Today is Day 2 of me doing full-time in cryptocurrency as a publisher. Hope I can get support from the community. 6 months of reserve left for my family and I**
I’m a rather new publisher learning about crypto and I hope you can join in this adventure with me and understand my efforts. I appreciate if there is minimal hate and more on guidance 🙂
Who is Harmony?
Harmony is a blockchain that is both open and speedy. Its mainnet supports Ethereum apps with 2-second transaction completion and 1000 times reduced rates. Harmony is an open asset, collectibles, identity, and governance platform. Its secure bridges facilitate cross-chain asset transactions between Ethereum, Binance, and three other chains. The bridges built by Harmony can join any Proof-of-Work or Proof-of-Stake chain. Its FlyClient design is completely trustless and extremely energy-efficient. Currently, its Ethereum and Binance Smart Chain bridges protect tens of millions of cross-chain assets.
Simply changing the Chain ID allows developers to experience faster EVM executions that are equivalent at the bytecode level. They can easily convert to Harmony using their familiar and standard Web3 tooling.
What about the end users? They can continue to use MetaMask or Ledger — but only for a fraction of the cost. Harmony supports all Ethereum wallets and portals without requiring any code changes or new installations – it is entirely compatible for both transaction messages and execution environments.
Goals of Harmony
Harmony aims to remove structural barriers that hinder cryptocurrencies from becoming legitimate digital money. This largely relates to the scalability issue experienced by Bitcoin, whose rising popularity caused performance and increased the costs of using its payment system. Instead, Harmony will use deep sharding technology, which will cover not only transaction validation and network communication, but also the blockchain state. Its bid for full scalability is predicated on abandoning the modular method in favor of attempting to address consensus “on scale.”
Higher transaction throughput should set Harmony apart from Ethereum and other blockchain alternatives that are compelled to sacrifice other features in order to achieve performance advantages. Competing alternatives, according to Harmony developers, are unable to handle scaling difficulties or provide support for applications that require high throughput speed, such as gaming or decentralized exchanges.
The Harmony consensus protocol prioritizes speed and energy efficiency. Much of the Harmony’s scalability and throughput claims are based on the ability of its Fast Byzantine Fault Tolerant protocol (FBFT) to use parallel transaction processing to grow with network size and effectively address connection latency. Its network topology is intended to allow for speedier consensus and message sharing.
Role that ONE plays
The ONE token maintains the Harmony ecosystem going by allowing participation in it and serving as a payment vehicle for various network activities. This is accomplished in the following manner:
The One token serves as a stake in the Harmony consensus model. Holders can earn block incentives and are encouraged to keep the system running smoothly. Tokens are used to pay for a variety of expenses, including as transaction fees, storage fees, and gas fees. Holders of ONE tokens are awarded voting rights as part of the platform’s governance mechanism.
The Harmony team consists of more than 30 people with backgrounds ranging from engineering to academic work to entrepreneurship. Stephen Tse (of Google and Microsoft Research), Nicolas Burtey, Alok Kothari, Rongjian Lan, Minh Doan, Nick White, and others are among the significant personnel.
Attractiveness of Harmony
Ecosystem development is attracting new talents
On September 9, Harmony announced a $300 million ecosystem development fund, which appears to have been the driving cause for the rally seen in ONE during the last two months. The program’s stated purpose is to “finance 10,000 additional crypto innovators, builders, and creatives” in order to help strengthen and expand the Harmony ecosystem.
Most recently, the project presented a year-ahead timeline outlining how it intends to spend $180 million from Q4 2021 to Q3 2022 to help fund 100 decentralized autonomous organizations, 1,000 bounties, ten partners, one hundred grants, 500 launches, fifty investments, and ten hackathons.
World Conference attracts new audience
The event took place on October 18 and corresponded with the start of a price surge for ONE, which rose from $0.22 to a new all-time high on October 25. ONE World was supposed to coincide with LISCON 2021, an Ethereum-focused conference hosted in Lisbon that presented protocols that are interoperable with Ethereum and other blockchains.
Protocol integrations and its token listings
A third driver of ONE’s growth has been a number of partnerships, including integrations with decentralized finance (DeFi) systems like Aave and Curve.
The inclusion of two of the most extensively used DeFi applications in the cryptocurrency ecosystem has aided in expanding the reach and userbase of the Harmony blockchain, which offers significantly lower transaction costs to users of popular protocols.
Potential Cons of Harmony
Despite the fact that Harmony leverages strong technologies, there is a great deal of dependency on technology like as 5G, which is not yet generally available. Harmony’s competitors, like as Ethereum and Zilliqa, are addressing the same issues that it is attempting to solve.
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