Have you found the cryptocurrency that revolutionized blockchain and reached 10-billion users? Harmony (ONE) is pushing the boundaries and setting a new standard around the globe.
Whether you’re a cryptocurrency expert or searching for new technologies, this guide will enlighten you on Harmony’s future and its investment potential. Here, we dive into the “ONE” token and unveil the first sharding blockchain to make an impact big enough to invest in.
After reading this, you’ll finally get insights into whether or not Harmony is a good investment.
Harmony is an innovative blockchain designed for decentralized applications (dApps). The speed of its transactions and strength of its security thrive without compromising autonomy. Harmony is also generous to its validators and relies on them to manage its system’s governance. Harmony’s crypto is ONE, which supports a community-centric philosophy.
Harmony staking now repurposes the Ethereum ecosystem, removing its bottlenecks through sharding and through effective proof-of-stake (EPoS). Though centralized proof-of-stake (PoS) is also reliable in supporting ultra-fast transactions and interoperability, EPoS is even better.
Harmony’s future innovation makes it easy to build then scale high-performance dApps. The innovative stride taken by the Harmony blockchain is called sharding. This gives the interface a secure layer of protection to meet the needs of decentralized finance (DeFi) and the transfer of non-fungible tokens (NFTs). This could answer if Harmony is a good investment.
In similar processing as Ethereum, Harmony uses Solidity and Ether.js languages. These make it easy to develop apps and to scale the work of coders. Users, however, benefit from two-second transactions and can seamlessly trade Harmony on the Ethereum blockchain.
Like Ethereum, Harmony is a platform from which to build, manage and scale interoperable apps on. It’s hosted on Ethereum and has become a solution to the congestion issues of ether. Harmony’s crypto is at the heart of its vision and is used to power its open community.
The ONE token is also flexible, being used to pay for services, Harmony staking and to manage the voting rights of the validators who govern this network.
Harmony began with its founder, Dr. Stephen Tse who, after working as a lead for Google Maps, became an experienced cryptographer. He developed his own blockchain language, Min, to prove it. After raising more than $20 million, Dr. Tse launched the Harmony Protocol in 2018.
A year later, in May of 2019, Binance was the first exchange to host Harmony’s ONE token. The team of developers alongside Stephen Tse scaled the Harmony-blockchain price. Seven of his developers and cryptographers included programmers from Microsoft, Google, Amazon and Apple. From this team, Nick White became a co-founder who led a team of 12-total members.
Harmony and its ONE token were made to address the obstacles faced by Ethereum, which cover scalability, speed and cost. The goal of the project was to make a decentralized interface with fast, secure and low-transaction fees. This makes Harmony’s price ideal for developers, which has also convinced many that Harmony is a good investment for 2023 portfolios. Following are the benefits offered and objectives achieved by this ecosystem:
Ethereum, the first blockchain to perform smart contracts, has recently become congested. Its current traffic limits its ability to run high-throughput apps, which includes games and crypto exchanges. Past attempts to solve this problem had only resulted in more obstacles. The Harmony blockchain addresses these challenges by implementing blockchain sharding.
Harmony staking establishes incredible trust via its layer-2 interoperability atop the Ethereum blockchain. The platform’s sharded blockchain leverages a unique proof-of-stake consensus method. Its sharded EPoS enables ultra-fast, energy-efficient transactions for the future.
With a two-second transaction finality and 100-times lower fees, Harmony has a reputation for ultra-fast and affordable-asset trading. Harmony Bridges offer this solution in cross-chain transactions. Its bridges promote the interoperability and growth of its blockchain ecosystem.
The core of Harmony’s future operates on the philosophy of sharding and effective stake-of-proof governance. These facets overcome the emerging challenges associated with congested blockchains. As blockchains grow, developers have encountered unique obstacles with payload. The biggest issues are the delays within blockchains that have heavy workloads.
To reduce the load that major blockchains encounter, Harmony introduces cross-chain interoperability and protects its system with a distributed random generation (DRG). Here’s a better look at what and how:
Unlike proof-of-work (PoW) used by Bitcoin, Harmony’s forecast relies on proof-of-stake to elect its validators, which makes it faster and safer. Part of this protocol relies on a consensus protocol called the Fast Byzantine Fault Tolerance (FBFT). This is based on the Practical Byzantine Fault Tolerance (PBFT) and ensures that validators all have equal input.
