The legacy of social mining: Harmony
Harmony is a high-performance blockchain founded in 2018 by engineers from Harvard Business School, Stanford University, the University of Pennsylvania, and numerous other prestigious universities. The system provided by Harmony is completely scalable, secure, and energy efficient, and it can support the burgeoning decentralised economy. Using a sharding paradigm, the project aims to construct a robust blockchain to support future decentralised economies. The team values efficiency, accuracy, precision, punctuality, and other engineering principles. It distinguishes itself from other blockchain projects by offering a production-ready solution to the conundrum that has plagued blockchain developers for years, enabling previously unfeasible blockchain applications such as interactive fair games, Visa-scale payment systems, and Internet-of-Things transactions. The culture of excellence at Harmony contributes to the development of a radically equitable economy.
Social Mining is a decentralised autonomous organisation (DAO) governance solution that rewards good governance and thorough content curation. It was established on the principle that organisations ought to reward community members for contributing to company growth via a merit-based DAO structure. Its goal is to help both centralised and decentralised organisations create digital imprints and raise awareness by utilising a decentralised autonomous organisation (DAO) that rewards user-generated content.
The Social Mining Soft Staking SaaS is DAO Lab's flagship product. With its half-decade of experience incubating cryptocurrency projects that are now billion-dollar networks, it gives thousands of users ways to generate a second income.
DAO Labs supports the idea of assisting organisations in developing a DAO structure so that every stakeholder can contribute to the growth of the organisation and receive just compensation for their work. Its goal is to support the creation of wealth for the many rather than the few.
To maximise the outcome of this community-led value creation, Harmony was introduced on the Social Mining platform on October 3rd, 2019. The blockchain continuously endeavours to support and showcase the work of its own members, as they are the true source of success for the Harmony community. Social Mining gave Harmony's community a rare chance to help the ecosystem grow through a wide array of means and then be rewarded for the work. Social Mining's main function is to reward community participants in a tokenized project with tokens. As a result, community members receive incentives and prizes whenever they make significant contributions to the project's ecosystem.
Each Social Mining Platform is distinct based on the core team's personal preferences. As with any other Social Mining platform, Harmony Social Miners were first required to register an account, with the option of joining via a referral link. This was primarily intended to encourage new member enrollment. For a member to qualify as a community member, he or she was required to own at least 100 USD worth of ONE tokens, the exact amount depending on the Social Mining Platform. After completing the onboarding survey, participants were prompted to create an account. Harmony.one chose Telegram, Reddit, Twitter, and Github as their social media platforms.
On Harmony.one, a number of other elements, including engagement, following, validation, and more, were also included. The Global Ranking system displayed the most powerful Harmony users, which was associated with the system's highest voting power. The more votes and incentives a user earns, the more they contribute. Users were initially allowed to gain 50 ONE points simply for following the Twitter account and the Telegram group. In addition to developing the Protocol, HarmonyONE wanted to construct the entire Ecosystem.
Another cryptocurrency called Harmony was introduced into circulation through Social Mining. Its ROI on investment in ATH ROI was 11,828.9%. During the first day, 209 users staked at least $20,900 USD worth of ONE tokens. The total value of ONE tokens soft staked by day 60 was above $350,000. The total number of ONE tokens issued as incentives for Harmony Social Mining was 836,820.
Virtually, any type of work can be redeemed through Social Mining. Users can promote the project and monetize their otherwise exploited social network accounts, publish captivating educational content to educate people about the firm they advocate, and develop creative artwork to encourage engagement. Harmony's introduction on social mining enabled decentralised value creation.Anyone, regardless of location, was encouraged to expand the Harmony ecosystem and reap the benefits of their hard-earned labour.
Businesses can use Social Mining to organise their newly acquired users into groups, train them, and then deploy them as knowledgeable contributors to the ecosystem. Facilitating the automation of communal efforts while also giving members of that community control over those efforts. To build a healthy community, it was critical to recognise and onboard the people who contributed the most to the Harmony ecosystem.
Many tokenized initiatives, as we have seen time and time again, have deep expertise in the development of technological innovation, and some have even shown strong network capacity with a wide range of companies. However, there are many obstacles to ensuring the longevity of their business. There are many examples, but here are a few: Community members from different nations don't interact with one another in a meaningful way, and there isn't enough qualitative interaction to spur development. These are only a handful of the motivations behind the creation of Social Mining.
We think that the revival of an old merchant virtue—expanding a firm via word-of-mouth recommendations—remains promising even in these times of sluggish spending and record market lows. We create long-lasting communities and focus our growth in new communities in places where we believe our members will benefit.
To further boost participation and offer new methods to keep the community interested, Harmony Social Mining also held the Teams Competition. The credo was that working together produced greater value and results than working separately.
One of the goals of the contest was to encourage the formation of regional Harmony communities. The users were instructed to construct any well-known local digital platforms, including blogs, social media, and email subscriber lists, that they could use to advertise their created activities within the HSM framework. They were tasked with launching independent local language sources of their own accord, rebranding them in their own unique fashion, and establishing fan bases dedicated to the content they created.
There were two ways that allowed Harmony Social Miners to acquire benefits. Like any other Social Mining platform, Harmony's initial focus was on its users, who provided the company with value through their own content creation, networking, and communication, and by subsequently blogging about their experiences working with the company. The second method of income at HSM was serving as a validator. This was a position of great importance. Joining Social Mining as a Validator granted you access to a great deal of authority, allowing you to vote. This vote endows you with godlike authority within the Harmony DAO. You were able to influence the direction of the DAO with your vote; the recognition of the top Miners, the punishment of abusers, and the path to the success of Harmony were just a few examples.
Harmony will put a strong emphasis on adoption through partners and developers in its current year's roadmap. Through marketing, Harmony is prepared to highlight its technical prowess as a leading blockchain, and at the same time, to draw developers, it is conducting hackathons with Gitcoin and workshops at Ethereum events. Through funding and product development, they are nurturing projects to launch.
Harmony is prepared to play a pivotal role in this worldwide fintech upheaval.