Harmony - The Link Between Decentralization and Scalability

by 99Crypto

Harmony (ONE) Blockchain: What Is It?

Blockchain-based Harmony (ONE) claims to be able to solve the problem of balancing decentralization and scalability without giving up either.

Harmony (ONE) debuted in May 2019 as part of Binance Launchpad's initial exchange offering (IEO). Its goal is to serve as a link between decentralization and scalability initiatives. It was formed with the slogan "decentralization at scale" in mind, focusing on data exchange and the creation of fungible token and non-fungible resource exchanges.

Harmony also offers outstanding throughput while keeping two "lows" in mind: latency and costs. When they merge, they're intended to place the platform at the core of attempts to lay the groundwork for future economies that don't depend on trust.

The IEO didn't start until 2018. Harmony started long before that, in 2018. But, who is the mastermind behind Harmony (ONE)? The company's financing round, which generated $18 million in April 2019, drew attention from several investors. These investors include Silicon Valley's Consensus Capital, Hong Kong's Lemniscap VC, and others. The investors purchased the company's ONE tokens for about $2.8 billion, with $12.6 billion set aside for pre-mining.

Harmony provides investors with leverage to a platform that will allow the firm to adopt a wide range of industries. The industries emphasize supply chain monitoring, data sharing, gaming, credit rating systems, decentralized marketplaces, and ad exchanges.

What's the deal with Harmony ONE gaining so much traction? Harmony is gaining interest since it solves key blockchain problems, has cross-chain capabilities, is energy-efficient, has cheaper gas prices, and has a lot of room for non-fungible tokens (NFTs).

Decentralization and security Maintenance

Since it employs sharding, which splits validators into numerous groups and lets them validate payments and new blocks concurrently, Harmony believes its network can expand while retaining decentralization and security.

Energy-Efficient Several blockchain networks have adopted the same proof-of-stake concept as Harmony in recent years. In order to be chosen at random to verify transactions, nodes must first put up tokens they already own as leverage.

Cross-Chain Capabilities Horizon is a cross-chain interoperability bridge with Ethereum. It lets you trade assets between the two networks.

Lower Gas Fees Harmony's network is rarely congested because of high TPS and proof-of-stake validation. That means low gas prices, at a fraction of a cent each transaction on Harmony.