Harmony, a blockchain using state sharding to make a scalable decentralized network has announced a sudden partnership with DAO Maker, the powerhouse blockchain incubator which has created the Social Mining protocol.
This move aligns with Harmony’s commitment to achieve a sustainable path to the decentralization of the Harmony’s ecosystem. Harmony, which trades on Binance under the ONE ticker, could stand to gain a lot more than just decentralization as past projects that have used Social Mining, including Elrond Network and LTO Network, have seen both technical and business development due to the partnership with DAO Maker.
Boosting Harmony’s Growth with Social Mining
Harmony, which hosted a public sale on the Binance IEO Launchpad, is a rapidly growing and secure state-of-the-art blockchain project, with an innovation focus in sharding and peer-to-peer networking. Harmony is helping businesses build marketplace of fungible tokens with a goal to achieve decentralized economies in the near future.
With the launch of Harmony DAO, a social mining-powered platform, anyone from across the world can contribute and add value to Harmony’s ecosystem by drawing exposure, technological development, business development, scale the blockchain’s marketing, or increase the resources available on the Harmony network.
Contributors within the social mining community will be entitled to receive a payment for their commitment. With this community-led decentralized value creation, there is no limit to what could be achieved on the positive side.
Origin of The First DAO Platform
A DAO is a Decentralized Autonomous Organization solely designed to be fully automated and decentralized. It is typically based on an open-source code and void of a typical central management structure or control areas. It fosters a value-adding society. The word DAO first came into the limelight in 2016, which saw the launch of the first DAO project which was considered the first big-scale application of Ethereum-based smart contracts.
However, the project was heavily dependent on the controlling smart contract and thus vulnerable due to its short-comings, it was short-lived by these circumstances after a hacker found a loophole in the smart contract that permissioned him to drain funds from the DAO treasury.
Due to a partnership with DAO Maker, the Harmony DAO operates on a proprietary software which powers a protocol called Social Mining. All tasks accomplished on the platform are automatically accrued in a news feed presented to all community through a user dashboard which allows stakeholders to validate and value the work done by their peers in the form of upvotes or downvotes.
Social Mining is becoming a buzzword in the Crypto space as it gives users the privilege to participate in building an open source decentralized value-creation economy and in turn be paid in the native currency. DAO Maker’s has limited access to the protocol by allowing only a select few projects utilize it.
The ONE token is the underlying economy that powers the Harmony Social Mining decentralized platform. The Harmony blockchain is built to serve the 10 billion growing world population. Anyone around the world can contribute to the growth of the ecosystem – there is no walls to the number of persons that can join the ecosystem.
Participants on the Social Mining platform can upload and describe the work that they have done for the ecosystem, which is then validated by other community members who are required to stake at least $100 worth of $ONE in order to be accorded the community power to validate a contributor. Each month, the harmony ecosystem will be committing at least $10,000 worth of $ONE to pay contributors and validators based on points, influence and reputation of the quality of their work.
The rational behind Social Mining is that, since only stake holders can access it, the validation is focused on work that genuine adds value to the ecosystem. Thus, the value brought to the overall system more than makes up for the amount of tokens used to pay for the work. Moreover, Social Mining gives power to token holders, thereby giving them a desirable attribute associated with the token. Exiting Harmony not only leads to loss of potential future successes of the project, but also all the power the tokens gave in the DAO.
The launch of the Harmony Social Mining Platform is targeted at bringing the community closer to the project and in turn give them a controlling influence on the growth of the ecosystem while rewarding their effort. In a proper decentralized ecosystem, this will prove to be an effective approach in empowering the community to carry the blockchain towards adoption.