Sharding is a mechanism whereby Harmony divides its blockchain into parts, which are each called shards, and there are four of them. Each shard holds 250 validators. Sharding increases transaction speed and scalability. The goal of Harmony is to achieve a standard of 2,000 transactions per second (TPS) with a future milestone of, ultimately, 1-million TPS.
To date, Harmony’s forecast was developed on a sharding blockchain that’s fully scalable, secure and energy efficient. The Harmony team innovated its protocol and network to support the emerging decentralized industry, which promises a radically equitable economy.
Cross-chain interoperability is written into Harmony’s architecture. This is what allows bridges to connect different PoW and PoS chains together. With it, a variety of digital assets on Ethereum and even Binance Smart Chain can be transacted with by using Harmony Bridges.
To assign, in a safe and fair manner, nodes to shards, Harmony uses a distributed random generation (DRG). This generates random, unpredictable numbers that are unbiased yet verifiable. Harmony specifically uses Variable Random Function (VRF) and Verifiable Delay Function (VDF) to decentralize its network and create autonomy in its cryptography.
Access any of the top-regulated exchanges to buy the ONE cryptocurrency in USD. The three exchanges we recommend most include Binance, Kucoin and Bitfinex. Out of these, Kucoin stands out for its ease of use, for you won’t need to verify an account to start buying its crypto.
Kucoin is a Hong Kong-based exchange that was launched in 2017. It’s simple but offers a variety of cryptocurrencies. Kucoin, by far, has the easiest registration process we could find.
For forecasts and to buy Harmony ONE crypto on Kucoin, begin with the following process:
Binance, likely the most reputable cryptocurrency exchange in the world, is likewise recommended but DOES require account verification. This calls for you to submit bank information along with a verified mailing address, phone number and your given name. Since its launch, Binance has evolved to provide users with website AND mobile-app trading.
Keep in mind that Binance was the first exchange to host the Harmony cryptocurrency price. You’ll find all of the tools you need to get started and track or forecast Harmony in real time.
Bitfinex, which has also become a reputable cryptocurrency exchange, was founded in 2012. It offers a wide range of cryptocurrencies, and Harmony ONE is among them. Being regulated and secure means Bitfinex requires an identity verification before you can buy crypto from it.
This exchange also has good liquidity, which means you can buy or sell crypto on demand.
Harmony’s USD forecast is as relevant as that of Ethereum or bitcoin. Though developers can still redesign its ecosystem, Harmony has a stronghold on sharding and interoperability. Here are some key points to consider if you’re truly looking into buying a few ONE tokens:
What we like
Harmony staking scales the art of open consensus for over 10-billion people
The ONE coin covers network fees, staking and governance, which create demand for the token
Its development into a two-way bridge between it and Ethereum shows steady progress
The blockchain supports low latency, low fees and fast-transaction finality
Harmony now promotes artists, allowing them to fairly earn crypto from their artwork
What we don’t like
The volatility of the crypto market reflects in the future and current price of ONE
The slow rate of Harmony’s public adoption influences the price of its ONE token
No cryptocurrency platform or network is completely secure; Harmony is no exception
Let’s start with a reminder that past performance does not guarantee future results. Harmony staking is promising and its evolving ecosystem is relevant in today’s society. However, investing in cryptocurrencies is risky, and uncertainties do exist. If you’re considering an investment in Harmony’s crypto for 2023, here are some tips to keep in mind:
Harmony is an innovative blockchain, and it addresses some critical issues in the economy of blockchain, which are important and relevant today. Through its sharding and EPoS consensus, Harmony provides a platform that’s scalable, decentralized and ideal for global developers.
The ONE token, at the heart of this ecosystem, has meaningful utility as well. It pays for network fees, is used in staking and works as a mediator in governing the blockchain. This Harmony model is in the position to remain adoptive within other blockchains across the globe.
Our opinion of Harmony and its ONE crypto is generally positive. Only time can tell how ambitious the project remains and how well received it will be. Be sure to closely monitor its blockchain developments, and act accordingly. Do your research. Consider your tolerance to risk before securing your investment fund, and set objectives to support why you’re investing.
About the author
In seeing a digital world explode, Joseph invested his writing in the field of technology over 8 years ago. As a leading-content creator, he believes in clarity, credibility and writing topics people want to read. From blockchain to Web3.0, Joseph sees no shortage of developments as crypto pushes forward. He’s become a voice in technology that people can trust and look forward to hearing more from.
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