Harmony (ONE) is one of the latest crypto projects to tackle the issue of blockchain scalability. They built their platform from the ground up with scalability optimization in mind. Using a full-stack approach, Harmony is developing a blockchain that is not only scalable, but also secure and energy-efficient. In this article we explain what Harmony is and how you can use it.
- 1 What is Harmony?
- 2 The Harmony Team
- 3 Benefits of Harmony (ONE)
- 4 How does Harmony work?
- 5 That’s how important the ONE token is
- 6 The Community of Harmony
- 7 Where can I buy Harmony (ONE) cryptocurrency?
- 8 Is it smart to buy ONE now?
- 9 How can I save ONE?
- 10 The future of Harmony
- 11 Harmony (ONE) Chart
- 12 Conclusion
What is Harmony?
Many blockchains have a big problem. And that is that they are not scalable enough. For example, take a look at Bitcoin . It has become too large, making it difficult to scale up. And that means that many people have little faith in how Bitcoin works for the future.
It’s something Harmony wants to tackle. They do this by creating a blockchain that mainly focuses on high scalability and low transaction costs. It is designed to power a decentralized economy. They plan to address the issues that other blockchains can no longer address.
The Harmony team does this by doing a lot of research into all the problems that blockchains encounter. They then started building a new blockchain from scratch. When developing the blockchain, they have continuously taken into account the optimization of the system. In this way they want to ensure that the blockchain can also be easily adapted in the future if they run into problems.
The Harmony Team
The team behind Harmony is made up of startup, engineering and academic research experts. The team members come from Google, Amazon, Apple, Microsoft and a number of other successful startups. And they’ve worked on some of the largest systems in the world, such as AWS infrastructure, Apple’s Siri, and Google Maps.
Although the team is small, they all have a lot of experience in software development, machine learning, artificial intelligence, virtual reality and blockchain technology.
The CEO and team leader is Stephen Tse, an avid programmer who has spent his life studying and working on compilers and security protocols. He has a PhD in security protocols and compiler verification from the University of Pennsylvania.
He went on to become a researcher at Microsoft Research, senior infrastructure engineer at Google, and senior search engine ranking engineer at Apple. He later founded the mobile search engine Spotsetter; later Apple took over the startup.
Tse is joined by Nicolas Burtey (COO) who is an entrepreneur who launched a VR video startup that grew to 40 employees and raised $10 million in capital. There are four other co-founders, most of whom are experts in artificial intelligence, and one who has an MBA from Harvard.
The Harmony team completed a private token sale in May 2018. In this sale, they were able to raise approximately $18 million in exchange for 22.4% of the total supply (at a price of approximately $0.0065). A number of blockchain-focused venture capital funds participated.
Benefits of Harmony (ONE)
In practice, Harmony helps companies create marketplaces for the use of fungible tokens and non-fungible tokens (NFTs). User privacy is a top priority at Harmony, which is why Harmony also uses its ‘zero knowledge proof’ to enable data exchange with an eye for consumer privacy.
This motivates users and could be used for credit ratings, ad exchanges and other data exchanges that traditionally benefit centralized platforms and leave nothing for users.
How does Harmony work?
To meet the scalability goals, Harmony built the entire technology from the ground up with an emphasis on optimization. They have incorporated a number of important innovations in their consensus protocol, internal systems and network technology.
By implementing these innovations, Harmony will provide a platform for decentralized applications (dApps) that were not feasible on other blockchains. This includes dApps such as decentralized exchanges, fast payment systems and Internet of Things transactions.
Blockchains are powered by consensus and the type of protocol used can have a significant impact on how quickly decentralized consensus is achieved. Currently, blockchains such as Bitcoin use Proof of Work consensus protocols , which have become expensive and slow.
Other protocols, such as Proof of Stake , use different mechanisms to solve some of these problems. For example, the Ethereum protocol is trying to change their consensus algorithm to Proof of Stake, addressing their scalability issues. However, this algorithm in turn has its own unique challenges.
The Harmony protocol uses the latest design principles, such as sharding and pipelining. This allows the network to handle many different transactions in parallel. This means that there is not one bottleneck in confirmations for all transactions.
Essentially, the Harmony approach greatly reduces connection slowness and allows transaction throughput to be scaled as the network grows.
Harmony’s network infrastructure enables faster message distribution and faster consensus building. As mentioned in their white paper, Harmony uses RaptorQ code that enables the network to distribute blocks quickly.
They also use Kademlia routing which is able to perform these cross transactions that can scale based on the number of shards in the network. This comprehensive implementation allows Harmony to run a highly concurrent protocol.
That’s how important the ONE token is
The Harmony platform is powered by the native ONE token, which allows users to participate in the ecosystem and serves as a payment mechanism for various actions. By leveraging the Harmony blockchain, developers and companies are able to create alignment in the goals and requirements of different stakeholders.
