Market Discovery of the most influential projects in the cryptocurrency world.
What is Harmony (ONE)?
Harmony is an open platform for assets, collectibles, identity, and governance. Its secure bridges offer cross-chain asset transfers with Ethereum, Binance and 3 other chains. The main reason for which Harmony was built was to solve the issues of scalability and decentralization of the blockchain without compromising each other.
It does this by resharding and securing staking through a decentralized randomizer method. This technique splits the blockchain network into parallel chains, to improve the speed and efficiency of the Harmony network whilst keeping a lower cost. This strategy allows transactions to be confirmed on the blockchain within as little as two seconds and costing on average less than 100x that of the Ethereum network.
Harmony — ONE features
Harmony is also known for its efforts as a ‘Scaling Ethereum Application and Cross-Chain Finance’ has explained on its whitepaper that it aims to deliver the following goals:
- Harmony wants to remove structural limitations preventing the cryptocurrencies from becoming genuine digital money — This mainly applies to Bitcoin and Ethereum where due to the increase in popularity, the costs are high and therefore can’t be used as a payment system;
- Higher transaction throughout without sacrificing other features. Other blockchains such as EOS or IOTA tried replacing consensus models with directed acyclic graphs (DAG). This came at the expense of security and decentralization which Harmony aims to preserve by creating shards (groups) of validators that would be able to process transactions simultaneously on parallel chains;
- Harmony’s consensus protocol aims for speed and energy efficiency. This is made possible by the Fast Byzantine Fault Tolerant protocol (FBFT), that employs parallel transaction processing to scale with the size of the network and effectively tackle its connection latency.
Other key areas that Harmony has focused on are data sharing and the creation of a marketplace of non-fungible (NFTs) and fungible assets.
Harmony One crypto is the coin of the Harmony blockchain. It operated with a distinct PoS mechanism, effective proof of stake (EPoS), and its main use case is for governance purposes.
One coin can be stored in the One wallet, which allows for Harmony one stacking.
Harmony One holders can delegate their coins to existing validators using the following staking explorer: https://staking.harmony.one/. If the tokens are delegated to an elected validator, a portion of the block reward earned by the validator will be credited to the delegator.
ONE is available for trading on yanda.io dApp.
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