jiang — COO of Harmony.
On April 16th 2020, Harmony team and Crypto OLALA group organize an AMA to make the community members know more about projects and Harmony open Staking testnet node. Here is recap of it:
SEGMENT 1: INTRODUCE AND QUESTION FROM OLALA TEAM
Moderator Mark asked 4 questions, then Mr. Minh Doan — Co-Founder of Harmony and Mr. Li Jiang — COO of Harmony answered. At this Session, the chat function was muted for members, except for admins & Harmony.
Question 1: Can you please briefly introduce yourself and Harmony Project (ONE) ?
Mr. Li Jiang — COO of Harmony
Li Jiang
Li Jiang 蒋犁 (🎽 @lijiang2087, medium, linkedin, github) has founded a logistic startup during college with the highest revenue. During his six years at GSV Capital, Li organized Pioneer Summit and Global Education Summit with 1,500 attendees including Bill Campbell and Barack Obama.
Li holds an economics degree from Northwestern University. He is an adjunct professor at Northwestern’s Farley Center for Entrepreneurship and Innovation. Li trains on ultimate frisbee daily and owns an amateur team that won nationally in 2017.
you can read about our entire team at harmony.one/team
I met Stephen our founder at an event at my house actually and then a year later we were on this startup journey together!
We started in 2017 hosting a gathering of dreamers in Silicon Valley. We gather every week, four hours or more every time.
Our community is called T-G-I Dreams, which stands for Thanks God It’s (Your) Dreams, in Google’s tradition for wearing ambition on your sleeve.
This community has kept us motivated during crypto winters. They have reminded us to stay foolish and hungry for the invincible summer.
We have forced each other to learn that market-product fit matters more than anything else, and there’s nothing more dangerous than founders climbing Mt. Everest alone.
Out of this community, we have recruited our founding team and now the full-time team of 20, including 7 engineers from Google, Amazon, Apple and Facebook; 7 graduates from Stanford, Harvard, Berkeley, Penn and Oxford; and 4 PhD’s.
We share our culture of being empathetic to each other, being passionate about our mission, and being excellent in what we do.
see our full story at harmony.one/story
Mr. Minh Doan — Co-Founder of Harmony
Chao cac member cua OLALA — Minh qua My nam 2008 hoc PhD in Computer Sciences, 2010, minh dropout lam viec tren thung lung sillicon valley. Truoc do minh co’ lam viec Google 2009. Sau do’ mi`nh lam viec 1 vai startups nho (Thefind, Ooyala) roi quay lai lam viec o Google 5 nam. Stephen va toi la ban truoc do’, va Stephen ru toi tham gia project Harmony
Moderator Mark
6 năm làm việc tại Google, chắc hẳn a đã có rất nhiều kinh nghiệm trong lĩnh vực khoa học máy tính 😁😁😁😁
Mr. Minh Doan — Co-Founder of Harmony
dung roi Mark. That ra anh bat dau lam quen voi may tinh luc 10 tuoi roi (27 nam)
Question 2: In Open Staking of mainnet, there will be 320 slots available for bidding (200 slots in Stake Heist). To become A Validator in Harmony, what do users need to do? Can you explain to us what BLS keys are and what they do?
Mr. Li Jiang — COO of Harmony
Sure so right now we have 200 seats and in mainnet we will expand to 320 seats. Here’s the way to setup a validator: https://harmony.one/validator-setup.
There’s no hard requirement to become a validator other than doing the setup process
Take a look at our staking.harmony.one dashboard
We already have a few hundred validators, but it’s easy for anyone here to join too!
exactly @hieupham1797 !
here’s our harmony.one/staking-guide that tells you everything about staking
Mr. Minh Doan — Co-Founder of Harmony
co’ 2 loai key trong harmony network — thu nhat la ONE address: day la address de chua $ONE tokens. Ngoai con co’ BLS keys: 1 bls key dai dien cho 1 slot va 1 validator co the co’ nhieu bls key dai dien cho no’. BLS key binh thuong dung tinh so dai dien trong consensus algorithm trong Harmony
Question 3: As i know that, Ankr has developed an one-click node deployment application for Harmony Open Staking Validator nodes. So, how will this be helpful for Harmony Staking, especially for validators or delegators who dont want to pass many complicated step on Staking? Does it cost anything to use this one-click node deployment app?
Mr. Li Jiang — COO of Harmony
Thanks for asking, I was about to post this link: https://medium.com/ankr-network/how-to-deploy-a-harmony-open-staking-node-on-ankr-62d5925d37fb
And here’s the updated / most recent news on Ankr https://medium.com/harmony-one/how-to-reset-your-ankr-powered-harmony-node-with-an-one-click-c2baebbd65a0
1 more thing, ANKR is free for anyone to try and use for the first 2 months. After that your block rewards that you earn should offset the cost of running a node.
