In order for crypto assets to be able to completely replace traditional money, it is necessary to increase the throughput and scalability of distributed networks without sacrificing decentralization and security. The second, no less important problem is the creation of cross-chain bridges for direct interaction between the various blockchain ecosystems . And the developers of many popular projects and young teams that present interesting new concepts for the development of blockchain technology are also looking for ways to solve these problems.
One of these options was to implement segmentation, i.e. splitting a ledger into segments, each of which is responsible for a certain set of validators. This allows for a significant increase in productivity. And this technology is already being used with great success by some networks, including the Harmony cryptocurrency. As the project's developers claim, it may become the basis for a decentralized economy in the future. And is this really so, let's see.
What is Harmony coin?
Official Website
Harmony is a fast and secure blockchain with support for decentralized applications. Harmony 's main focus isto achieve scalability by splitting not only network nodes but also blockchain states into fragments, "linear scaling".
Harmony is also powered by Proof-of-Stake and innovates in practical fail-safe Byzantine consensus mechanisms to further reduce centralization. The ONE utility token has been running on the Harmony network since June 2019. Harmony is not a fork and is not copied from any open source platform. It has been designed from the ground up.
Technical Features
Harmony implements deep engagement with innovations at the protocol and network level for the blockchain by implementing:
- FBFT consensus is scalable using multi-signature BLS (Boneh-Lynn-Shacham).
- A secure protocol for distributed randomization generation using VDF (Verifiable Delay Function).
- Adaptive Proof of Stake partitioning to ensure strong network security.
- Kademlia Routing and erasing coding for optimum network performance.
- Project Harmony uses key innovations in country division such as safe betting and decentralized re-randomization. Plus optimal routing between slices and fast block distribution. Harmony's consensus algorithm does not allow hard forks. Information exchange between Harmony fragments is linearly efficient due to the use of Kademlia routing and scanning coding.
And nodes can traverse each other using Kademlia , a distributed hash table designed for decentralized computers. It also helps the parent nodes store and share file information using a unique node identifier that allows nearby nodes to communicate with each other. Harmony is the first blockchain to master online betting. In addition, it supports cross-chain transactions with Bitcoin , Ether , and BNB .
Appearance date and who is the team?
The founder of the project is a former Apple employee Stephen Tse. In Q3 2018, the Harmony team deployed a network of 40,000 nodes in 100 separate fragments (400 nodes each). The peak performance of the entire network was recorded at 118000 TPS. The test block size was about 2MB, and the average test transaction size was 250 bytes. In December 2018, the IDA adaptive protocol was introduced, which reduced the block synchronization time to 1.36 seconds. Then the team released several versions of the testnet. The latest Testnet 3.0 was launched in April 2019. In June 2019, Harmony cryptocurrency appeared in the market after IEO on Binance platform .
The CEO and Team Leader is Stephen Tse, Ph.D. in Security Protocols and Translator Verification. The Harmony team is made up of professionals in the field of coding and academic research. They include former employees of Google, Amazon, Apple, Microsoft and other successful startups that have been involved in developing the AWS and Siri network infrastructure.
Mining
Harmony 's distributed network uses the PoS-based state hashing protocol, so it is not possible to mine using computing hardware.
ONE coins can also be won by betting on the Binance platform .
Where to buy cryptocurrency, exchanges are available
An IEO for this project was held on Binance , and then traders had the opportunity to purchase Harmony tokens distributed on the spot platform of this exchange.
We also advise you to use only popular and trusted exchanges to buy any cryptocurrency. And to trade on any of the exchanges, you may need to register, and to work with traditional money, you need to complete identity verification.
Binance platform customers can buy a single cryptocurrency on the spot market. And 6 trading pairs are supported. If you do not already have a Binance account , please create one and complete the identity verification process.
And to do this, you need to open the main page of the service , click the "Register" button, and then create a login and password, following the prompts. When finished, it is recommended to go through KYC immediately, otherwise you will not be able to access any section. And for more information on how to register, verify your identity and buy cryptocurrency on Binance ,
It also supports trading pairs with ONE and dozens of other platforms. You can see the full list of exchanges and trading pairs, as well as the current exchange rate .
Harmony governor wallet
The Harmony Chrome browser extension is no longer available. This wallet is still available for installation, but you use it at your own risk. The developers of the project also recommend switching to the Metamask wallet . In order for the ONE tokens to be displayed in this addon, you need to add the coordinates of the Harmony network in the settings.
And as a mobile wallet, we recommend Trust Wallet, Math Wallet and Guarda Wallet. Harmony (ONE) cryptocurrency can be stored in Ledger and SafePal hardware vaults .
Pros and cons of the project
As we know, there must be some negatives and positives of the project, and here are the negatives and positives
development prospects
Let's try to make predictions for the ONE Harmony cryptocurrency for the next few years. Harmony ONE coin is gaining momentum. It has grown more than 20 times since the last market crash and is now on its way to being in the top 50 coins by market cap.
And it seems that the Harmony project has very high prospects for taking its rightful place on the cryptocurrency. But sometimes the project team seems to want to do a lot of things without focusing on anything. Bad marketing leads to stagnation of prices. And while Harmony supports the creation of Dapps , the project team was unable to encourage third-party developers to build apps on their platform.
Compared to competitors such as Solana and Avalanche Crypto (AVAX Coin), Harmony is far behind. And as the crypto market enters a phase of consolidation, Harmony 's prospects of becoming one of the best blockchain chains are declining. The speed of acceptance by the local community will play a major role in deciding the fate of this project.
conclusion
The Harmony cryptocurrency project is developing slowly, but it is still too early to put an end to it. Blockchain is technically strong and has a lot of room for growth. And ONE tokens can be added to an investment portfolio, but do not forget to diversify the risks.
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