Harmony (ONE) is a decentralized blockchain platform launched in 2019. Harmony was initiated as a part of Binance Launchpad's initial exchange offering (IEO), and it aims to act as a bridge between scalability and decentralization initiatives.

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 Its development was guided by the slogan “decentralization at scale,” with a particular emphasis on data sharing and the establishment of markets for fungible and non-fungible tokens and assets.

Harmony was built on the premise that no platform has yet reached a satisfactory degree of decentralization and scalability, as detailed in the project's whitepaper.

Evolution and Development of Harmony

Stephen Tse, a seasoned developer, specializing in cryptographic systems, established Harmony in 2017. The objective was to establish a decentralized, open, and trustless blockchain platform for DeFi's worldwide users.

Along with Tse, a team of twenty more persons contributed to the project's progress. This founding team included professionals from a variety of fields.

This includes Artificial Intelligence (AI), Machine Learning (ML), software development, virtual reality (VR), and blockchain technology. 

To increase platform usage and collaboration, the team started hosting regular gatherings in San Francisco.

It began attracting several investors months after its inception and collected more than $18 million during its fundraising round in 2019.

Harmony has been able to cultivate both a real and online progressive community. Since its inception, the project has attracted a growing number of new users.

What makes Harmony unique?

Harmony aspires to remove structural impediments to cryptocurrencies being true digital money. For example, the increasing popularity of Bitcoin has slowed its speed and raised the expenses of using its payment system.

Decentralized transaction validation, network connectivity, and blockchain state will all be covered by deep sharding technology. Its attempt at complete scalability involves abandoning modularity and solving consensus “on scale.”

This involves improvements to consensus techniques, networking, and systems that boost performance without compromising decentralization. Harmony's increased transaction throughput should distinguish it from Ethereum and other blockchain alternatives that are forced to forego other capabilities to boost speed.

Competing systems, such as gaming or decentralized exchanges, are unable to handle scalability difficulties or enable high throughput applications, according to Harmony engineers.

Similarly, EOS and IOTA sought to replace consensus models with innovative technology like directed acyclic graphs (DAG). Harmony tries to retain security and/or decentralization by forming shards (groups) of validators that may process transactions concurrently.

Based on this, the overall transaction throughput should expand linearly with the number of shares. Harmony's testnet achieved 118,000 TPS in September 2018 with 44,000 nodes, hoping to bridge the daily 2,000 TPS difference with Visa.

Harmony's consensus methodology is fast and light. Its scalability and throughput claims rely heavily on its Fast Byzantine Fault Tolerant protocol's (FBFT) ability to expand with network capacity and efficiently combat connection delay.

Its network structure facilitates quicker message exchange and consensus. As well as a kernel built to execute its protocol in a way that enables more devices to participate in consensus building, Harmony is decentralized.

To implement deep sharding, a distributed randomness generation (DRG) architecture is used, which is touted as safe, verifiable, and scalable. The platform's remarkable functionality is enabled through a consensus mechanism, deep sharding, cross-chain interoperability, and Distributed Randomness Generation (DRG).

The Sharding process is a key technological feature of Harmony. The Harmony ecosystem's Sharding mechanism focuses on transaction and consensus layer efficiency. It has 250 validators per share, and with this technology, transactions are quicker, more secure, and less expensive.

What are the main uses for Harmony?

The ONE token powers the Harmony ecosystem's cogs by facilitating participation and acting as the payment mechanism for different network activities. This is accomplished as follows:

• The One token is utilized as a stake in the Harmony consensus mechanism. Holders may receive block rewards and be rewarded for maintaining the system's health.
• Tokens are used to pay for a variety of costs, including transactions, storage, and gas.
• Holders of ONE tokens are awarded voting rights as part of the platform's governance framework via the use of ONE tokens.

What is the future potential for Harmony?

Since its inception, Harmony has had a significant effect on the world of DeFi. The platform focuses on strengthening decentralization to accelerate the DeFi ecosystem's adoption.

It is most beneficial for developing decentralized apps, as well as technologies capable of enabling the construction of DApps.

Furthermore, Harmony (ONE) provides consumers with an extraordinarily scalable service as well as a highly rapid and efficient consensus software. It also facilitates the execution of ultra-fast transaction procedures using simple network connection protocols.

