What Is Harmony (ONE) Coin?
Harmony (ONE) is a high-performance consensus platform. Its throughput is 10 million transactions per second with 100-millisecond latency and no more than 0.1% commission. The coin provides a decentralized economy for various infrastructures. The Harmony (ONE) coin enables various types of applications and trading platforms that require high bandwidth and decentralization.
Harmony History Brief
On May 27, 2019, users applied for the token. According to the Harmony crypto news, 1.58 billion tokens were sold to Launchpad participants on May 28. The token was added to the cryptocurrency exchange on June 1, 2019. On a listing day, the coin was up about 130% from its initial trading price. Its success can be attributed to encouraging short-term prospects, including a massive airdrop drop on the Binance DEX platform.
Harmony Crypto Consensus Mechanism
The threshold is adjusted based on the total volume. So, attackers can't concentrate their forces within a single shard. Moreover, the threshold is low enough to allow all users to join the network and receive rewards.
Thanks to RaptorQ's fountain code, Harmony can quickly place blocks within shards or across the network using an adaptive information distribution algorithm. Harmony uses Kademlia routing to perform cross-sharding transactions that scale logarithmically according to the number of shards.
The ONE coin supports cross-sharding transactions where shards communicate directly with each other. Atomic blocking mechanism is used to ensure seamless cross-sharding transactions.
The Harmony blockchain is shaping the emergence of applications that were previously unavailable on the blockchain, including decentralized exchanges, interactive fair games, Visa-level payment systems, and transactions interconnected with the Internet of Things. Harmony aims to make trust available to billions of people and create a completely fair economy.
Staking And Saving Of ONE Coin
Harmony (ONE) coin mining is based on DPoS staking. The more coins a user has in his account, the higher the chance that he will be the one who closes a new block and, consequently, gets rewarded for it. This option does not require the purchase of hardware, it is enough to install the software and purchase a certain amount of coins.
You can buy ONE coin and store it in hardware and desktop wallets.
The Key Features Of Harmony
- The consensus protocol uses principles such as sharding to process transactions in parallel. As a result, connection latency is handled more efficiently, and bandwidth scales with network growth.
- The core of the system focuses on security and performance. Thanks to it a large number of different devices will be able to take part in the consensus. And this has a positive effect on the degree of decentralization of the network.
- Network engineering techniques for smart message propagation and fast consensus building. Understanding the network topology allows you to run the most parallel protocol possible.
- The Harmony crypto can be used to build different types of decentralized apps and trading systems that require high decentralization and bandwidth. Games, exchanges, artificial intelligence platforms are just examples of possible use cases.
- Unlike other sharding blockchains that use the PoW to select validators, Harmony uses DPoS and is energy efficient. The consensus is achieved using a linearly scalable BFT algorithm that is 100 times faster than PBFT.
Harmony Crypto Advantages
The WhitePaper lists the main points that make the Harmony (ONE) crypto project stand out. These are the main of them:
- Secure Sharding. It is conditioned by the implementation of the Distributed Randomness Generation (DRG) mechanism.
- Efficient and productive consensus protocol. The PoS protocol is offered, based on an improved PBFT (Practical Byzantine Fault Tolerance) algorithm. It is called Fast Byzantine Fault Tolerance (FBFT). An increase in performance almost 100 times is achieved by using BLS (Boneh-Lynn-Shacham) multi-signature.
- An adaptive PoS threshold is the asset reservation threshold required for a node to participate in the network. It dynamically adapts based on the total number of reservations in the network. At the same time, the level of entry available to relatively small participants is maintained.
- Scalable network infrastructure. The use of Kademlia routing to provide cross-sharding transactions will allow for logarithmic scaling.
- Consistent Cross-Shard transactions. The proposed architecture implements direct interaction of shards with each other while preserving consistency through atomic blocking mechanisms.
Harmony Crypto News
According to the Harmony crypto developers, they are planning to make a fully decentralized and community-led network in 2021. Their main efforts are to build utility and serve as a hub between the main blockchains.
At the beginning of 2021, they already updated the ONE wallet and fixed the main problems of the previous version to make it more secure.
How To Buy Harmony Coin?
Today Harmony crypto price is 0.221 USD. The best way buy ONE coin is StealthEX. It’s a super-friendly, non-custodial and limitless cryptocurrency exchange platform. So if you already have savings in crypto and wish to invest in Harmony crypto, just go to StealthEX and follow these easy steps:
- Choose the pair and the amount for your exchange. For example ETH to ONE.
- Provide the recipient address to which the coins will be transferred.
- Move your cryptocurrency for the exchange.
- Receive your ONE coins.