Moderator Mark
Little Infomation: Harmony also introduced the Mainet Token Swap feature in early February. This will help users to easily staking and conduct trading on exchanges
Mr. Minh Doan — Co-Founder of Harmony
Initiative nay rat huu ich cho cac validator node. voi Ankr ban co the run 1 node ma khong hieu nhieu ve code. Ban chi can co’ $ONE address va bls keys la co ‘the dung ANKR de run nodes.
Question 4 : Currently, due to the negative impact of Covid19, many industries are affected by this pandemic and Blockchain is no exception. So, in the past time, have members of Harmony team been affected by Covid19 impacts
Mr. Li Jiang — COO of Harmony
We are lucky in being able to work remote. We just had to adapt to a new way of life. Thank you for the well wishes. We are staying safe and quarantining at home, but excited to keep working hard.
How is everyone doing in Vietname?
Moderator Mark
Currently, Vietnamese people are working at home, in isolation to prevent the spread of disease
Mr. Li Jiang — COO of Harmony
It will likely take quite a long time unfortunately
We actually are ready to adapt more to a remote work style
Segment 2: Free Q & A between the community and Harmony (ONE)
Community members will conduct questions Mr. Minh Doan and Mr. Li Jiang. Group will proceed to open chat in 3 minutes . we have 2 round . Mr. Minh Doan and Mr. Li Jiang will answer questions from the community.
Q1: Why did you choose to partner with Ankr?
Mr. Li Jiang — COO of Harmony
Actually we have known the Ankr team for quite a long time and we discussed our startup journey of finding product market fit many time in both China and US. We are natural partners. Ankr wants to democratize access to cloud computing and bring down the cost. And our goal is maximum decentralization for a blockchain protocol. So together we can give many more people the opportunity to participate in blockchain.
Mr. Minh Doan — Co-Founder of Harmony
Cac projects thuong partner de giup do lan nhau cung thanh cong. Ankr partnership se giup cho moi nguoi run validator de dang, nguoc lai moi nguoi cung biet ve ANkr nhieu hon. Ngoai ra Ankr va Harmony team la nhung nguoi ban tot o ngoai doi voi nhau.
Q2: Sir Li @lijiang2087, @minhdoan
What Will be the PRIMARY OBJECTIVE of your EPoS/OPEN STAKING?
Can the Ordinary USERS rest assured that the EPOS system will not be Manipulated by LARGE BAG HOLDERS or WHALES?
in terms of Rights and Privileges?
Mr. Niteesh Settypalli l Harmony
We use effective median stake (can read all about this in the staking guide https://medium.com/harmony-one/the-definitive-guide-to-harmony-open-staking-6c78976a7d63), but the main function of this is to make sure the system is fair and can’t be dominated by few large holders. Rest assured the this methodolgy makes sure of a decentralized and fair model.
Q3: Mass adoption is an problem for blockchain projects. So how will Harmony solve this problem in order to achieve adoption in reality?
Mr. Li Jiang — COO of Harmony
We share our 2020 plan in harmony.one/2020-plan: Our goals in 2020 are cross-border utility, decentralized development and auditable privacy.
Why Finance? Blockchains enable many marketplaces but banking services are the native use.
Why Cross-Border? Open platforms work locally but global users are the most underserved.
Why Harmony? Not only fast and secure, Harmony is decentralized and guarantees privacy.
How? We are customer obsessed but must identify the right customers and external values.
Q4: When will the node campaign start? How will Harmony attract users to participate in nodes election??
Mr. Li Jiang — COO of Harmony
Take a look at our harmony.one/stake-heist
Q5: Most of investor just focus on the price of token in short term instead of real value of project. Can you (as #Harmony Team) tell us the motivation and benefits for investors to long term?
Mr. Niteesh Settypalli l Harmony
The benefits of Harmony is really the technology. Its fast (8 second block time), cheap (can do nearly 1000 transactions for 1 ONE), secure, and developer friendly to build on
Q6: What is Harmony and its technology? Is Harmony a separate Blockchain like Ethereum chain or other chains?do you have any plans to reach worldwide attention to Harmony?
Mr. Niteesh Settypalli l Harmony
We are indeed a layer one protocol for example like Ethereum. We already have a global presence. Our foundational nodes are all over the world, and our communities are ever active globally. The sun never sets on the Harmony community.
Q7: What technology did Harmony break through? What is its core? Did you encounter any difficulties during the breakthrough?
Mr. Minh Doan — Co-Founder of Harmony
1/ Harmony la mot trong nhung sharding blockchain sharding va cung la sharding blockchain dau tien implementing ePOS.
Co’ rat nhieu van de trong qua trinh developing harmony blockchain: network stability, p2p network, consensus algorithm.
