Ever since its biggest boom in 2013, the crypto space has continued to sustain its place as one of the biggest industries in the world. Remarkably, the level of embracement and adoption of cryptocurrencies and blockchain projects has, over time grown massively, thereby encouraging more innovations into the sphere. Even with the volatility associated with cryptocurrencies, millions of investors across the globe still explore the assets on a daily basis. Today, cryptocurrencies serve multiple functions. Despite its numerous functions, the most notable function of these assets is to serve as a medium of payment and investment. With this, cryptocurrencies relegate the traditional ways of doing these things. More so, some of these crypto assets serve as native tokens to numerous virtual protocols, serving as instruments through which their users make payments for the services or transactions carried out. Worth noting that the Harmony crypto is one of such crypto.
Interestingly, the harmony crypto, just like others, has, since its emergence, continued to compete for value and prominence. Notably, this article intends to comprehensively appraise the rudiments of Harmony crypto, its background, native protocol, features and potentials.
General overview of Harmony crypto
Remarkably, the harmony crypto, otherwise identified as ONE runs as the native crypto of the Harmony network. Just like other native tokens, ONE functions as a multi-purpose token. Generally, the harmony crypto is usually used to make payments for all the services and operations carried out on the network. Notably, holders of these token enjoy network governance right which allows them to vote for or against proposals.
More so, the harmony crypto runs as the on-chain cryptocurrency of the platform. It helps to enhance the monetary flow in the economic mechanism of the Harmony protocol. Like other cryptocurrencies, the token can be staked by its holders, thereby becoming block validators. With this, they earn staking rewards as compensation.
As earlier asserted, the Harmony crypto, ONE has its native blockchain protocol. This protocol runs as an open-source blockchain network. According to its whitepaper, the protocol manifested to avail high-speed transactions at a cheaper costs. Furthermore, it aims to overcome the shortcomings rocking other currencies through its provision of highly scalable network infrastructure.
Notably, Harmony blockchain paves the way for users to exchange virtual assets, collectibles, and many more. The harmony crypto’s protocol, according to its whitepaper, facilitates sharding and cross-shard transactions. It achieves this through its Distributed Randomness Generation (DRG) process “which is unpredictable, unbiased, verifiable and scalable.” Also, the platform usually reshards “the network in a non-interruptive manner to prevent against slowly adaptive byzantine adversaries.” It believes that Sharding tends to improve the scalability of its network.
Additionally, the consensus mechanism of Harmony is identified as Fast Byzantine Fault Tolerance (FBFT). This mechanism helps to enhance the productivity and speed of the network. As designed, this consensus mechanism, runs in a proof-of-stake (POS) mode. With this, it is able to grossly verify transactions. Meanwhile, as of press time, the mainnet of the network backs four shards of 1,000 nodes. These nodes helps to reduce block times to about two seconds.
According to its whitepaper, the protocol of Harmony crypto usually issue 441 million of the tokens per year. It does this through its the EPoS consensus mechanism. This, therefore, means new Harmony crypto is usually minted through staking, and the stakers receive block rewards as compensation.
Founding team of Harmony crypto
According to findings, harmony crypto and its blockchain was co-founded by Nick White, Rongjian Lan, Sahil Dewan and Stephen Tse. The protocol started in 2017 with an experienced dev team of 12 members. Notably, the mainnet of the network became unveiled in mid 2019. Today, Harmony has produced over 30 million blocks, with about 450,000 transactions executed through ONE.
The co-founder of harmony crypto, Tse is a blockchain engineer. Before co-founding Harmony, he previously worked with Microsoft, Google, and Apple. More so, Dewan is an alumnus of the Harvard business school. White, on the other hand, is an electrical engineer who graduated from Standford University.
Ever since its emergence, Harmony crypto and its native protocol, has grown from strength to strength. In early 2022, the protocol unveiled a strategy and roadmap to increase its adoption. As part of its strategy to foster adoption, the project wants to bring “utility to users through developers and partners.” Harmony believes Hackathons with Gitcoin and workshops at Ethereum events will help boost its reach. More so, it says it is “researching and prototyping products with 100x benefits, magical use cases, or universal constructs.”
