Harmony ONE coin is one of those cryptocurrency projects that are built by a skilled set of people who failed to market themselves to the end-user. The project was under the shadows for a long period of time. Despite the slow start, it has slowly made its way up into the list of top 75 coins by market cap, reflecting a steady rise in value. It was also one of the top gainers in the current year. Founded by the core developer of Google Maps, Harmony is here to bring scalability and decentralization to the blockchain without compromising privacy and security. It is high time we open up the stage and introduce Harmony one coin with possible price prediction –
What is Harmony?
Harmony is a secure decentralized blockchain created to address two core features simultaneously i.e scalability and decentralization. Unlike other blockchains, Harmony was built from scratch means it is not at all forked nor used any generic blockchain toolkit (SDK) to get things started. Apart from addressing scalability and decentralization, it is also focused on improving security and privacy in the blockchain.
Harmony was founded in 2018 by Stephen Tse who is an ex-Googler and ex-Apple with a specialization in cryptography. It’s mainnet went live in June 2019. Harmony aims to become the most secure, decentralized and efficient blockchain in the crypto space.
What is Harmony ONE Coin?
Harmony ONE coin is the fuel of the Harmony blockchain. It is used for network governance, paying the network fee and staking on the blockchain which is similar to the role performed by leading tokens like Cardano (ADA coin), Solana Crypto (SOL coin) and VeChain (VET crypto).
It was launched as part of IEO (Initial Exchange Offering) on Binance, debuting as BEP2 and an ERC20 token. In early 2020, Harmony initiated token migration from both the blockchains i.e Ethereum (ERC20) & Binance (BEP2) to it’s own blockchain (HRC20) as part of on-chain governance and staking.
Harmony ONE Coin has a total supply of 13 billion tokens
If you’re holding ERC20 or BEP2 token, there’s an easy way to swap the old tokens with the new one. You have to deposit your tokens in the participating exchanges and it will be automatically swapped by the system at the time of your withdrawal. Binance, KuCoin, Gate.io are some of participating exchanges helping the users with this process.
How does Harmony ONE work?
Harmony uses it’s own version of Proof of Stake mechanism called Effective Proof of Stake consensus mechanism that works on the principle of Sharding (explained in cryptocurrency terminology) in which a process is divided into set of parallel processes to increase the network speed and to attain faster consensus. It helps the network confirms a block within 2 seconds using the help of 1000 nodes connected with four shards in parallel.
There’s no priority given to a single shard since stake is evenly distributed among them, making the sharding system secure.
Harmony blockchain can process over 2000 transactions per second
How does Sharding work?
Sharding means splitting a process into small subset for faster completion. Harmony deploy sharding by dividing its nodes into 4 different groups called shards. Since EPoS require 1000 nodes to reach consensus. Each shard contains 250 nodes which are randomly assigned and mixed by the system using VRF (Verified Random Function). The algorithm used by Harmony to attain consensus using EPoS is called FBFT.
FBFT Consensus Algorithm:
FBFT stands for Fast Byzantine Fault Tolerance which uses pipelining (a process of priority assigning the stream of data to different hardware devices for faster processing of transaction information) to confirm a block in under 2 seconds.
Cross Shard Communication:
It is possible for the nodes to cross communicate with each other using Kademlia which is a distributed hash table designed for decentralized computers. It helps the native nodes keep and share the file information using a unique node ID which enables closest nodes to communicate with each other.
Harmony is the first sharded blockchain to master staking on the network
Staking Harmony ONE Coin:
Harmony provides a list of staking partners to help users stake coins on its network. The list includes Binance exchange and BitMax as one of its staking partners. Here’s the list of details you may need if you wish to stake ONE token –
- 10% annual yield (approx.)
- Minumum 100 tokens required for users
- 10,000 ONE tokens required for validators
- Minimum PC requirement: 2 GB RAM and 32 GB ROM
Harmony ONE IEO:
Harmony launched its IEO in May 2019, a month before the launch of its mainnet. It offered sale of 1,575,000,000 tokens at a price of $0.00317 per token raising $5,000,000. The tokens were issued to the participants within 15 days after the end of the token sale.
Harmony also held a private sale of tokens in Jan 2019 at a face value of $0.0065 per token. The issued tokens will be converted from ERC20, BEP2 to native ONE token. The process of conversion is same as described above in the post.
Harmony is the only project whose public sale is cheaper than the private sale
Partnership with GameSpace:
GameSpace is a one-stop solution for all GameFi needs (GameFi-as-a-service). Harmony has partnered with GameSpace to help traditional web2 games migrate to the world of web3 gaming in an efficient & cost-effective manner.
