Harmony

What is Harmony (ONE)?

Harmony (ONE) is a utility and governance token for the platform of the same name. Harmony is a sharding-based blockchain ecosystem. this allows developers to work on decentralized applications (dApps), DeFi solutions, and other Web3-ready products.

Who founded Harmony?

The founder of the company “Harmony” is Dr. Stephen Tse. He is a researcher specializing in cryptographic technologies. Before founding Harmony, he also worked as an engineer at Google and Apple, and founded the search engine Spotsetter.

The goal of the Harmony crypto project was solve some scalability and bottleneck issues has experienced growth in the blockchain user base, especially the Bitcoin and Ethereum communities. Harmony aims to be the next generation blockchain solution using randomized sharding for efficiency and network security.

Harmony was founded in 2017 and consists of a team of researchers with previous experience at Google, Microsoft and Apple. The token sale was completed in May 2018, and initial exchange offering (IEO) officially happened in May 2019. At that time, the price of ONE was about $0.02.

Although Harmony’s value remained relatively low during its first few years of existence, it was nonetheless considered unstable. It has shown remarkable growth in 2021, breaking through the $0.10 threshold in March. That same year, the peak was reached in October when Harmony’s price exceeded $0.35.

What are the main features of harmony?

The maximum number of Harmony tokens is strictly limited at 12,600,000,000. Since this deflationary asset, the price of ONE is predicted to rise as its supply dwindles. According to tokenomics, supply is distributed accordingly:

• 26.4% – for protocol development;
• 22.4% for the primary sale of seeds;
• 21.8% – for network development;
• 16.9% – to teams of founders and developers;
• 12.5% ​​towards the sale of the launch pad.

ONE primarily acts as utility token on the platform. Developers can use Harmony coins to enable cross contracts and build Cross-chain applications. The system is compatible. Harmony can also act as a bridge connecting both sides. Proof of Work (PoW) And Proof of Stake (PoS) blockchains.

Users can access open source developer tools for working with applications. You can also interact with applications built using the Harmony crypto framework. Regular users and developers can access the full range of services for a fee. The price of ONE depends on the selected services on the network.

Harmony technology uses cryptographic randomness to repel attacks with single fragments. This process re-segments the network and, along with zero knowledge proof, protects data from intruders. Sharding helps solve the scalability issues that some people face first level blockchainsfor example Ethereum.

The platform uses Verifiable Random Function (VRF) randomize network nodes. These processes make the platform faster and can process more transactions without compromising data integrity and security.

The Harmony ecosystem relies on a type of proof of stake known as Efficient Proof of Stake (EPoS) consensus algorithm to verify new blocks and strengthen network security. It focuses on maximizing the number of validators working simultaneously on the blockchain.

Harmony tokens are also used to reward stakeholders, developers, and other members of the blockchain community as an incentive to maintain their contributions to the network. The cost of Harmony rewards depends on the number of assets delivered and the duration of operation of the network node.

The Harmony ecosystem operates as a decentralized autonomous organization (DAO), meaning that it is decentralized and any decisions regarding the protocol are made by community voting. ONE serves as a governance token.