Features of Harmony Blockchain
Harmony blockchain focuses on the speedy processing of crypto transactions. Just like every other new generation of blockchain, the token and its ecosystem intend to be the ideal solution to the congestion issue that is synonymous with blockchain technology. In solving this issue, Harmony mainnet is aimed at revolutionizing block creation. Therefore, leading to the implementation of the sharding process, which has helped slash the node validation time massively.
Also, Harmony as a crypto project invented the Verifiable Random Function (VRF) to eliminate favoritism or preference on it’s shard membership. The introduction of the VRF helped Harmony blockchain to protect nodes and secure the validation process. Notably, the system helps to assign and reassign nodes and validators randomly. These implementations have supported the project to stand tall among its peers while contributing to the growth of Harmony crypto in the market.
Another remarkable feature of the project is the Harmony Grant Program. The initiative is aimed at support developers on the Harmony mainnet. Similarly, it supports startup projects in its ecosystem to find their feet against the market odds. With the Harmony Grants program, developers in the ecosystem will have access to funds to finance their projects. Beyond reasonable doubt, the Harmony Grants program has helped in attracting developers to the ecosystem. Pushing Harmony crypto among top projects that are attracting startups lately.
Staking system and popularity among DApps
With its consensus mechanism, Harmony offers security and supports the emerging green energy campaign in the crypto space. Meanwhile through its consensus mechanism, Harmony blockchain allow hundreds of validators to stake simultaneously. Though, the project is working on increasing the staking returns in the nearest future. With that, Harmony crypto is hopeful of attracting more node operators to its ecosystem.
Similarly, Harmony through its staking system, aids communication between validators and the network. Additionally, the staking system is designed to reward the stakeholder with the largest possession of ONE token. More so, stakeholders usually emerge as validators base on the value of their stakes.
Since the project is in existence to facilitate the creation and use of Decentralized applications, Harmony crypto (ONE) is popular among DApps. With the emergence of new Decentralized Applications on its ecosystem, Harmony crypto is gradually growing in popularity. The popularity of Harmony among DApps has attracted more utility for Harmony crypto.
How the $300 million grant will enhance the popularity of Harmony Crypto (One)
There are indications that Harmony is willing to support its ecosystem with more than $300 million. As revealed, the team is willing to achieve a “Build, Play, and Talk.” mission with the funds. The funds are divided into numerous parts with the intention of rewarding developers for different reasons and tasks. The initial plan is to attract more developers to the ecosystem. However, the move has turned out to benefit Harmony crypto (ONE).
It’s imperative to note that Harmony crypto is volatile, like most tokens in the virtual assets market. Over time, the token has reacted to the prevailing atmosphere in the cryptocurrency space. Thus, showing that it is not immune to the micro and macro price triggers in the crypto sector. Nevertheless, the funding initiative has gone a long way in helping Harmony crypto find its feet in the market.
Harmony crypto may not be soaring high as many investors might have expected. Yet, the coin has proven that it has come to stay and serving its purpose to the Harmony ecosystem. Additionally, investors can entrust a part of their portfolio to the token because of the bright future that awaits it. Nevertheless, investors will go through a rigorous research process individually to determine if Harmony crypto is worth their attention. There are strong clues that the $300 million funding initiative will work some magic for the growth of Harmony crypto.
Currently, Harmony isn’t backing out from its quest for advancement and growth. Lately, the project has been working on venturing into Web 3.0. Nevertheless, the project will still focus on the core of it’s existence while embracing new innovations to meet the evolving demands of the crypto space. A move that will be beneficial to the development of Harmony crypto.
Within the year, Harmony has pushed to be a top blockchain for cross-chain assets, collectibles, identity, and governance. In the quest of pursuing these goals, the project focused on certain angles to achieve it’s aims. These angles are Adoption, Interoperability, Decentralization, and Zero-Knowledge proofs. It’s fair to say that the future of Harmony crypto is promising due to its future and existing plans.
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