What Is Harmony (ONE)? A Blockchain-Based Decentralized dApp Platform

Bittime - Blockchain technology and decentralization have proven their relevance, but scalability remains a challenge for many blockchain platforms. This issue often leads to bottlenecks, which several projects are trying to address. Harmony (ONE) is one such project, designed to improve decentralization and scalability for developers and users of decentralized applications (DApps).

What is Harmony (ONE)?

Harmony (ONE) is a blockchain-based decentralized platform that provides the tools and functions needed to create, manage, and deploy DApps with enhanced scalability and interoperability. 

In Hosting on Ethereum, Harmony offers a solution to overcome Ethereum's current limitations, aiming to build a self-sustaining ecosystem for both fungible and non-fungible token markets.

With a vision to contribute significantly to the decentralized finance (DeFi) space, Harmony uses innovative technologies to ensure high efficiency, scalability, and interoperability. The platform’s native cryptocurrency, ONE, is used for various network services, including transaction fees and governance.

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How Harmony Works

Harmony improves scalability and transaction speed through a method called random sharding. This technique divides the database into small segments called shards, reducing latency and enabling near-instant transactions while avoiding network congestion. 

The platform uses an adaptive Proof of Stake consensus mechanism and distributed randomness generation for secure, scalable, and easily verifiable transactions.

The Harmony network operates on the Fast Byzantine Fault Tolerance (FBFT) protocol, which processes transactions in parallel and reduces communication costs. 

This efficiency is further supported by multi-signature transactions, which enable consensus among over 250 validators in less than two seconds.

Founder and History of Harmony

Harmony was founded in 2017 by a team of 12 experienced developers, including Stephen Tse and Nick White. 

The founders bring extensive experience from companies such as Google, Microsoft, Amazon, and Apple. 

Harmony aims to introduce cross-sharding and cross-chain infrastructure to further enhance project development.

Harmony Unique Features

Harmony stands out in the DeFi and DApp space by offering fast validation times and near-instant transaction finality through sharding. The project also supports innovation through its Harmony Grants program, which attracts DApp developers. Harmony uses 

Verifiable Random Function for security and sharding, increasing its uniqueness.

Harmony Value Proposition (ONE)

Harmony’s value lies in its technology, utility, and capacity to support a variety of network operations. The platform’s ability to process transactions in seconds through sharding makes it a valuable asset in the blockchain ecosystem. 

The native token, ONE, derives its value from its utility within the network and market-driven factors.

Harmony Circulation and Supply (ONE)

There are currently 12,305,426,115 ONE in circulation out of a total of 13,156,044,839,793,139 ONE. Harmony uses inflation to reward stakers, with an annual reward rate of 441 million ONE. 

As network adoption increases, inflation tends towards zero, balancing the token supply.

Technical Aspects

Harmony uses deep sharding on the consensus layer, allowing devices with lower power capacities to act as nodes. This technique increases the efficiency and scalability of the network, making Harmony a competitive player in the blockchain space.

Harmony Network Security

Harmony uses Effective Proof of Stake (EPoS) to secure the network and prevent attacks. EPoS supports hundreds of nodes without centralizing the staking process. The network 

It also uses Distributed Randomness Generation and Verifiable Random Function for a secure and random verification process.

Use of Harmony

Harmony is ideal for developing and hosting DApps in a scalable and decentralized environment. The native token, ONE, is used for network governance, transaction fees, and rewarding participants. 

ONE can also be traded on crypto asset markets.

Choosing a Harmony Wallet

Harmony wallets range from hardware wallets like Ledger and Trezor, which offer high security, to user-friendly and free software wallets. 

Online wallets provide accessibility but may be less secure. Choosing the right wallet depends on storage needs and user experience.

Conclusion

Harmony aims to solve the scalability and interoperability issues, providing an optimal environment for DeFi and DApp developers. With near-instant transaction finality and low fees, Harmony is poised to become a leading blockchain network. 

As Harmony adoption increases, the value of its native token, ONE, is expected to increase.

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