[Medium] Failed or not ?
Create a visualization about the total transaction daily on harmony blockchain and show the success rate for transactions and compare it with others networks
In my analysis, I answer the question 6:
Create a visualization about the total transaction daily on harmony blockchain and show the success rate for transactions and compare it with others networks.
Firstly, let me introduce a little bit about Harmony blockchain.
- Harmony (ONE) was launched in May 2019 as a part of Binance Launchpad’s Initial Exchange Offering (IEO). IEOs allow crypto tokens to be launched and sold under the supervision of a crypto exchange on behalf of the developing company. IEOs were introduced after audiences lost trust in Initial Coin Offerings (ICOs), which involved the launch and sales of tokens over the developing company’s own platform.
- A layer-2 solution (built on top of the original blockchain), Harmony is an open blockchain running on the Ethereum network (layer 1). It promises high performance in 2 key areas – latency (processing lag) and cost.
- Gas fees on Harmony are also 1,000 times lower than the Ethereum blockchain. This is indicative of just how fast and energy-efficient layer 2 solutions can be.
- ONE is the native cryptocurrency of the Harmony blockchain. It is used for all transactions on the Harmony chain, including mining rewards, gas fees, transaction fees, and voting. (Voting between the nodes happens when key changes/upgrades are proposed on the blockchain.)
- Create a visualization about the total transaction daily on harmony blockchain
The first line chart presents the total successful transaction on Harmony blockchain.
24-Jan-2022 had the highest number of successful transactions, which was 4.8 million transactions whereas 469.7K transactions on 10-Mar-2022 was the lowest number of successful transactions on Harmony blockchain.
The second line chart presents the total failed transaction on Harmony blockchain.
04-Mar-2022 had the highest number of failed transactions, which was 2.5 million transactions whereas 115.3K transactions on 11-Dec-2021 was the lowest number of successful transactions on Harmony blockchain.
- Show the success rate for transactions and compare it with others networks
ETH network is chosen to compared. Overall, ETH has the stability in the success rate. Moreover, its rate is much higher than Harmony. During the observation time, the success rate for transaction on Harmony fluctuated quite sharply. Its largest rate was 98% on Dec 11, 2021 and its lowest rate was about 34% on Mar 04, 2022, which means that the number of failed transaction outnumbered the total successful transactions.