Crypto Spotlight: Harmony ONE
Harmony One is a well-kept secret that won’t be a secret much longer. The coin has seen a recent surge in price and no doubt a surge in attention.
When Ethereum launched on July 30, 2015, as another decentralised open-source blockchain cryptocurrency playing little brother to Bitcoin- they knew they had something different. Ethereum has the functionality of Smart Contracts. A way to further extend the utility of cryptocurrencies in ways that can potentially change the way the world works.
Just like Bitcoin has spawned many copycat coins, Ethereum has given birth to so many amazing projects that are built based on the Ethereum smart contract model. Harmony is most certainly one of the more efficient and affordable coins to transact with.
Harmony Mainnet was launched in June 2019. Harmony network has produced 30M+ blocks with 450k+ transactions in publicly traded, native ONE tokens. Harmony’s bridges can connect any Proof-of-Work and Proof-of-Stake chains. Their FlyClient architecture is fully trustless and highly gas-efficient. Currently, their bridges for Ethereum and Binance Smart Chain secure tens of millions of cross-chain assets.
Developers simply change Chain ID and enjoy faster EVM executions identical at the bytecode level. They can use their familiar and standard Web3 tooling to easily migrate to Harmony.
As far as users they can continue to use MetaMask or Ledger — but now pay minimal fees. Any Ethereum wallets or portals can work on Harmony without code changes or new installs — they are fully compatible for both transaction messages and execution environments.
What is harmony one used for?
The One token is used as a stake in the consensus model used with Harmony. The holders can earn block rewards and are incentivised to keep the system healthy. The tokens are used to pay for various fees, including transaction fees, storage fees, and gas fees.
Speed kills, in a good way.
Harmony One is well known for its amazingly fast transaction times and very low fees.
Transaction times of 2 seconds at 1 block and fees of $0.000·001 USD are superb when compared to Ethereum at 6 minutes/25 blocks and fees that are continuously making holders very upset.
The Price is Right?
On January 28 2020 Harmony was priced at $0.00502 with a market cap of $18.3 million. If you want to buy Harmony, at the time of writing (October 7th, 2021) its priced at $0.219 with a market cap of $2.43 billion, yes billion with a B. A significant increase in that span of time.
Harmony One seems to have a very bright future and at this price, it’s still a great time to jump on the bandwagon- I certainly am.
Author: David Gonzalez
Digital Dave is from South Florida and has 17+ years of experience in the fields he loves to write about: finance, crypto and sports betting.