InstaForex

October 27, 2021

Get to Know Crypto: Harmony (ONE)

 Many are starting to eye the potential of Harmony (ONE) after its surge on October 26th. True to its name, this network was developed for the purpose of resolving several issues in Ethereum.


How?


Trivia Harmony (ONE)



Founded by Stephen Tse, an engineer in cryptographic protocols and launched in 2019.

Harmony is one of the communities developed on the Ethereum (ETH) network.

Exists as an existing sharding solution through the use of an innovative consensus protocol that is more energy efficient and inexpensive than the Proof-of-Work (PoW) applied by Ziliqa.

Also strengthens network security through the Verifiable Random Function (VRF) method - random selection of validators and nodes.

Developers can create DApps just like in Ethereum since they both use the Solidity and Ether.js programming languages.

When compared to other blockchains, Harmony is clearly more scalable, secure, and decentralized.

The node is managed by its community known as Pangea, covering a large number of members from over 100 countries.

5 main components:

Harmony uses an algorithm, Fast Byzantine Fault Tolerance (FBFT) inspired by Zilliqa’s Practical Byzantine Fault Tolerance (PBFT).

Applies the Effective Proof-of-Stake (PoS) process, a sharding system that allows authenticators with more staked tokens to run nodes.

The network also supports cross-shard communication with the presence of Kademlia-streamlining the communication process through the generation of shard IDs, allowing nodes within the shard to send and receive information, and validate the need for communication with the shard

Harmony's native token, ONE can be used for a variety of uses on the platform including: 1/ The owner is given the opportunity to become an authenticator based on ONE amount, 2/ Staking, 3/ Conducting transactions, 4/ Protecting the network, and 5/ As a reward for Harmony users.

Create and use the Distributed Randomness Generation (DRG) method through a combination of VRF and Verifiable Delay Function (VDF).

In general, the presence of Harmony has had an impact on the development of the DeFi sector.

Harmony's project and lifespan are detailed as follows:

Harmony already has 1,000 nodes. 640 of them have been run by the Harmony community and are still recording faster adoption than blockchain

Recently the DAO Validator, the first autonomous organization in the network was launched. Harmony is expected to launch more DAOs this year and next.

A total of $ 300 million of funds has been allocated for the growth of the Harmony ecosystem.

Previously they had implemented a $ 1 million hackathon to web3 and web2 developers to develop compelling applications, protocols, and requirements.

Harmony is still working to upgrade interoperability with the presence of Ethereum Bridge-allowing users to cross between the two networks.

ONE’s record price showed an increase of over 17,000% over 2021, starting at $ 0.00212 before hitting an all -time high (ATH), $ 0.38 on October 26th.


For those interested in investing in Harmony (ONE), investors can get it on the Binance, Binance.US, and KuCoin platforms.