Notably, Harmony is well-known for the high level of security it provides while conducting network transactions.

Price analysis on Harmony

Harmony was initially launched in 2019, and its price analysis over the past three years are as follows:

Price prediction on Harmony

Harmony was released on the Binance Launchpad in May 2019 through an initial exchange offering (IEO). The coin was trading at $0.083 in September 2019 and ended the year at $0.0046. In 2020, the ONE token traded between $0.0025 and $0.010.

The upward trend started in 2023. According to some forecasts, the price of ONE will reach $0.29 by the beginning of 2023 and will reach a high of about $0.345 by the end of December 2023.

When searching for Harmony (ONE) price projections, it is important to keep in mind that expert forecasts are subject to error.

Analysts' forecasts are based on a fundamental and technical examination of the cryptocurrency's performance. 

Where can you buy Harmony?

Harmony (ONE) can be bought, sold, and traded on the following exchange trading platforms:

1. Bybit
2. KuCoin
3. HitBTC
4. Huobi Global
5. Binance

1. Bybit: ByBit is one of three major derivatives exchanges that facilitate the exchange of numerous different crypto assets at cheap costs, having been established in 2018. There are almost 2.5 million registered users on the Bybit exchange, which has a high level of confidence.

2. KuCoin: KuCoin is one of the world's largest and most trusted cryptocurrency exchange platforms, with over 8 million active users. In addition to industrial-level encryption and micro-withdrawal wallets, the exchange uses many layers of protection.

3. HitBTC: HitBTC was established in 2013 and has been around since. There is no doubt that the cryptocurrency exchange has become the place to purchase and sell small-cap cryptocurrencies.

There is a wide range of crypto assets that may be traded on it, including the most popular ones such as Bitcoin, Ethereum, XRP, and several others.

4. Huobi Global: As the “Belt and Road” continues to expand, Huobi is working with nations including Argentina, Russia, Thailand, Nigeria, and many more to create blockchain-based technologies and real-world blockchain applications.

Huobi Global Limited (Huobi) was founded in 2013 and is a leading provider of blockchain services. Trades may be made on more than 234 different cryptocurrencies on the company's trading platforms.

5. Binance: Changpeng Zhao founded Binance in 2017. Zhao has worked for Bloomberg and the Tokyo Stock Exchange. Binance swiftly became the world's quickest high-frequency trading system.

Binance moved from China to Malta shortly after its launch, followed by Binance Jersey and Binance Uganda. Binance offers institutional-grade research reports and one of the fastest order execution rates.

You can buy Harmony safely from these cryptocurrency platforms.

Does Harmony use coin burns?

Yes, in 2020, the co-founder of Harmony announced a coin burn of 200 million ONE tokens. Since launch, 300 million tokens had been mined on the mainnet, and 100 million ONE tokens had been given to foundational node operators, with the remainder going to Harmony internal nodes, after which they were burnt.

What is Harmony’s largest Competitor?

Cardano is the largest competitor of Harmony.

The distinction between Harmony One and Cardano lies in the medium of exchange used on their respective systems. Each of them picked a unique name and kind of money to protect their identity, which is why Harmony uses the cryptocurrency ‘ONE' for their platform.

The Cardano platform protects its property by using ADA as its native cryptocurrency.

Cardano's primary uses are in identification and traceability management. The former application is useful for streamlining and simplifying operations that involve data collecting from many sources. 

Cardano, who was founded by an Ethereum co-founder, has grown to be one of the most valuable cryptocurrencies. Many purchasers of Cardano see the tokens as an investment, believing that their value would increase as more people use the platform.

What can Harmony smart contracts do?

Harmony is the latest EVM-compatible smart contract platform to play the liquidity incentive game that Polygon and, more recently, Avalanche used to lure both developers and consumers.

Over the previous year, Harmony's ONE token has been one of the top performers among smart contract platforms. Despite its popularity and the fact that it has a comprehensive L1 platform, its ecosystem is still in the works.

Harmony's Horizon bridge is actively transferring assets to Ethereum and BSC, whilst Terra's shuttle bridge has already transported over $1 million UST.

A Polkadot bridge is available on testnet, and the bridge may be easily adapted to other chains which are compatible with EVM. The Ethereum bridge has been operational for a year, with no security problems discovered during the audit.