The ONE token is very important to the Harmony blockchain. It is used for various and important functions. Without the token, the blockchain would therefore not be able to do its job properly. ONE is used for the following functions:
- The token will be used as a bet for the DPoS consensus model, allowing holders to earn block rewards and transaction fees.
- The token will pay transaction fees, gas prices and storage fees.
- The token will be used in the governance of the protocol by giving token holders the right to vote for the board.
The Community of Harmony
Harmony has worked to build community, both offline and online. Since 2017, the Harmony team has been hosting a weekly 4-hour meetup in San Francisco to increase interest in the project and the community of its partners.
The evolution of the online community has led to a small, but apparently highly committed and enthusiastic group about the possibilities of the Harmony protocol. Harmony, for example, is very active on Reddit, where they keep their fans updated on all the developments. They also ask followers for recommendations and tips.
They do this not only on Reddit, but also on other social media platforms. Think of Twitter and Telegram. It is important for Harmony to be in touch with the community. After all, the community ensures that the platform is actually used.
Overall, the Harmony community is a positive and encouraging sign. The members are very positive about the possibilities and the future of Harmony, which is a good sign for crypto investors.
Where can I buy Harmony (ONE) cryptocurrency?
Currently, Harmony tokens can be bought and sold against fiat money and other cryptocurrencies on the crypto exchanges Binance , Bitvavo, Bitmax, Coinmerce and ByBit. However, if you want to buy ONE coins with euros, you will first have to exchange them for Ether ( ETH ) or Bitcoin (BTC). We recommend that you use one of these major crypto exchanges, given the high liquidity. That means you can buy and sell ONE at all times for the best price. Because where there is a lot of supply and demand, the price is also the lowest.
It is also possible to buy ONE on a decentralized crypto exchange (DEX). Think for example of Uniswap or Sushiswap . However, keep in mind that it is much more difficult to buy ONE via one of these platforms. This means that there is also a higher chance of something going wrong.
Is it smart to buy ONE now?
It’s hard to tell if now is the right time to buy ONE. No one can predict what the future will look like. However, the developers of Harmony have made every effort to create a next-generation blockchain. So you can perhaps imagine whether there is a future in this platform.
Before investing in a cryptocurrency, you should always do good research. That also applies to ONE. You can choose to do a fundamental or technical analysis . By doing such an analysis, you can determine for yourself whether now is the right time to buy ONE.
How can I save ONE?
You can safely store your purchased ONE coins in the Harmony wallet developed by the creators of Harmony. Of course it is also possible to store ONE in the hot wallet of the crypto exchange on which you buy this cryptocurrency. However, that is not as secure as, for example, a hardware wallet .
When you have a lot of ONE coins, it is safer to store them in a hardware wallet. Why? Because this wallet is not always connected to the internet. It is a USB stick that you can disconnect from a device. When it is disconnected, no one can access the crypto coins in the wallet. So that’s a lot better against hackers.
However, the disadvantage of a hardware wallet is that it is easier to lose it. The moment you lose the wallet, there is no way to get back the crypto coins that were on the hardware wallet. Therefore, always make sure that you keep the hardware wallet with your ONE coins in a safe way, so that you will never lose the wallet.
The future of Harmony
The Harmony team has been working on their protocol for a long time. It is sometimes difficult to determine how much work has been done. However, one of the best guesses is to look at the code activity in their public repositories. You can do this by visiting the project’s GitHub. Here you can see what versions they’ve pushed since the project’s launch. So you know how active the Harmony team is.
There has been a lot of activity around the project lately. The Harmony team still has a lot to do before the project is completely finished. Because they are very busy with the development for the project, that is also very positive for the future of Harmony. If the team of a crypto project is not actively developing, it will not benefit the functioning of the project. You will also see this reflected in the price of the crypto currency.
Harmony (ONE) Chart
Given the active community behind the Harmony project, and the experience that the Harmony team has, many people expect the project to be very successful. The team is strong and has great expertise in many areas that are useful for this type of project.
Since the project has gone live, it has exceeded the expectations of many. There are therefore many investors who choose to invest their capital in Harmony. They have great confidence in the project and see it as a great way to increase the value of their capital. And that is not surprising, because it has already worked for many crypto investors.
However, there are also major threats to the project. That is the big competition it has. Harmony’s biggest competitor is Zilliqa (ZIL). Harmony will therefore have to do everything it can to ensure that it stays ahead of the competition. Many crypto connoisseurs are already confident that the team is able to make that happen. The future will show whether Harmony is actually capable of this.
Thanh Lanh Tran(1989) is Chief Editor from BitcoinUSD.com