Altcoins: Harmony (ONE) - What Is It? - A Deeper Look Into the Harmony (ONE) Platform
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Summary:
- What is The Harmony (ONE) Platform and how does it work?
- Advantages of the Harmony exchange.
- Harmony’s past, present and future price positions.
Read next: Altcoins: Filecoin (FIL) - What Is It? - A Deeper Look Into the Filecoin (FIL) Platform
The Harmony platform
Blockchain platform Harmony makes it easier to build and use decentralised applications (DApps). The network focuses on random state sharding, which enables the creation of blocks in just a few seconds, with the goal of innovating the way decentralised apps operate.
By the end of 2021, cross-shard contracts and a cross-chain infrastructure are planned to be introduced by Harmony, according to the project website.
The Harmony mainnet seeks to reinvent block creation by putting an emphasis on processing speed and validity. The business drastically decreased node validation times by implementing the sharding method.
The Verifiable Random Function (VRF) for impartial and unpredictable shard membership was established by Harmony to assure the protection of nodes and the security of the validation process. This indicates that validators and nodes are randomly assigned and reassigned.
An effort of the project called Harmony Grants attempts to encourage innovation and draw developers to the Harmony mainnet.
A new iteration of the proof-of-stake (PoS) consensus is introduced by Harmony. This technique, known as effective proof-of-stake (EPoS), permits concurrent staking from a large number of validators. This consensus technique was created in conjunction with the Harmony network's sharding concept.
EPoS is intended for quicker processing times and increased scalability, in contrast to proof-of-work (PoW) consensus algorithms. Staking consensus methods rely on a large number of value holders who act as validators, whereas PoW demands a lot of electrical and computer resources.
In order to draw in more node operators, Harmony is also aiming to increase staking incentives. By rewarding stakeholders with the most ONE tokens, the Harmony Open Staking program promotes network interaction.
The current market capitalization for Harmony is $245,023,620. There is a maximum supply of 13,542,671,656, 12.32 billion are currently in circulation.
Advantages of the Harmony Platform
- Harmony provides its users with the opportunity to enter the decentralised application (DApps) space.
- Harmony also improves the infrastructure behind blockchain, it is an ambitious project that ensures faster and more reliable solutions.
- Harmony has an impressive list of involved partnerships, these partnerships also range across a wide variety of industries.
- Harmony's development team is suited well according to its project.
An environment for the end-to-end transmission of cryptocurrency has been developed by the well-known and ambitious project Harmony. This is accomplished by incorporating current networks that enable consumers to change fiat currency to cryptocurrency and vice versa. Investors have a variety of reasons to choose Harmony as their next greatest investment, according to the company.
The following are the main factors that Harmony is luring investors:
It is a quick and dependable blockchain that includes important breakthroughs like sharding and peer-to-peer (P2P) networking. The Harmony project aids companies in creating markets for the use of NFTs and fungible tokens. One of the first sharded blockchains that support staking is Harmony.
Past, present and future prices of The Harmony network (ONE)
Harmony’s price took more than a year to begin rising and gaining value, the first price peak for this crypto was seen in the first quarter of 2021 thereafter the price continued to spike both up and down. Harmony reached a maximum price of $0.339 in september of 2021. The volatility in its price has since staggered in both the upward and downward directions, the crypto has seen much volatility, which is a normal trend for the volatile nature of the crypto market.
Over the past few months, the global markets have been facing strong investor risk-off sentiment in the wake of the geopolitical tensions, Covid-19 lockdowns in China and supply chain issues. The cryptocurrency market has followed the trends of the greater market during these times, therefore the price of most cryptocurrencies have been falling, ONE does fall under this category.
According to some analysts, the future price of The Harmony (ONE) network could reach up to $0.11 by 2025 and could see a price of more than $0.25 by 2030. However, it is important to remember that this future price prediction is based solely on data and does not take into account factors such as investor sentiment and the ever changing market conditions, both of which make it difficult to make accurate future price predictions.
ONE Price Chart
Sources: finance.yahoo.com, coinmarketcap.com, sashares.co.za, capital.com
