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About Harmony (ONE)
Foundational (“layer-1”) blockchains Bitcoin and Ethereum each have struggled to balance security and scalability priorities while remaining decentralized. Solving for the "trilemma" has spawned several competing, next-generation, layer-1 protocols. Among them is Harmony. ONE is Harmony's native coin.
Open-source, Proof-of-Stake (PoS), the Harmony blockchain seeks to run Ethereum applications faster and less expensively, part of a deluge of so-called “Ethereum killers” innovating in the field of interoperability.
The Harmony smart-contracts platform, asis focused on creating a platform with seamless cross-chain capabilities. Harmony, per its website, views itself as an "Ethereum bridge,” in that decentralized applications (dApps) running on Ethereum can also easily be deployed on Harmony. Similar claims can be made by Near Protocol (NEAR) and Polygon (MATIC).
Like its rivals, Harmony is built around “sharding." A divide/conquer data partitioning approach, sharding protocol has been seized upon by blockchains looking to achieve more transactions per second by splitting data processing into separate pieces,.
So Sharding speeds the chain up. ONE coins power it, performing several functions. These include serving as a means of rewarding stakeholders, paying transaction fees and facilitating governance.
Harmony is the brainchild of Stephen Tse, a cryptographic protocols expert who put his PhD to work at Microsoft, Google, and Apple. Tse launched Harmony in 2017 along with a dozen former Silicon Valley engineering cohorts. The blockchain went live in 2019. That spring saw an $18 million token sale to some strategic investors; then came an initial exchange offering (IEO) on the Binance Launchpad that resulted in an additional $5 million worth of tokens sold,.
analyst Mikhail Karkhalev, Harmony developers have a long-term plan to eventually increase transaction processing speed to 10 million TPS.
According to the, the blockchain “will enable applications which were not previously feasible on blockchain, including high-volume decentralized exchanges, interactive fair games, Visa-scale payment systems, and Internet-of-Things transactions.”
Among the decentralized finance (DeFi) projects widening their footprint on Harmony of late are SushiSwap, a decentralized exchange (DEX) and, via a SushiSwap liquidity pool, algorithmic stablecoin Frax. Chainlink runs its price feeds on the Harmony testnet,. Harmony’s easy-to-get-to bridge to Ethereum has locked-in nearly $1 billion in ERC-20 token volume.
Harmony garnered a fair share of attention in the latter part of 2021 and in early 2022,, highlighting the rise of DeFi Kingdom, a non-fungible token (NFT) project that’s attracted more than $740 million in locked crypto assets.
In September of 2021, Harmony launched a $300 million ecosystem fund to back startups working on applications and protocols. “We believe this is a special moment for builders to scale the impact of blockchain to billions of people,”at the time.
How to buy ONE
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