Harmony (ONE) is a Proof-of-Stake sharded blockchain architecture with high scaling capabilities founded by Stephen Tse in 2018. The next-generation sharding-based blockchain Harmony (ONE) is completely scalable, energy-efficient, and safe. By fusing the best technical practises and research findings into a perfectly tailored system, Harmony solves the issues with existing blockchains. Harmony is a highly scalable and secured blockchain. Its mainnet has been operational with state sharding since June 2019 and open staking since May 2020. With 4 shards, 250 nodes per, 25.3K on chain delegators, 60% liveness slashing, and sub-second leader rotations, Harmony achieves 2-second transaction finality.
For quick consensus of block transactions, Harmony has innovated on the tried-and-true Practical Byzantine Fault Tolerance (PBFT). Low transaction fees and one-block-time finality are achieved in Harmony Mainnet thanks to our Fast BFT (FBFT). An innovative Proof-of-Stake (PoS) method for network economics and security has been developed by Harmony. With the help of our Effective Proof-of-Stake (EPoS), rewards are distributed equally among thousands of validators while reducing centralization. Our staking method supports reward compounding and delegation. The EPoS penalises elected but unavailable nodes and slices validators who double-sign in order to support 100% uptime yet fully open participation.
With Harmony, the world now has access to a scalable and secure blockchain platform that can sustain the nascent decentralised economy. Applications like high-volume decentralised exchanges, interactive fair games, Visa-scale payment systems, and Internet-of-Things transactions that were previously impractical on blockchain will now be possible thanks to Harmony.
Tokenomics
The total supply of Harmony (ONE) token is at 13,156,044,839. The ONE token has a maximum supply and issues inflationary token rewards to incentivize a target supply of the amount of ONE staked.
ONE is available for Staking, and you can earn up to 13.9% APY on following exchanges.
Benefits of Harmony (ONE)
Secure Sharding-
The distributed randomness generation (DRG) mechanism, which is unpredictable, unbiasable, verifiable, and scalable, makes Harmony’s sharding process demonstrably secure. Additionally, Harmony reshards the network without disrupting it to guard against byzantine adversaries that slowly adapt.
Efficient and Fast Consensus-
Unlike other sharding-based blockchains which require PoW to select validators, Harmony is based on PoS and thus energy efficient. Consensus is reached with a linearly scalable BFT algorithm that’s 100 times faster than PBFT.
Fully Scalable-
Harmony shards not only the network communication and transaction validation like Zilliqa, but also shards the blockchain state. This makes Harmony a fully scalable blockchain.
Scalable Networking Infrastructure-
With RaptorQ fountain code, Harmony can use the Adaptive Information Dispersal Algorithm to quickly disseminate blocks across shards or across the network. In order to provide cross-shard transactions that scale linearly with the number of shards, Harmony additionally uses Kademlia routing.
Consistent Cross Shard Transactions-
With direct inter-shard communication, Harmony facilitates cross-shard transactions. In order to guarantee the consistency of cross-shard transactions, an atomic locking technique is employed.
Recent Developments
In 2022, Bitcoin (BTC) and harmony are connected by a trust less bridge that Harmony (ONE) has created. Holders of Bitcoin (BTC) now have the option to enter the decentralised finance (DeFi) market thanks to the trustless bridge. Additionally, given the rapid expansion of Web 3 and smart contracts, it is important to assess the viability of BTC on an EVM network. In order to connect BTC to Harmony’s Ethereum Virtual Machine (EVM) network, Harmony One is therefore concentrating on this development.
Harmony (ONE) Price Predictions
As of the time of writing Harmony (ONE) was trading at around $0.011. The coin is already 95.3% down from its all-time high of $0.37. With growing adoption of cryptocurrencies for boosting trend of DeFi is expected to boost the ONE token price. Thus, ONE is forecasted to surpass its all-time high in the near future.
Further, the growing benefits of sharding and DeFi are also expected to foster the demand for ONE token in the coming years. Thus, ONE is projected to reach $0.5 in the next 4-5 years.