Harmony (ONE) is one of the most recent projects that’s trying to unravel the issues of blockchain scalability. Harmony aims to create a fast and open network of nodes operated and governed by a large community.
Additionally, Harmony has created an ecosystem for the end-to-end transfer of cryptocurrency by integrating the existing networks that allow you to convert your fiat currency into crypto and vice versa. There are quite a few compelling reasons why you should deep-dive into this altcoin project.
Ten Reasons To Buy Harmony
1. Harmony is a swift and reliable blockchain that has key innovations such as peer-to-peer networking and sharding. This is an innovative project that was first announced by Binance Launchpad back in May 2019. Apparently, the Outliers Growth Award was also won by the team. Outliers is a venture which recognizes start-ups with growth potential within the fintech world.
2. The NFT market is exploding nowadays. However, it is facing slow development due to Ethereum’s high gas fee issues. Therefore, the LMA marketplace was established on Harmony protocol to get the advantage of lower transaction fees.
3. The project assists businesses to develop marketplaces for fungible token usage (such as loyalty points) and non-fungible assets (such as in-game digital assets). The team’s long-term vision is to provide a trustless, decentralized, and open blockchain platform for everyone.
Effective Proof-of-Stake (ePos)
4. ePos solves two major vital issues: first is to prevent top stakers from overtaking the network; and second, to spice up the bottom stakers. Both actions help users to earn rewards through fair participation in securing the ONE network.
Furthermore, Harmony’s effective proof-of-stake (ePos) mechanism also solves the scalability and security issues of Ethereum. Besides this, it also reduces centralization and shares equal rewards to the validators.
5. It is one of the first sharded blockchains to provide staking. Additionally, Harmony also introduced cross-chain loans, which is the first non-custodial cross-chain lending protocol. Besides this, the project also has plans to launch zero-knowledge proofs to enable data sharing with consumer privacy.
6. The Harmony platform is powered by the native ONE token that allows users to participate within the ecosystem and perform numerous actions. Furthermore, it provides a low-latency and low-fee consensus platform designed to power the decentralized economy for the long run.
7. For staking and on-chain governance, Harmony migrated the ONE token from the Ethereum and Binance chains to its own blockchain. In addition to this, users can store their ONE token on compatible wallets like Ledger, Trust Wallet, Harmony browser extension, and many more.
8. It authorizes users to enjoy the ownership of user data. Hence, users will enjoy any value that arises from their data ownership rights. Harmony aims to connect markets of flourishing countries, like China and India, for cross-border finance. Furthermore, it has also integrated fiat gateways (Binance US, CoinDCX) and stablecoins (Binance USD, WazirX INR).
9. Harmony also launched an Ethereum-Harmony cross-chain bridge with the name of Horizon. The team is also planning to develop cross-chain ecosystem which allows users and developers to interact with multiple chains.
Furthermore, it’s Practical Byzantine Fault Tolerance (PBFT) helps in the quick consensus of block transactions and its Fast BFT (FBFT) leads to low transaction fees.
10. The bridge is a secured group of validators, who submit their confirmations through the multi-signature contract. It also grants permissions to deploy tokens on Harmony to avail full features of the token on its chain.
Interestingly, there are 1,000 Harmony nodes so far, out of which 640 of them are run by the community. This node community is called Pangaea.
The Harmony Team
The team behind Harmony is a combination of engineering experts and academic research.
Stephen Tse (Founder and CEO): His experience comprises the top software giants, such as Apple, Google, and Microsoft. Also, he founded Spotsetter. Stephen possesses a Ph.D. degree from the University of Pennsylvania.
Rongjian Lan (Co-Founder and CTO): He is an experienced programmer who also worked with several big companies (including Google).
Leo Chen: He led a team of engineers at Amazon Web Services (AWS). There he built high-throughput storage virtualizations.
Top Ten Partnerships
1. Harmony and Travala.com partnered to integrate the ONE token as a form of payment on the travel platform.
2. UTU Protocol partnered with Harmony to launch AI-based oracles to maintain users’ creditworthiness. According to the news, UTU’s credit scoring oracles will get integrated into DeFi lending apps built on Harmony.
3. The Harmony chain also integrated CertiK Security Oracle to empower a secured DeFi ecosystem. CertiK will provide real-time security insights for Harmony users and developers.
4. Harmony and the Blockchain Education Network (BEN) partnered to enhance the knowledge of new generation blockchain developers and also provide them new opportunities.
5. The project teamed up with Binance to launch BUSD on Harmony. By this partnership, ONE is enabling cross-border finance on Harmony. Impressively, the team also cracked a deal with Telangana Blockchain District.
6. Nowadays everyone is entering into the NFT ecosystems as it is flourishing. Therefore, the NFT marketplace will launch on Harmony in collaboration with Animoca Brands. Furthermore, Animo and Harmony also acquired Quidd, which is a Sequoia-funded digital collectible startup.
7. Band Protocol has integrated with Harmony to implement scalable and secure blockchain for decentralized applications. In addition to this, ONE and Ankr are also working together to develop dApps on the cloud using artificial intelligence and IoT technology.
8. Harmony integrated with Chainlink and announced that Chainlink’s decentralized oracle is going to launch on Harmony.
9. Impressively, Harmony teamed up with leading rocket companies SpaceZ and Green Origin to launch a lunar landing mission. Additionally, astronauts also used the ONE fungible token to send remittances back to their relations.
10. Lympo is the primary Ethereum dApp that has ported itself over to ONE due to scalability issues. Its Harmony-based tokens are also available on Samsung Blockchain Wallet.
Harmony Technical Analysis
Harmony price, at the time of publication, is $0.0115599, with a circulating supply of 9.4 billion ONE coins. The maximum supply of ONE is 12.6 billion. The top exchanges that support trading of ONE are currently Binance, Huobi Global, HitBTC, Bitcoin.com, and KuCoin
ONE is already bottomed out and is trying to break out from the $0.00917 level. If it will breakout successfully from this level, then its next target is $0.0103 to $0.0122. If it is unable to sustain the immediate support at $0.00796, then we can see a further drop in price.
The Harmony team is solid and composed of experienced professionals within their relevant fields. The team has unique ideas and is dealing with future innovations like cloud computing and IoT solutions. Additionally, the team is also working on cross-chain finance to ease international money transfers. Overall, it looks like a promising altcoin project, and the team is also looking quite strong to take this project to the next level.
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