GameSpace will provide SDK to the web2 games that will help them build NFT marketplace within the game which will allow players to purchase in-game assets with ease. Harmony & GameSpace will provide a complete token-supported wallet integration to the web2 & web3 games.
Harmony ONE Benefits:
Highly skilled team:
Harmony is one of the few blockchains that isn’t forked nor copied from any open-source platform. It was developed right from scratch and achieved a significant milestone when it became the first sharded blockchain to master staking.
Interoperability:
Harmony is on schedule of developing interoperability features that will make the blockchain compatible with many other blockchains like Bitcoin, Ethereum, Polkadot and Cardano. This makes it one of the strong contenders in the race for interoperability.
Store of Value:
Slowly but steadily Harmony ONE coin is gaining traction and climbing up the ranks. It rose more than 20X in value since the last market crash and now its on the way to enter the top 50 list of coins by market cap. Making it an investor’s eye candy.
Harmony ONE Drawbacks:
Unclear Vision:
Everything about the project looks interesting except its vision. It seems the project wants to do many things with nothing in focus. There is no clear communication of what the team has in mind and the milestone it wishes to accomplish.
Poor Marketing and PR activity:
Keeping head down and work approach has helped Harmony build a promising blockchain. However, this approach has also stopped ONE coin from growing in value. A poor marketing activity does not justify the efforts team is putting in. It has resulted in the stagnation of price levels in the past.
Low Adoption Rate:
Though Harmony supports Dapps creation like DeFi, NFT and other smart contracts, it failed to encourage developers to build apps on its platform and expand its ecosystem than can result in high adoption. Compared to blockchains like Solana and Avalanche Crypto (AVAX Coin) it is far behind when it comes to adoption rate.
The rise in Competition:
Crypto market is about to enter into a consolidation phase and it is quite difficult for Harmony to be among the top blockchains. Since its launch, a lot of new projects have leaped ahead and pushed it far behind in the race of blockchain adoption. This poses a serious threat to Harmony ONE survival in the long run.
Harmony ONE Coin Price:
Please check the latest Harmony one coin price, shared below –
Harmony ONE Coin Price Prediction:
Harmony is a turtle in the race among rabbits. It started at a low pace but slowly gained momentum over time. The project is slowly rubbing shoulders with competitors and broadening it’s vision from just being a scalable, secure and interoperable solution to a complete blockchain that offers interoperability, faster transaction speed and lowest gas fee.
The adoption rate is going to play a key role in deciding the fate of this project. At the time of writing, Harmony ONE has successfully made it to the list of top 75 coins by market cap. The growth will come when it enters the list of top 50 coins and share the space with projects like Crypto.com CRO coin and Fantom FTM coin.
If everything goes on schedule and Harmony marketing team does wonders in their work, I wouldn’t be surprised if it hits the level of $1 -$1.50 in the next bull run. This is pretty much possible since the project has strong technicals and a lot of room for growth. Having said that, investors must do their due diligence before investing in any crypto project.
Where to Buy Harmony ONE Coin?
Harmony ONE can be bought on the leading crypto exchanges like Binance, Gate.io and many more. If you’re located in India, ONE can be purchased by creating an account on WazirX exchange which is also a subsidiary of Binance. Create and verify your account to deposit cash and buy the cryptocurrency of your interest.
Is Harmony ONE a Good Investment?
Harmony ONE has come a long way since the launch of its IEO. It is financially stable with the right set of people working on developing the project. The blockchain is technically strong and has a lot of room to grow. However, lack of adoption is the top area of concern that the team has to focus on. Fortunately, it can be accomplished by better marketing plan and PR activity.
A strong partnership is required to be established among top players and Harmony to help the project blossom. If the team is able to convert high-ticket projects, there’s nothing that can stop Harmony to enter into the list of top 10 blockchains by market cap.
Personally, I consider it a safe investment option but do not expect it to hit the level of Ethereum because of fairly low volatility. It will gradually grow in value. Remember, it’s a turtle in the race among rabbits. Slow and steady growth.
This completes my review of Harmony ONE Coin. In the next post, I will talk about Stellar Lumens (XLM) covering their plan of action and possible price prediction. If you like the post, please share it and educate your friends. Do remember to subscribe to my YouTube channel for more informative content, released every week.
DISCLAIMER:
Cryptocurrency is a highly volatile market. All the information shared in the post is for knowledge purpose only. By no means, it’s financial or investment advice. Readers are responsible for their own investment decisions and should only invest in cryptocurrency after proper research.
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Paras is a blockchain writer & video creator at Katoch Tubes. In his free time, he loves watching space exploration documentaries & Hollywood movies.