Definitely. For those of you who not yet heard of Harmony.
The background of Harmony starts with its founder, Dr. Stephen Tse. Dr. Tse is a skilled cryptographer who was also a core developer of Google Maps. Driven by his passion for blockchain technology, Tse developed his own programming language ‘Min’ to build blockchains. After developing Min, Dr. Tse founded Harmony in 2018 and raised over $20 million to develop the Harmony protocol. Harmony’s native token, ONE was launched through Binance’s initial offerings (IEO) in May 2019.
What are the Breakthroughs That Harmony has Achieved?
The optimally tuned system of Harmony makes breakthroughs to solve the following aspects:
•Scalability: Usage of shards-type blockchain that enables sharding of both network communication and blockchain state. It makes Harmony blockchain fully scalable.
•Faster and efficient Consensus: The Harmony blockchain is based on Proof of Stake rather than Proof-of-Work used in other sharding-based blockchains which make it around 100x faster.
•Consistent Cross-Shard Transactions: Cross-shard transactions are supported by Harmony wherein the shards interact directly with each other. The atomic locking mechanism ensures consistency.
•Secure Sharding: Security is one of the primary focuses of any blockchain. Harmony uses a distributed randomness generation (DRG) process. It is unpredictable, unbiased, scalable, and verifiable.
Why Should you use Harmony Blockchain?
Harmony declared a rewarding scheme in July 2020. It is offering $7 million to various developers building in the Harmony blockchain. It focuses on seven areas of development. Cultivating decentralized applications (dApps), portals, ZKProof, and community are a part of the package.
Harmony released Horizon, a two-way bridge between Ethereum. The launch of Swoop was done, which is the native decentralized exchange on Horizon. These happenings did not make the headlines in the Crypto world but are surely significant in making blockchain technology available for mass adoption.
Using the Harmony Blockchain and two-way Ethereum bridge developed by the team is cheaper and faster. Digital asset swapping is now only two seconds away, along with over 1000 validators.
What is the Harmony “ONE” Token?
It is the ONE token that keeps the entire Harmony ecosystem up and running smoothly. A vision of “For One and For all” derives the name “ONE.” The goal for Harmony is to scale open consensus for over 10 billion people.
The Harmony One token is used to pay fees across the network and staking ONE to secure the Harmony blockchain. Participants get rewards in the form of tokens to use them further. It is expected that the token will be used for governance across the Harmony protocol.
As per CoinMarketCap, the maximum number of ONE token is 12.6 billion, whereas its circulating supply is 10.2 billion. Also, according to current stats, around 441 million tokens are minted every year. The token is available in both ERC-20 on the Ethereum chain and BEP-2 on the Binance chain.
Harmony – The Go-To Blockchain Platform for Ultrafast Transactions
Harmony resonates with the idea of developing a layer-2 scaling solution for the Ethereum blockchain. It is being done using a sharding-based blockchain that uses the unique Harmony consensus. Transactions are ultrafast and are much more energy-efficient. With a 2-second transaction finality and 100 times lower fees, Harmony’s bridges enable ultra-fast, affordable digital asset swaps.
The Harmony ONE token powers the whole ecosystem. As per estimates, around 12.6 billion tokens are in supply, and 440 million are minted every year through rewards. Building and staking ONE token on the network is highly rewarding. The team will issue around $10 million worth of tokens as rewards in the coming quarter. Overall, Harmony Protocol is carving its own path and aims to empower developers to build fast and efficient decentralized applications.
