Launched as part of the initial exchange offering (IEO) on the Binance Launchpad in May 2019, Harmony seeks to provide an alternative way for decentralized apps to function by focusing on random state sharding, which makes it possible to produce blocks in milliseconds. Its development followed the slogan of “decentralization at scale,” with a focus on data sharing and the creation of marketplaces for fungible and nonfungible tokens.
What is Harmony (ONE)?
The Harmony network is a decentralized blockchain-based platform that provides developers with tools and functionalities for creating, hosting, managing and utilizing DApps with maximum scalability and interoperability. Harmony is built on Ethereum; therefore, the team aims to develop solutions to Ethereum’s existing limitations.
How does Harmony (ONE) work? The Harmony network uses a sharding mechanism that is designed to increase the scalability of blockchains. The mechanism, referred to as random state sharding, allows the network to split the database into smaller shards in order to decrease latency. Sharding enables quick and near-instant transactions while preventing network congestion.
Who is behind Harmony (ONE)? Stephen Tse is the creator and CEO of Harmony. He has a Ph.D. in Mathematics from the University of Pennsylvania, specializing in cryptography and type theory. The Harmony team comprises 12 people, seven of whom formerly worked at Google, Apple, Microsoft and Amazon.
How is the Harmony network secured? Beyond the common proof-of-work (PoW) and proof-of-stake (PoS) consensus algorithms, Harmony adopted its own approach known as fast Byzantine fault tolerance (FBFT) that enables fast transactions on the Harmony network by handling them in parallel. At the same time, Harmony lowers communication costs by signing transactions with a collective signature, having 250 or more validators come to an agreement in less than two seconds. The validators are chosen by virtue of the PoS method, which entails that those holding the most ONE coins are most likely elected.
ONE coin price
A Harmony (ONE) price prediction is quite difficult to make, as the cryptocurrency is still fairly new and its price is constantly changing. Is Harmony (ONE) a good investment? It’s crucial to do your homework before investing in any cryptocurrency. However, the ONE live price chart can be found at the top of the page, along with a Harmony (ONE) price chart showing Harmony’s price history.
Harmony’s (ONE) circulating supply is 12,412,709,778 ONE, and the Harmony (ONE) maximum supply is currently unavailable. Curious about how and where Harmony (ONE) can be bought? Almost all major exchanges offer the possibility to buy, sell or trade ONE.