While the existing bridge relies on trusted validators, Harmony's planned enhanced bridge will be both gas-efficient and trustless: The sole guardians of each chain's native asset are smart contracts that reside on both Ethereum (or BSC) and Harmony.

Is Harmony a Good Investment?

Yes, Harmony is a good investment.

While several other blockchains are focused on scaling, including Solana (SOL), Cosmos (ATOM), OMG Network (OMG), and NEAR Protocol (NEAR), Harmony's significant rise is notable for its magnitude, especially where year-to-date price increases are concerned.

Although Harmony's market capitalization is tiny in comparison to Solana ($57.25 billion) and Cosmos ($5.25 billion), it already has 1,000 nodes, 800 of which are community-run.

While other rivals have had difficulty developing functioning DeFi apps, Harmony has been successful. Among these are Unify Protocol, DEX, and SeeSwap, a portfolio balancing decentralized application.

Additionally, Harmony supports LMA, a non-fungible token (NFT)-based art gallery, and SeeMarket, a decentralized application (DApp)-based prediction market.

What is the supply and distribution of Harmony?

Harmony has a circulating supply of 11,574,230,349 ONE.

Of the overall supply, 22.4% were reserved for the inaugural seed sale. Another 12.5% was put aside for a future Launchpad sale.

The founders and developers of Harmony got 16.9% of the overall supply. Around 26.4% of ONE tokens were committed to protocol development, while the remaining 21.8% were used to grow the ecosystem.

Is Harmony a viable Alternative Coin?

Yes, Harmony is a good alternative coin.

• Traceability – while transactions are recorded on a public ledger, the identities of users are not disclosed.
• Hacking – Harmony has not experienced a hacking attempt.
• Security – Harmony employs some of the most innovative security measures to ensure that its blockchain remains safe.
• Technology – Harmony employs several innovative technologies, including VRF.

Any cryptocurrency that isn't Bitcoin is referred to as an altcoin.

What are the differences between Harmony and Bitcoin?

While Bitcoin is notably the largest cryptocurrency, Harmony has performed well over a lengthy period, making it an excellent investment in 2023–2022.

Bitcoin has a much higher market capitalization, and it is ranked #1 amongst all cryptocurrencies, but Harmony has a bright future ahead of it in terms of technology and uses.

What are the differences between Harmony and Ethereum?

The Ethereum network's high gas fees have stifled the development of several innovations inside the Ethereum ecosystem. As gas fees rise, more people are shunning the blockchain because they cannot afford to pay for it.

To accommodate decentralized apps, the Ethereum network has had to restrict its scalability. Thus, Harmony's unique feature has attempted to fix the Ethereum network's problems.

It has proposed a new next-generation sharding technology that is optimally scalable and reduces the restrictions of Ethereum. Because of this, it offers a safe and energy-efficient platform for decentralized apps that is housed on the Ethereum blockchain.

What are the differences between Harmony and Dogecoin?

Harmony is typically more useful than Dogecoin and is likely to keep that advantage much into the future. Nonetheless, it is less popular among users because Dogecoin is older and has the backing of influential figures such as Elon Musk.

Both Harmony and Dogecoin are supported by sovereign wallets, which reduces their reliance on the core development team for security and upgrades.

Both ONE and DOGE are recognized at many online shops nowadays, and both coins have an unknown/infinite coin supply.

In terms of inflation, Harmony is on a level with or greater than Dogecoin. Whereas Dogecoin does not support staking, Harmony's staking provides yearly profits of 10%.

What are the differences between Harmony and NEO?

NEO was launched in 2016, three years before Harmony, and it uses a dBFT consensus algorithm to verify transactions and secure its blockchain. 

Neo (NEO) is a decentralized, open-source blockchain network that enables the creation of digital assets and smart contracts. Harmony is a free and open platform for asset management, collectables, identity management, and governance.

The secure bridges provide asset transactions between Ethereum, Binance, and three other chains.

Harmony has shown significant price performance of over 5,000% in the past year, and it has a much larger market capitalization than NEO, making it the larger and more successful crypto of the two.

What are the differences between Harmony and NFTs?

Nonfungible tokens (NFTs) are digital assets that each have a unique value, with no two NFTs holding the same characteristics or value as another. Harmony, on the other hand, is fungible, which means that one token has the same value and characteristics as another ONE.