Q8: Hello Mr. @lijiang2087
What are the differences of $Harmony new model Tokenomics from the old model? What are the factors affecting this remodelling and how the $Harmony Ecosystem will benefit from it?
Mr. Li Jiang — COO of Harmony
Here’s our new token economic model https://medium.com/harmony-one/harmonys-new-tokenomics-bcdac0db60d7
After careful consideration we have updated the economic model of our network ahead of our upcoming open staking launch. In this new model, the total reward across the network (issuance plus transaction fees) will remain constant regardless of average block time and staking ratio. The goal of this change is to achieve a higher staking ratio, to simplify the model and to create a path to 0 issuance, all of which we believe will bring long term benefits for Harmony.
TLDR:
Constant annual reward of 441M ONE regardless of changes in underlying variables such as block time and staking ratio
Transaction fees offset issuance creating a path to 0 issuance as protocol gains adoption
1st year yields range: 164% (at 5% staked) to 9% (at 95% staked)
For more in depth information, take a look at our spreadsheet model
Q9: Could you tell us a little bit more about what stage you are currently in with your blockchain project right now?
Mr. Niteesh Settypalli l Harmony
We are in the testing phases for launching Open Staking on Harmony.
Q10: What progress can you share for developers and users support goes to Harmony O.pen Staking Testnet To scale trust for billions of people and create a radically fair economy?
Mr. Li Jiang — COO of Harmony
Here’s our March milestone update: https://medium.com/harmony-one/pangaea-2-launch-stake-heist-apr-and-new-dashboard-4edbb1e9088b
Since our February milestones, we improved our staking capacity by 10x, completed a new staking-centered website, and created Stake Heist on Pangaea with 10M ONE tokens for hacking our P-2 testnet.
Q11: Harmony is a very potential project and received a lot of positive feedback. I want to ask what are the minimum requirements like hardware and cost to run Harmony Note?
Mr. Niteesh Settypalli l Harmony
You can run a node on very light spec machines. For example on AWS you just need a t3 small instance to run.
Q12: Actually, running a node has its costs (computer, internet, electricity), and you say that the fees are extremely low. So where is the financial incentive? Can you explain this point, about the economic incentives of staking?
Mr. Niteesh Settypalli l Harmony
https://docs.google.com/spreadsheets/d/1bcABBb47X8jOAQC-Dno9A9HFtLf8vlRp70P9xVqjhG4/edit#gid=1322834538
this is our economic model and there is a profitability section
Q13: With the current bear market, what is the development strategy of Harmony?
Does Harmony have any plans in VietNam next year?
Mr. Li Jiang — COO of Harmony
We were in Vietnam last year
We recently spent time in India and will be spending more time in SE Asia (post covid19 of course) https://medium.com/harmony-one/harmony-expands-to-india-bolsters-the-growth-of-defi-in-the-rapidly-growing-fintech-sector-251862f8a4d9
Q14: Do you pay close attention to what your competitors are doing in order to orient and respond accordingly or are you locked in your own strategy?
Mr. Niteesh Settypalli l Harmony
We are of course aware of the progess being made by other chains, but in the pos space we are really among the frontrunners as far as development. We are working full force trying to execute on roadmap
Q15: Also a post of Gcrypto show Harmony Protocol in the second place of Github activity, so can you give us a clue ? What Harmony is developing right now? Must be huge
We actually got to number 1 this week. Just a ton of hard work by our engineers working way overtime
Q16: The total supply of ONE amount to 12,600,000,000. Why did you decide to supply so big? Does that undermine the value of ONE? Do you have a plan to burn coins to increase the value of ONE?
Mr. Niteesh Settypalli l Harmony
We are burning all the tokens earned by Harmony nodes since mainnet launch.
Q17: I see lately the price of Harmony (One) in Binance is declining, how do you stabilize the market price of Harmony for now? whether there will be a staking competition
Mr. Minh Doan — Co-Founder of Harmony
Hi vong staking initiatives sap toi se giup Harmony co’ adoption — va khi co’ adoption thi se cai thien price token. Ngoai ra neu cac ban co’ nhung feedback gi de cai thien, xin vui long lien he voi li@harmony.one
Q18:
- Can you share with us some of the future plans, such as the marketing development plan and recent activity plan for the #Harmony team?
- How many partners does #Harmony have? Who are they? And why you chose BINACE as your partner?
— What are the biggest challenges of the project?
— As you know, the world is being strongly affected by the corona virus pandemic, the countries that have developed strongly in cryptocurrency have been affected a lot, is the project seriously affected?
Mr. Li Jiang — COO of Harmony
we want to build real value through cross border financial transactions https://medium.com/harmony-one/harmony-exploring-crossfi-the-next-crypto-frontier-93141e600866
Clearly we won’t be able to answer all the questions right now so head over to our staking group https://harmony.one/volunteers because we would ❤️ for all of you here to try the staking experience on Harmony!
