Decentralized Finance is experiencing remarkable growth and is predicted to keep growing indefinitely. However, while being in its early stages, it’s becoming increasingly evident that the distance between the DeFi space and the moon (a reference to the popular Dogecoin meme) is determined by the speed with which interchain transfers can be completed.
There are limitations to single-chain platforms for transaction processing. As more cross-chain options are created, single-chain systems become less efficient. Harmony (native token ONE) is a cross chain initiative that’s been getting a lot more attention lately. In this article, we’ll look at how Harmony addresses scalability challenges in the DeFi domain and how to buy Harmony (ONE) token.
Let’s dive in!
Harmony: What is it?
Harmony is a Layer 2 Blockchain platform built on Ethereum. It simplifies decentralization and the creation of DApps on the Ethereum network.
Because of Ethereum’s high gas prices, more altcoins are developing scaling solutions and competing to dethrone Ethereum as the most popular network for developing DApps. Harmony works in partnership with Ethereum instead of competing with it, unlike many systems within this group.
Harmony uses sharding technology to split the blockchain network into parallel chains called shards. This is done to improve network efficiency and performance at lower costs. The platform’s transactions are completed in less time than normal blockchain transactions and can cost as little as 100 cents per transaction.
Harmony, like many new tokens, uses Proof of Stake to manage its governance token, One. PoS is cheaper, requires less energy, allows for greater decentralization, than proof-of-work (PoW), and has a lower cost. Owners of the ONE token have a vote in the Harmony platform’s decision-making and can earn passive revenue by staking.
The Harmony network’s unique validation mechanism is a primary reason for its broad popularity. According to the staked tokens, the number and number of verified nodes are determined. Thus, lower-staking validators have more active nodes. Harmony now boasts 1,000 active nodes.
What is ONE?
Harmony uses Harmony ONE as its native token. This is similar to other Layer-2 platforms. Harmony’s name stresses the company’s goal of assisting open consensus methods for billions of people across the globe.
For this purpose, the Harmony protocol native token ONE is used
1. Network transaction fees.
2. Participating in Harmony’s open governance process
3. You can take part in a stake-taking exchange to receive block rewards as either a validator, delegator, or validater.
Harmony pays 441,000,000 ONE annually to validaters. Transaction fees are burned in order to reach a net-zero status, which will allow you to receive the ONE for block reward rewards.
Harmony: What makes it unique?
Harmony is a company that aims to revolutionize block generation. It focuses on validity and processing speed. The sharding strategy allowed the developers to dramatically reduce the time it took for transactions to be validated.
Harmony developed the Verifiable random Function (VRF), an impartial and unexpected shard member to secure nodes and protect the validation process. It means nodes and validators will be assigned and reassigned in a random process.
Project’s harmony grants program aimed at supporting innovation and attracting developers to the Harmony main net.
Platform Strengths
Safe, random state Sharding
Harmony One overcomes the blockchain problem by applying the most advanced research to manufacturing. The growth of blockchains through sharding is possible while maintaining security, decentralization and privacy.
They not only shard our network nodes, they also have the blockchain states. This allows linear scaling for all three elements: storage, transactions and computing.
We need to have enough nodes and sufficient cryptographic randomness in order to prevent single-shard attacks. To ensure that Byzantine behavior is not a problem, each shard contains 250 nodes. Harmony uses the Verifiable Delay Function, (VDF), to attain unbiased and unanticipated shared membership.
Rapid consensus with immediate finality
One has adapted the tried-and-true Practical Byzantine Fault Tolerance to facilitate block transaction consensus. Harmony Mainnet’s Fast BFT(FBFT) reduces transaction costs while ensuring one-block-time ultimateity.
They employ constant-sized Boneh–Lynn–Shacham (BLS) signatures to commit blocks in a single round of consensus messages. We achieve 2-second blocks against antagonistic and absent leaders.
Harmony Mainnet was launched in June 2019. It has produced more than 30,000,000 blocks and facilitated more than 450 000 transactions using native ONE tokens.
Harmony One Tokenomics
According to CoinStats’ data, ONE is a circulating token supply of approximately 11.7 billion ONE tokens. It also has a market capitalization in excess of $2.3 billion.
Harmony tokens are currently trading at $0.14 per token. In the last 24 hours, Harmony ONE tokens worth $73.8million were traded.