What are the differences between Harmony and Solana?

The price on SOL is seven times as high as that of ONE because of its relative popularity and market cap. Because Solana can handle 50,000 transactions per second, transactions are confirmed about 50 times quicker.

Both Solana and Harmony are supported by sovereign wallets, which reduces their need on the main development team for security and upgrades. SOL and ONE are both widely recognized at a growing number of online shops nowadays.

What are the differences between Harmony and Cardano?

• The CEO monitors Harmony One, while the growing organizations control Cardano.
• Cardano was established in 2015 and became operational in 2017.
• Stephen Tse is the creator of Harmony One, while the co-founder of Ethereum, which is comparable to Cardano and Harmony One, is the founder of Cardano.
• Each platform has its own currency. Harmony One utilizes ONE as its native coin, while Cardano uses ADA.
• The platform speed is the main difference here. Compared to the Cardano, Harmony one has faster transaction times.
• Cardano is much more popular than Harmony and has a higher rank, market capitalization, and 24-hour trading volume.

What is a Whitepaper?

The whitepaper is a document that covers all the necessary information regarding an initial coin offering (ICO). It is, in fact, the company's business strategy.

This document contains information on the project's product, structure, purpose, benefits, team, roadmap, and future goals, among other things.

Do all cryptocurrency projects have a Whitepaper?

Each coin includes a “whitepaper” that contains all its information. A whitepaper sheds light on two critical parts of a cryptocurrency project: the project's aim and the technology that powers it.

When new cryptocurrency projects are launched, they are accompanied by a whitepaper (ICO). Many cryptocurrency projects employ whitepapers to educate investors on how the project works, the technology underlying it, and how it differentiates itself from rivals.

A published whitepaper is critical for crypto start-ups since it is a critical component of determining a project's validity. Whitepapers for cryptocurrencies are the first and most critical stage in recruiting investors to a business.

It is critical to present as much information about the project as possible and to explain why its coin is worth investing in. A well-written and informative whitepaper is critical for generating investor interest and assuring the success of a business.

How does Harmony (ONE) stake work?

Delegation is the greatest way to get block rewards without running a validator. Official Staking Explorer holders may assign their tokens to established validators.

If the tokens are delegated to a validator, the delegator will get a share of the validator's block reward. The delegator's block rewards are held in a separate reward balance that may be withdrawn directly to their account balance.

The block rewards can also be staked twice to amplify the staking impact.

What are the wallets compatible with Harmony (ONE) tokens?

A cryptocurrency wallet is a hardware device, physical media, software application, or service that securely holds the public and/or private keys associated with cryptocurrency transactions.

In addition to holding the keys, a cryptocurrency wallet often includes the ability to encrypt and/or sign data. The best compatible wallets for Harmony (ONE) tokens are:

1. Ledger
2. Safepal
3. Math Wallet
4. Trust Wallet
5. Sprout Wallet

1. Ledger: Ledger designed the Nano S hardware wallet. A hardware wallet separates the private keys to Harmony tokens, making it far more difficult for malevolent parties to take them. Indeed, the private keys never leave the Nano S, ensuring its security even when linked to a hacked PC.

2. Safepal: SafePal is a user-friendly and secure hardware wallet developed for the public. SafePal S1, the company's first flagship hardware wallet, employs numerous levels of protection systems and simple user interfaces, allowing users to easily store, move, and trade currencies in the wallet.

3. Math Wallet: Math Wallet is a secure place to keep Harmony (ONE) crypto funds. It has an iOS and Android app, a Chrome extension, a web version, and hardware wallets.

4. Trust Wallet: Trust Wallet is a mobile-only crypto wallet that has supported Harmony's mainnet token since the token swap began. Users can visit their respective app store and download it. It is available on both Android and iOS.

Users can easily set up their wallets and remember to keep the seed phrase. After users have saved the seed phrase, search for Harmony (ONE) and choose the mainnet token address.

5. Sprout Wallet: Sesameseed developed Sprout, a complete, decentralized blockchain application aimed at providing digital asset holders with an easy and safe blockchain experience.

Sprout was created as the main staking wallet for staking and earning digital assets, among other things. It aims to encourage both novice and experienced currency holders to stake their coins directly on the blockchain.

Best Bitcoin Wallets are the same as Harmony wallets.