What is Harmony (ONE), the cryptocurrency that has risen 122% in the last month The transfer of money to incentivize the growth of ecosystems has turned out to be of the most recent techniques in the world of cryptocurrencies, and for the type of projects
What is Harmony (ONE), the cryptocurrency that has risen 122% in the last month
The transfer of money to incentivize the growth of ecosystems has turned out to be of the most recent techniques in the world of cryptocurrencies, and for the type of projects that use such strategies, a now common bait for new users are rewards and other kinds of incentives for members
One such project that has recently seen its token price rise following an ecosystem development grant release is Harmony (ONE), a blockchain protocol focused on improving cross-network scalability. The project uses fragmented contracts and cross-chain infrastructure between multiple blockchains, including Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), and the Binance Smart Chain (BSC).
Harmony (ONE) is a blockchain platform focused on the development of decentralized applications (DApps). Like other new blockchains, such as Polygon or Solana, Harmony offers greater scalability and a better consensus system than the Ethereum blockchain. However, the Harmony blockchain is more secure and faster in developing decentralized applications through a sharding structure. The price of Harmony's token, ONE, has risen 38% in the last week and 122% in the previous month. At press time, ONE's price is $0.31. A $300 million fund is driving the rise in its price to accelerate the development of DApps.
What is the Harmony (ONE) cryptocurrency?
The main advantages that Harmony shows over other blockchains have to do with its fragmentation capacity and the speed of block-creation. Harmony fragments the nodes of the network and divides the three states of the blockchain into fragments: the network, the transactions, and the storage. This fragmentation makes Harmony a fully scalable blockchain.
Harmony secures its sharding process against Byzantine attacks by assigning randomized network validators and shuffled between shards. Each shard has 250 nodes to achieve sufficient security against Byzantine behavior. An algorithm achieves the randomness based on a verifiable delay function (VFD) which is unpredictable and scalable.
A little history of Harmony
Created in 2017 by 12 people, 7 of whom are former employees of Google, Amazon, Apple, and Microsoft. It is a blockchain network that aims to facilitate the creation and use of decentralized applications, better known as DApps.
Harmony aims to innovate the way DApps work, using random state fragmentation to create blocks in a matter of seconds.
It was created by Stephen Tse, a Ph.D. in cryptographic protocols and type theory from the University of Pennsylvania. His professional career includes a research fellowship at Microsoft, senior engineer at Google, founded a successful search engine called Spotsetter, which Apple later bought, and became Apple's chief engineer.
Byzantine Consensus Enhancement and The Best of Harmony
What has led this network to be where it is today is its speed to complete and validate transactions of up to 2 seconds, and its goal to revolutionize the way blocks are created. With the sharding process, Harmony significantly reduced node validation times. And to ensure it's a secure process, they introduced the Verifiable Random Function (VRF), which randomly assigns nodes and validators. Another factor that has drawn attention to this blockchain is its ability to offer cross-chain bridges to major networks such as Bitcoin, Ethereum, Binance Smart Chain, and Polkadot.
Harmony's consensus algorithm is called "Fast Byzantine Fault Tolerance" (FBFT), a classic Byzantine Fault Tolerance consensus variation. Thanks to this implementation, FBFT confirms locks in 2 seconds and generates substantially lower fees than other blockchains. To achieve this, Harmony uses the Boneh-Lynn-Shacham Signature (BLS). An implementation that allows blocks to be confirmed in a single round of consensus messages, allowing the consensus to scale to hundreds of validators simultaneously.
Harmony also uses a slight variation of the Proof of Stake to select validators, known as the practical participation test. In this way, Harmony reduces centralization and distributes more fairly to thousands of validators. The main difference with the classical proof-of-stake is that Harmony drastically reduces the validators that sign twice and penalizes the chosen but unavailable nodes. Therefore, validators with many tokens are almost forced to run nodes to support the blockchain.
The ONE token
Harmony's native blockchain token is known as ONE and serves as the operating and governing currency of the community. In the last month, its price has risen 122%. In large part, due to the $300 million fund, Harmony unveiled last September. The fund is intended to finance more than 10,000 developers who want to implement decentralized applications on Harmony's blockchain.
Origins of Harmony
Harmony was created in 2017 by 12 people from Google, Amazon, Apple, and Microsoft. The main blockchain was launched in 2019. This last quarter aims to build a cross-chain NFT marketplace and build bridges with Bitcoin and Polkadot.