This article comes from The DefiantThis article comes from

, the original author: Aleksandar Gilbert, compiled by Odaily translator Katie Koo.Recap:"》。

What do the community think about Harmony’s operation of “additional issuance and filling of leaks”?

Today, Stephen Tse, co-founder of Harmony, has two new proposals: using funds from the Harmony Foundation to partially compensate token holders within a few months, and supplementing their funds with Mint’s new One token over a period of years; Transaction fees, faster repayment of funds and keeping the ecosystem growing.

secondary title

Choices and trade-offs

Stephen Tse wrote on a governance forum discussing the initial proposal: "Over the past few days, we have held multiple conference calls discussing proposals and tradeoffs, with 20+ validators, 20 community members and 15 cross-chain bridges and DeFi Partner Engagement. We genuinely value engaging and gathering support from our community, partners, validators and their representatives.” Blockchain members said the hack only highlights the many long-term challenges blockchain faces question.We got some information from interviews with Harmony validators.The community was dysfunctional long before the hackers ran away with $100 million and the leaders responded with a "face" solution

. Harmony validators are those who secure the network and verify transactions. The verifier said that even if there is communication with the Harmony executives led by Stephen Tse, the progress has been slow, and they are unwilling to consolidate the cohesion among the verifiers. Uncommitted funding to partner institutions and little interest in fixing a broken governance system makes it impossible to gauge community support for proposals that address important issues within the network.

According to a Harmony-commissioned report published last fall by crypto research firm Messari, Harmony’s forking mechanism improves transaction speed. “A forked blockchain requires a large number of validators,” wrote the report’s author, Rasheed Saleuddin, director of research at Blockworks. He said, “Harmony has developed a novel solution that prevents excessive concentration of tokens on any one node or group of nodes, increases decentralization, and prevents single-fork attacks.”

secondary title

Big validators crowd out small validators

Validators interviewed by The Defiant said Harmony’s commitment to funding thousands of decentralized DAOs is a symptom of the organization’s mismanagement. Back in March, Harmony's website advertised its commitment to the DAO.

secondary title

Harmony is "painting a big pie"?

Harmony's official website reads: "Harmony will provide $300 million to our open DAO community. Bring your passion, your dream and your expertise. Create a DAO." Now rarely mentioned on Harmony's homepage to DAOs. According to a validator who goes by the pseudonym PiStake, this may not be a coincidence. Harmony DAOs like Community DAO and Validator DAO are already up and running and making monthly reports, but have yet to receive any funding, he said. At the same time, paying other DAOs doesn't seem fair.Their results have been largely superficial, and the project seems to have failed to achieve a self-sustainable model。”

secondary title

Harmony "slapped face"

The Meta Gamma Delta DAO, which sought to inspire women into Web3 through scholarships, collaborative projects, and mentorship, received at least $125,000, but never delivered anything.

“Some other DAOs launched without multisig wallets, without members, but got funded, which is very odd,” PiStake said. "That's why I started to lose confidence. I worked for two and a half months to get the money, and there were cases where they didn't want to pay the DAO at all, which made me feel uncomfortable."

Harmony governance has stalled since February, according to Harmony validators who accepted The Defiant. Only 6 proposals are currently up for a vote, 4 of which are funding requests for Harmony ecosystem projects.

secondary title

Two big problems with Harmony

A security breach earlier this year also complicated the vote. The Harmony team decided to move votes to Snapshot, the decentralized voting system used by the DAO, which meant validators had to export a private key to MetaMask and then go to Snapshot. Critics say no one wants to copy-paste a validator's private key into MetaMask.

secondary title

Core Protocols Are the Key in Hacking CasesMeanwhile, Harmony leadership has remained virtually silent, the validator said. PiStake said it was "playing the game". Stakeridoo said: "This is the huge problem with Harmony itself, you don't even know who to ask for help." PiStake believes: "Ecosystem hacking is far from Harmony's biggest problem. Software vulnerabilities are only one part of encryption. Harmony needs to focus more on the actual core protocol