Harmony (ONE) is a blockchain platform engineered for the development and use of decentralized applications (dApps).
What is Harmony?
- Harmony is a blockchain platform designed to use on decentralized applications (DApps) aiming to address the issues plaguing more traditional blockchains by a combination of bleeding edge research and brilliant engineering.
- Harmony works on effective proof-of-stake (EPoS) – a new version of the proof-of-stake (PoS) consensus, with the sharding concept, to secure the network.
- ONE, Harmony’s native token, can be staked or locked up in the Harmony ecosystem, which allows holders to earn block reward and transaction fees as a reward for assisting in validating the network.
- The exchange of crypto assets is seamlessly swapped between chains including Ethereum and Binance Smart Chain with cross-chain bridges.
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Who is behind Harmony?
The Harmony’s CEO is Stephen Tse. He was previously a researcher at Microsoft Research, before working with Google as a senior infrastructure engineer. Moreover, there are four additional co-founders, most of whom are artificial intelligence experts.
The team consists of more than 30 members, with their backgrounds varying from engineering to academia, and to entrepreneurship.
What is the purpose of Harmony?
The network aims to innovate the way decentralized applications work by focusing on random state sharding, which allows creating blocks in seconds.
- Harmony provides a high-throughput, low-latency and low-fee consensus platform designed to power the decentralized economy of the future.
- Node validation time is significantly reduced using the sharding process as the Harmony mainnet aims to revolutionize block creation.
- Verifiable Random Function (VRF) is used to ensure the protection of nodes and secure the validation process in the network.
- The effective proof-of-stake (EPoS) consensus allows simultaneous staking from hundreds of validators with faster processing times and improved scalability.
- Harmony is assisting businesses in developing marketplaces for various tokens, such as fungible loyalty points or energy credits, as well as non-fungible assets such as artwork or in-game digital assets. This opens up the Harmony ecosystem for users to buy, sell, or trade across tokens in a convenient manner.
- FlyClient is a fully trustless and highly gas-efficient architecture used on the network with zero knowledge proofs – a cryptographic construct which allows one to prove the validity of a statement without revealing anything about it.
- The fact that there are other powerful third-generation cryptocurrencies that address the same solution as Harmony, which is to innovate decentralized applications, may create serious competition for the network.
News and Updates:
- Terra UST, the decentralized and algorithmic stablecoin of the Terra blockchain, announced its partnership with Harmony on 8 July 2021, unlocking cross-chain liquidity for $UST in the Harmony ecosystem of applications.
- Harmony announced a $300 million ecosystem development fund on Sept. 9 to help strengthen and expand the Harmony ecosystem
Community & Whitepaper Links:
All investments are speculative and involve substantial risk and uncertainty. Investors should understand the nature of digital assets including the terms of return and the risk of assets. We encourage investors to fully understand the assets and the risk associated with them prior to making any investment.
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