Harmony - Can it Compete with Large-Cap Crypto Networks

2021/12/22 10:33:22

Since the introduction of Bitcoin’s whitepaper in 2008, the concept of blockchain technology has transformed the world. Blockchain technology introduced a new system that people could trust, it introduced transparency, and it introduced inclusivity. By breaking barriers and borders, Blockchain technology laid the foundation for a united world that is transparent, decentralized, accessible, and discriminates against no one. Blockchain technology empowered people by taking power back from centralized institutions.

The initial idea and purpose behind Bitcoin attracted millions of people. However, as Bitcoin gained popularity, we saw how the technology was not yet ready for mass adoption. Blockchain is undoubtedly monumental, and hype around it is justified. However, Bitcoin and the projects that followed in its footsteps weren’t ready for the increasing number of people that adopted it.

There has always been a scalability issue in the cryptocurrency and blockchain space. Despite there being numerous projects trying to solve the scalability issues, none have come close to potentially supporting billions of people in the future.

In this article, we’ll be introducing Harmony, an open, scalable marketplace for the decentralized economy that is on course to bank the unbanked with its next-generation sharing-based blockchain.

What Is Harmony?

Harmony is the next-generation sharing-based blockchain that is fully scalable, provably secure, energy-efficient, and entirely awesome. Like most projects, Harmony addresses the issues and drawbacks of blockchain projects backed by some of the best research results and engineering practices.

Focused on decentralization at scale, Harmony was introduced on the Binance Launchpad in May 2019 and has proven to be an excellent blockchain platform by serving as the decentralized marketplace of the world. With nominal fees and high-speed latency, Harmony laid the foundation for the future of decentralized, trustless economies.

Harmony gets rid of the structural limitations of most blockchain platforms by preventing cryptocurrencies from being limited to digital money. Blockchain technology and cryptocurrencies have proven to have a lot of potential besides being digital money. The introduction of smart contracts and with it decentralized finance and dapps proved that blockchain technology isn’t just perfect for peer-to-peer transactions; instead, it could be used in any sector.

Blockchain technology has the potential to serve as the foundation of web 3.0. By solving the scalability and interoperability issues of blockchain platforms, Harmony could be one of the many platforms that successfully initiated web 3.0.

What sets Harmony apart from Ethereum and other blockchain solutions is high transaction throughput without sacrificing security and decentralization. By supporting high throughput, Harmony can potentially support applications that require high throughputs, such as streaming services, games, and decentralized exchanges. Harmony has successfully managed to achieve 118,000 transactions per second with 44,000 nodes, in contrast to Ethereum’s 15 TPS and Payment giant Visa’s 2000 TPS.

Harmony has a plethora of features that will lay the foundation for web 3.0, the internet based on blockchain technology. Its consensus protocol, sharding method, and cross-chain interoperability are some of the many features that help Harmony stand out.

How Does Harmony Work?

Harmony is on course to kickstart and revolutionize the web 3.0, thanks to its full scalable technology, energy-efficient consensus protocol, and ONE token, to name a few. A lot of what Harmony solves is thanks to its deep sharding method.

The deep sharding method allows the Harmony blockchain to linearly scale with respect to the number of users and maintain a very high throughput without any hits to its decentralization and security.

Unlike other sharding platforms, Harmony’s deep sharding involves sharding on both the transaction and consensus layers, allowing harmony to achieve efficient parallel processing capacity and increased throughput. Reportedly, Harmony has managed to achieve 118,000 transactions per second with 44,000 nodes.

Moreover, Harmony is based on the better and more energy-efficient proof of stake protocol with a linearly scalable BFT algorithm that is 100x faster than PBFT. Harmony one is a well-thought-out project. It has basically thought of everything and addresses almost every issue known in space.

ONE Token

The ONE token is the main utility token of the Harmony ecosystem. The ONE token powers the Harmony ecosystem by enabling users to participate in the ecosystem and use it as a payment vehicle for various activities on the network.

The ONE token can be used for a variety of things, such as staking in the consensus model used by Harmony, where users can earn block rewards and keep the network healthy. Users can use it to pay various fees such as transaction fees, gas fees, and storage fees. And it can be used for voting rights as part of Harmony’s governance system.

Currently, the ONE token is being traded at $0.26 with a market cap of $2.9 billion. Ranked 53th in the market, The ONE token has a very underrated daily trading volume of $191 million and a circulating supply of 10.779 billion tokens out of the max supply of 13.156 billion tokens.

KuCoin has become the second most active market for ONE token only after Binance. If we look at the weekly chart of ONE on KuCoin, we can see a clear bullish reversal after a strong consolidation of three straight months. If you’re interested in getting your hands on the ONE token, you can get them on KuCoin exchange.

Source: ONE Token Price on KuCoin

Closing Thoughts

The ONE network is still in its early stage of development and is facing stiff competition from established dApp networks and emerging ones like Ethereum, Solana, and the likes. So it’s hard to say ONE network will catch up soon. However, investors expect ONE ecosystem will expand sustainably and will see further growth potential in its token price trajectory.