One of the most recent projects attempting to solve the problem of blockchain scalability is Harmony (ONE). Harmony aspires to build a fast and open network of nodes that is managed and administered by a wide group of people.
Furthermore, by integrating existing networks that allow you to convert your fiat currency into cryptocurrency and vice versa, Harmony has built an environment for the end-to-end transfer of cryptocurrency. There are several compelling reasons to investigate this cryptocurrency project further.
Ten Reasons To Buy Harmony
- Harmony is a fast and dependable blockchain with important features including peer-to-peer networking and sharding. Binance Launchpad originally announced this groundbreaking endeavour in May of this year. The team also won the Outliers Growth Award, according to reports. Outliers is a venture that identifies fintech start-ups with high growth potential.
- The NFT market is now exploding. However, given to Ethereum’s high gas fees, it is progressing slowly. As a result, the LMA marketplace was built on the Harmony protocol to benefit from decreased transaction fees.
- The project helps organisations create marketplaces for fungible tokens (such as loyalty points) and non-fungible assets (such as real estate) (such as in-game digital assets). The team’s long-term goal is to create a decentralised, open, and trustless blockchain platform for everyone.
Effective Proof-of-Stake (ePos)
- ePos addresses two fundamental issues: the first is preventing top stakers from dominating the network, and the second is energising the bottom stakers. Both acts assist users in earning awards for fair involvement in the ONE network’s security.
Harmony’s effective proof-of-stake (ePos) mechanism also addresses Ethereum’s scalability and security challenges. It also reduces centralization and ensures that all validators receive the same benefits.
- Staking is available on one of the earliest sharded blockchains. Cross-chain loans, the first non-custodial cross-chain lending protocol, were also presented by Harmony. Aside from that, the initiative intends to launch zero-knowledge proofs to allow data sharing while maintaining user privacy.
- The native ONE token powers the Harmony platform, allowing users to participate in the ecosystem and take a variety of actions. It also provides a low-latency, low-fee consensus platform that is intended to power the decentralised economy in the long run.
- Harmony moved the ONE token from Ethereum and Binance to its own blockchain for staking and on-chain administration. Users can also store their ONE tokens in suitable wallets such as Ledger, Trust Wallet, Harmony browser extension, and others.
- It allows consumers to have control over their personal data. As a result, users will benefit from any value derived from their data ownership rights. Harmony intends to integrate cross-border finance markets in developing countries such as China and India. It also has fiat gateways (Binance US, CoinDCX) and stablecoins incorporated (Binance USD, WazirX INR).
- Horizon, an Ethereum-Harmony cross-chain bridge, was also launched by Harmony. The team also intends to create a cross-chain environment that will allow users and developers to engage with different chains. Furthermore, its Practical Byzantine Fault Tolerance (PBFT) aids in the fast consensus of block transactions, and its Fast Byzantine Fault Tolerance (FBFT) results in reduced transaction fees.
- The bridge is a secure set of validators who use the multi-signature contract to transmit their confirmations. It also allows users to deploy tokens on Harmony’s chain, allowing them to use all of the token’s functionalities.
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