Q19: ANKR is one of the partner of Harmony .What are the benefits of using ANKR and how it is better?
Mr. Niteesh Settypalli l Harmony
Ankr is a great partner because they make running a node very friendly to the general public. Even if you aren’t techinically savy, you can 100% easily set up and run a node using them. As Li mentioned we’ve partnered with Ankr to provide two months of free hosting to run a Harmony node.
Moderator Mark
Now, we are going to round 2
Q20: Can you tell us the motivation and benefits for investors to hold the #Harmony for long term?
Mr. Niteesh Settypalli l Harmony
As technology shifts into the web3 phase, blockchain will play a huge role in many aspects of work and life. We believe harmony solves the trilemma faced in blockchain so far. Long term we see Harmony serving truly billions of people.
Q21: Can you briefly explain what’s the top three milestones that your team aims to execute in 2021? Whom do you see as your biggest competitor in this space?
Mr. Li Jiang — COO of Harmony
hey our top 3 milestones in 2020
Our goals in 2020 are cross-border utility, decentralized development and auditable privacy.
cross-border utility ($1M transaction fees, $10M assets on chain, $100M tx values)
decentralized development (20 contributors, 10 wallets, 200 app dev)
auditable privacy (2 researchers, 10x cheaper primitives, 100k users)
Q22: Recently and new cool funtion called AUTONODE was Launched, i really enjoy the YouTube Video of Mr. Daniel explained( He should try be content creator hahaha) but how this funtion can done all auto setting and hard resets by itself ? Is completly secure and guarantee?
Mr. Li Jiang — COO of Harmony
yes, and we are actually upgrading it so you do not need to run docker
Q23: What are you trying to achieve and want your community to join?
Mr. Li Jiang — COO of Harmony
we want you to try our staking experience, talk to the rest of our community at harmony.one/telegram
since its 12am midnight here. i’ll also give you all my email li@harmony.one if you want to follow up with me directly!
Q24: So far, no Blockchain has been able to scale enough to meet the needs of 5G and IoT technologies. So in the future, will Harmony be enough to become the first project that can expand enough to meet the needs of 5G technology? So, does Harmony have any solutions to solve the scalability issues?
Mr. Niteesh Settypalli l Harmony
Transactions per second can looked at as a metric for scalabilty. Bitcoin’s tps is in single digits, Etherium’s is a couple dozen, payment solutions like Visa is around 1700 I believe (finality takes a long time), but Harmony’s can push multiple thousands because of the sharded tech and has instant finality.
Q25: As i know,DeFi is the important topic in the blockchain space right now and near future,so can #Harmony share your opinions on DeFi? Do you think that DeFi will disrupt the existing financial system and What is Unification approach towards the it?
Mr. Li Jiang — COO of Harmony
Take a look at harmony.one/defi and harmony.one/crossfi we are thinking very deeply about this space and will want to build cross border financial applications with partners here
nice welcome @MannyMcoy
I’ll let @minhdoan @MannyMcoy @ASAPTeesh finish the rest with you guys. again anyONE can reach me at li@harmony.one and we can talk more about staking in our harmony.one/volunteers group! ❤️
Manny — ɴᴇᴠᴇʀ ᴘᴍ ғɪʀsᴛ!!!
Hello everyone 👋
Mr. Niteesh Settypalli l Harmony
I want to say I love the questions and enthusiasm of your community. We would really love for you to join us and test out being a validator. Please be sure to fill out https://pangaeabyharmony.typeform.com/to/BNMyfJ after creating a validator so we can reach out to you if there are any updates regarding the network as well as make it possible to track you for the block reward token conversion from testnet to real mainnet tokens for participating in the open staking testing.
Q26: The Vietnamese market is growing very strongly with projects such as Tomo, Kingdom Game and most recently, KardiaChain’s ieo on Gate exchange. So in the future, do you want to cooperate with these projects through Mr. Minh Doan? What do you think about Vietnam market, is this a suitable place for Tron to develop?
Mr. Niteesh Settypalli l Harmony
We would love to engage as many partners to build on us.
Moderator Mark
Ok, thanks a lot for answer to Mr. Mr. Minh Doan, Mr. Li Jiang and Harmony Team
Our AMA session is now over.
Thank you Mr. Minh Doan — Co-Founder of Harmony , Mr. Li Jiang — COO of Harmony
@lijiang2087 @minhdoan
And Harmony Team members @ASAPTeesh @Bowtiesarecool @nikolaoskost
for taking the time to attend the AMA with Crypto OLALA.
Hope your project will be more successful in the future
Don’t Forget: Join Staking Validator at: https://staking.harmony.one/validators
Thanks to everyone who participated in the AMA today
If you still have questions about the Harmony project issues, you can join the group https://t.me/harmony_one to ask directly to the Harmony project admin.