Although there’s no limit to the supply of inflation, it is used as a reward system for stakeholders. One appears to be a token of deflation, however, it isn’t. A fixed number of 441 millions ONE are created each year. The staked tokens of non-available nodes is half destroyed. This helps to balance the issue of tokens, and pushes the inflation rate towards zero by allowing more people to join the network.
Where can I purchase Harmony Cryptocurrency
You can purchase Harmony ONE tokens on any of the top cryptocurrency exchanges. So let’s look into some of the leading exchanges to buy Harmony!
Keep it up
One of the most popular exchanges in America and Britain, Uphold, is an extremely innovative and experienced trading platform. They should be able meet all your trading requirements across multiple cryptocurrencies such as Harmony (ONE). Apart from the trading platform’s simplicity of use and creative features, what distinguishes Uphold is its industry repute.
You can trade with Uphold on your mobile or desktop devices. It is easy to use and customizable, and you can trade any assets that interest you. This is an excellent choice for novice traders.
Binance
Binance is one the most popular cryptocurrency exchanges. One of the best things about buying Harmony(ONE) is that it has lower fees and better liquidity. You can also quickly buy and sell in order to profit from market-moving information.
Investors from Australia, Canada and Singapore will find this exchange ideal. Residents of the United States are not permitted to purchase most tokens.
Gate.io
Gate.io was established in 2013 and has grown to be a well-known trading platform. While it is not the most popular exchange, it offers users an easy-to-use interface for beginners while yet keeping comprehensive and sophisticated charts for traders of all skill levels – including technical traders. This exchange offers a wide range of cryptocurrency, including Harmony (ONE), as well as being the first to offer new tokens.
The exchange is open to citizens of all 50 states, with the exception of New York State and Washington State.
KuCoin
KuCoin is an established crypto exchange. It is one of the best in terms of trading price and fees. Since its inception, the exchange allowed only crypto-tocrypto trading. The exchange’s popularity has soared tremendously. The current exchange provides many services such as peer-to–peer trading, credit card or debit card purchase and even peer-to–peer trading.
KuCoin supports Harmony (ONE) trading, as well as more than 300 other tokens. It’s often the first to provide new tokens.
BitYard
BitYard was created in 2019, and allows traders to trade over 100 cryptocurrency, including Harmony. BitYard has a Singapore-based office and serves traders from over 150 countries such as Australia, Canada, Singapore and the United States.
The exchange is regulated and licensed in several jurisdictions, including Singapore’s ACRA (Accounting and Corporate Regulatory Authority) and the United States’ MSB (Money Services Business) (a license issued by FinCEN.)
BitYard’s fees are highly competitive and in line with those of other crypto exchanges in the digital assets market.
This exchange is currently open to US residents.
Huobi Global
Huobi Global was founded in 2013 and has since grown to become one of the world’s largest cryptocurrency exchanges, with a total trading volume of US $1 trillion. Huobi currently serves over 5 million people in 130 countries and accounts for 50% of global digital asset transactions. Huobi Global is currently not open to residents from Canada or the United States.
Huobi Global is a leading exchange that supports Harmony trading (ONE).
WazirX is available only in India
WazirX is India’s largest cryptocurrency exchange, with over 400,000 users, and it is continuously increasing. Their exchange is well-known and offers Harmony (ONE), trading options. They also welcome clients from around the globe. Binance Group is the parent company of this exchange, which guarantees excellent customer service.
What is the best way to buy ONE harmony?
You can easily acquire Harmony (ONE), but the Coinbase app or Coinbase wallet does not allow Harmony ONE token trade.
These are the steps to buy Harmony ONE
Step #1: Find a Cryptocurrency Exchange
Fee, security, and payment methods differ between cryptocurrency exchanges, so you’ll have to do some research to find the one that’s right for you. Below are the top 7 cryptocurrency exchanges. As a beginner, you don’t need a large number of features, and you can easily change exchanges later.
Step 2: Create an account
Go to the exchange’s website to set up an account. Click “sign up” to get to the account creation page, where you can fill out your personal information, such as your name, email address, mobile number, proof of address, etc.
Step #3: Fund Your Account
Log in once your account has been verified. Fund your account using credit, debit, or bank transfers. Or, you can use Bitcoin to fund it from a cryptocurrency wallet.
Step #4: Find Harmony
After that, complete your Harmony purchase by entering the amount you wish to spend and clicking the “buy” button.
