Harmony’s version of the Proof-of-Stake consensus process, called Effective Proof-of-Stake, strives for both security and decentralization. The double-counting problem is avoided by the proof of stake consensus process, which also allows for the production of additional blocks.
The concept is that cryptocurrency owners may stake their holdings to verify transactions and earn incentives. Proof-of-stake is a substitute for proof-of-work, which calls on miners to solve challenging puzzles in order to create new blocks. In contrast to proof of labor, the amount of coins staked by the validator on a proof of stake network raises the difficulty of creating a block.