Harmony Team continues to obsess over customer’s use cases, build the network effect of our ecosystem and bring the world’s best research to production. Our goals in 2020 are cross-border utility, decentralized development and auditable privacy.
We wear our ambitions on our sleeves. But these goals are not guaranteed deliverables. The asterisk * below denotes stretch goals. Here are the summary at the project level:
cross-border utility (transaction fees, assets on chain, tx values)
- banking: onramp gateway with china-yuan, india-rupee, vietnam-dong
- infra: stablecoin, forex markets, p2p liquidity, kyc, *corporate accounting
- economics: staking, branded NFT assets, derivatives, *marketplaces
decentralized development (contributors, wallets, app dev)
- network: 100% external nodes, auto upgrade, *onchain governance, *light client
- community: 50% contributors, full transparency, one-click migration, online brand
- ecosystem: dispense 50% foundation tokens, 50% cash, *$2m dev bounties
auditable privacy (researchers, cheaper primitives, users)
- products: compliance, wallets, voting, dao, *quadratic funding
- transactions: zk proofs, confidential assets, *capacity-specific keys
- scaling: zk sync, libsnark integration & optimizations
Harmony #CrossFi — Forex & Liquidity
Below we explain the WHY and HOW to justify the WHAT of the goals above. As we have been since 2019 Q4, the team will follow up with quarterly execution plans and milestone reviews in public.
Why Finance? Blockchains enable many marketplaces but banking services are the native use.
Consensus protocols are creating new economies with tokens and trading. Smart contracts are serving as a platform for collectibles and gambling.
These early use cases are driven by the core value of blockchain: providing exchange and liquidity infrastructure for financial transactions. Harmony focuses on broader financial products as they are well validated with Ethereum and ready for mass adoption.
Why Cross-Border? Open platforms work locally but global users are the most underserved.
Finance products within one country are already highly efficient and protected. On the other hand, purely on-chain #DeFi solutions without onramp gateways or local distribution have limited impact in real-word economies.
Harmony focuses on bridging high-growth economies in countries such as China and India, hence #CrossFi for cross-border finance. Harmony remains an infrastructure layer; our local partners serve customers with country-specific products and compliance.
Why Harmony? Not only fast and secure, Harmony is decentralized and guarantees privacy.
Ethereum’s short-term pains are scalability and security, which Harmony has solved with sharding and proof-of-stake. The long-term value of open platforms is decentralization, which Harmony has committed to with thousands of nodes and open development.
Private transactions, similar to secure HTTP for the Internet, are essential to businesses and corporations. However, governments mandate audits and compliance. Harmony solves this dilemma by bringing auditable privacy to production.
How? We are customer obsessed but must identify the right customers and external values.
Platform protocols seek rent but must inject capital from off the chain as revenue.
The values Harmony provides for customers, beyond open settlement, are forex quotes and peer-to-peer liquidity.
Stablecoins and forward contracts can manage fluctuations in fiat currencies; private matching can pool together local reserves like trades with over-the-counter (OTC).
In the CEO’s keynote, we explain our commitment to decentralization and privacy. We will expand this article shortly to cover our top other two initiatives listed above: decentralized development and auditable privacy.
To Yearn for the Vast and Endless Sea
Leadership & Vision
- acquire 1 fintech team, incubate 5 crossfi projects, 3 keynotes, berlin for privacy tech
- 4 trips to china / vietnam; 25k followers, *licence for cross-border banking
- decide on c2c (remittance), c2b (ecomm, bill), b2c (payroll), b2b (marketplaces)
- 100% decentralized mainnet, 1k dapp dev with 100k users, productionize zkSNARKs
- external contributors: core protocols 20%, tools & sdk 50%, application infra 80%
- sfbw keynote on token economics, 5 research talks/articles, china eng office
- token swap & wallet integrations, foundation governance, india/vietnam dev partners
- dai/synthetix/uniswap ports with $1M bounties, shard agnostic, cross-chain asset swap
- $100M tx value on cross-border w/ 2 regulated partners for corporate accounting
- 5 lang sdk (complete as ethereum), port loom/matic/cocosx/unity game sdk
- oracles (makers, tellor); onboard 4 games & 4 fintech partners; *2 enterprise shards
- resharding w/ vdf randomness, 10x cheaper zk showcase, products w/ ring signature
- $2m branded NFTs, biweekly call w/ animoca & quidd, alliance w/ sandbox & opensea
- SF office hour, monthly TGI & speaking in SF, 10x twitter engagement
- open staking launch, blockchain game power user, 10 game dev captain & community
- 5 cross-border partners (qbit pay, emq), 5 china, india, se asia teammates
- 35% tokens staked, foundation financial model (tokens + cash)
- next 10 teammates, 100% team /perf participation, remote work 1 day/week
Technical & Research
- protocol: port dai/compound/celo (stablecoin), uma, kyc/aml
- ecosystem: loom (interoperability), wrapped one, onboard 10 cross-fi, $1m tx defi
- tooling: shard agnostic, one-click evm migration
- one-click app migration toolkit, js/go/java sdk with ethereum-like docs, shard agnostic
- resharding (rapidchain, formal sharding), libsnark optimizations
- light-weight node (flyclient), instant state syncing (coda)
- cryptographic privacy, untraceable payment through dApps
- add layer 1 primitives for randomness, ring signature
- port or design defi apps, adding more hardware wallet (ledger, trezor)
- one-click migration of evm apps, shard agnostic, go-sdk, game sdk, python library
- improve tps/latency benchmark: 20 nodes to saturate; 5 min analysis of our logs
- increase test coverage to 50%, continuous deployment
- blockchain applications: dapp token tutorial, samsung dapp, *nft
Community & Empathy
- china cross-border payment (products research, partnership, content communities)
- 4 months in china, 4 biz roadshows, bank and payment partners, stablecoin fund
- create “polka world” level community and content, 4 meets-ups/hackathons
- pangaea: testing/doc every major release (staking, resharding), dev bounties
- off-chain platform & on-chain design for governance with 500 token holders
- engineering process improvement: agile tools, backlog, sprint planning
- *1m youtube subscribers 100k interim target, expand to linkedin, Instagram, tiktok
- video production: fully self-funded thru monetization/sponsorship (4k watch hours)
- fully funded documentary, major social experiment event
- 2 products for insurance/banking/money transfer, $1m USD accrual in defi
- official tech partnership w/ EU commission, central bank, international organization
- business alliance with $1M tokens staked, 150 participants at summit (devcon)
- 10k twitter russian followers, 3 pools for open staking, 20M more social mining
- 10 dev captain & community for game & defi, remote work biz/marketing team