Cryptocurrency Wallets to Harmony
Ledger is the best hardware wallet:
The most popular hardware wallet on the market is Ledger. This is an offline-compatible hardware wallet. Ledger connects via Bluetooth or USB, depending on whether the user wants to use a PC or mobile device. It’s also a lot easier to protect, store, and manage your assets with Ledger’s app.
Trust Wallet: Best Software Wallet
Trust Wallet uses the blockchain as its currency to store funds. The best feature is that all of Trust Wallet’s users’ personal information and keys are encrypted.
Crypto.com – Can You Purchase Harmony?
Crypto.com lets you purchase harmony (ONE) using the same steps as before. The best place to buy cryptocurrencies is Crypto.com.
Are You able to Buy Harmony in Binance
Binance offers Harmony (ONE), which is quite possible. You can purchase fiat currencies using a debit or credit card. Visit the [Buy Crypto with Debit/Credit Card]Click on the page to choose your currency. Next, enter ONE in [Receive] area. For complete purchase click here [Continue]Follow the screen instructions.
You can exchange one for another cryptocurrency. You can obtain a list of possible trading pairs by going to the Exchange view and typing “ONE” in the trading pair search area. The Binance Website has more details on how to access the trading view. You can also purchase ONE via DEX and other marketplaces like SushiSwap.
How is Harmony Network secured?
Harmony introduces a new version of proof-of-stake consensus (PoS). The mechanism is known as the effective proof-of stake (EPoS) and allows hundreds of validators at once to take part. The Harmony network-sharding concept inspired this consensus mechanism.
EPoS (in contrast to PoW consensus processes) is intended for faster processing and greater scaleability. PoW requires a lot of computing and electrical power. However, the staking consensus method relies on many value holders to act as validators.
Harmony will also be looking at increasing the staking incentive to increase node operator recruitment. Harmony Open Staking encourages network participation, and rewards those who have the most ONE tokens.
Harmony One: Both the Pros and The Cons
The pros
- Harmony is first Proof of Stake shattering protocol.
- Are Harmony’s speeds really faster than those of its competitors? Indeed, Harmony is indeed faster than its rivals. This system not only provides fast speeds, but it also offers the infrastructure necessary for greater scalability & dependability.
- Harmony is also proving to be a great partner. With an initial crypto exchange offering (IEO), and investment from Binance Labs it debuted on the market, Harmony shows they have a clear understanding of what their customers want.
- While NFTs are huge in digital finance, their high-priced gas on Ethereum has discouraged many from investing. Harmony joined the list of crypto alternatives looking for lower-fee NFT markets.
Cons
- Harmony’s flaws are already being addressed by Ethereum and Zilliqa. Are Harmony’s flaws being addressed by Zilliqa and Ethereum? Probably. But if meme coins have taught us anything, it’s that good use cases aren’t always enough to make a cryptocurrency popular. Rather, the public is interested in the buzz — and whatever choice the crypto market considers to be the “best.”
- Harmony’s efficacy is dependent on advanced technology such as the 5G network, which is currently unavailable in most regions of the world.
Is Harmony One a good investment?
Though there are still a lot of work ahead, Harmony Project is seen as both a solution for insufficient scaling, interoperability and a basis on which DApp developers can grow their transactions and apps.
Harmony intends to be a top crypto network recognized for its speed and efficiency, and it’s well on its way. This platform lives up to its promise that it will reduce transaction and gas expenses.
As any other platform or cryptocurrency, ONE’s value will increase as Harmony grows. Perhaps in the future, we’ll see additional uses for Harmony ONE besides purchasing, trading, and staking.
Conclusion
Despite being in a crowded sector, the Harmony network has made the wise decision to harness Ethereum’s massive user base rather than competing with it. Although the market is in its initial stages, there are no clear winners. Harmony’s approach to addressing the blockchain’s fourth trilemma — privacy — might prove to be a competitive advantage. Harmony, however, is moving from being a cross-chain platform to becoming a fully decentralized one. We’re interested to see if the Harmony token will continue to be popular once Ethereum 2.0 is fully implemented.
To learn more about cryptocurrency exchanges and portfolio trackers, wallets, tokens, etc., you can visit the CoinStats Blog.
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The market for cryptocurrency can be volatile and subject to secondary activity. Do your research thoroughly and only lose what you are able to afford. The future performance of Harmony cannot be predicted.
CFDs and stocks trading can pose significant risk. CFD trading can cause losses of between 74-89% in retail investor accounts. It is important to consider all aspects of your financial situation before you make any investments. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant regulators’ websites before making any decision.