Blockchain, the technology that underpins most cryptocurrencies, has long been hampered by two major issues: scalability and the difficulty of growing without jeopardizing their decentralization. Harmony (ONE) is a blockchain-based platform that aims to accomplish both without compromising either side.
The Brief History
Stephen Tse, a seasoned cryptographic protocol engineer, created Harmony in 2017. The goal was to give worldwide DeFi consumers an open, decentralized, and trustless blockchain platform. Along with Tse, there was a team of 20 other people that contributed to the project’s development. Experts in software development, machine learning, artificial intelligence, virtual reality, and blockchain technology are part of the founding team.
What is Harmony (ONE)?
Harmony is an open and fast blockchain. It runs Ethereum applications with 2-second transaction finality and a 1000-fold reduction in transaction fees on its mainnet.
Harmony (ONE) was launched as part of the Binance Launchpad initial exchange offering (IEO) in May 2019. 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.
What is ONE?
The ONE token is the native token of the Harmony blockchain, and it oversees a significant portion of the platform’s activity. The token is used to protect the network, execute network transactions, and reward platform users. Harmony (ONE) has a maximum supply of 12,600,000,000 tokens.
Why Is Harmony Different?
The platform’s unique architecture includes a consensus mechanism, a deep sharding system, cross-chain interoperability, and a Distributed Randomness Generator (DRG), which is a key contribution to the platform’s exceptional functionality.
The Sharding process is a major technological method used by Harmony. Within the Harmony ecosystem, the Sharding mechanism focuses on transaction and consensus layer efficiency. It’s composed of four shards, and supports 250 validators on each one of them (shard 0, shard 1, shard 2, and shard 3).
How is the Harmony Network Secured?
To safeguard the network and prevent malicious assaults, the Harmony network employs Effective Proof of Stake. Harmony is the first network to use a Proof of Stake variant in conjunction with sharding in order to achieve decentralization and security. EPoS allows hundreds of different nodes to participate without jeopardizing the staking process’ centralization.
The high gas fee on the Ethereum network has stifled the development of a number of innovations inside the ecosystem. Even the blockchain’s growth is being hampered since customers are turning to other options when they can’t pay the exorbitant gas charge.
Due to its low scalability capability, the Ethereum network has been unable to host decentralized apps. As a result, Harmony has worked to address these issues on the Ethereum network through its unique features.
Harmony promises to overcome the problem of inefficient scalability and interoperability by providing DApp developers with a properly optimized environment for DeFi DApps and near-instant finality transactions. Harmony aspires to be one of the fastest and most functioning networks, with minimal latency and cheap costs.
The Harmony network aims to be a top crypto network known for its speed and efficiency, and it’s on its way to accomplishing that goal. The more Harmony’s native token, ONE, is used for DApp creation and rapid transactions, the more valuable it gets. Traders may earn by buying and selling ONE, while network users can use ONE to access all of the network’s features.
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