Harmony

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What is Harmony ?

Harmony ONE is a blockchain network that bridges the gap between decentralisation and secure scalability. ONE first became part of the crypto community after its initial exchange offering (IEO) on Binance Launchpad in May 2019. With its motto, “decentralisation at scale”, ONE focuses on safe data sharing. The Harmony blockchain is also working as a platform that helps develop other fungible tokens and different NFTs.

With Harmony ONE, developers are putting their efforts into creating a solution that provides long-term scalability for emerging blockchain economies.

Primary features of Harmony

Deep sharding system: Harmony ONE utilises a sharding system to provide efficient scalability to the platform.

Cross-chain interoperability: Increases functionality in the crypto ecosystem.

dApps creation: Provides an efficient platform for the creation of decentralised applications, furthering the case for decentralised ecosystems where users can interact in a permissionless manner.

Is Harmony a promising cryptocurrency?

Harmony ONE is an up-and-coming cryptocurrency for a few reasons.

Firstly, it can scale without compromising data and resources’ security and core safety. It is one of the only blockchain networks that utilises sharding, which establishes different layers of nodes and validators to verify transactions. This allows ONE to create new blocks and approve new transactions at the rate of 2,000 transactions per second.

Secondly, Harmony ONE is very energy-efficient. It has utilised the PoS consensus algorithm from the very beginning. This means that it does not force miners to use energy-guzzling mining equipment to validate transactions. Harmony ONE also stands out from other PoS blockchains because it only takes 2 seconds for its network to finalise blocks compared to several minutes on other networks.

How to use Harmony ?

Harmony ONE coins can be used for high-speed transactions on the blockchain.
ONE coins can also be used as a store of value.
Emerging blockchain economies use the Harmony ONE network to scale efficiently without compromising security.

Pros & Cons of Harmony

Pros

Harmony ONE has reported higher transaction values than other comparable cryptocurrencies.
The network utilises sharding to verify transactions enabling it to create more blocks in a shorter time frame.
It addresses critical blockchain issues like low scalability and slow transaction speeds.
Low gas fees.
Harmony’s cross-chain protocols make it an excellent processing network for NFTs.

Cons

Harmony has powerful competitors like Ethereum, who address the same issues at a much faster rate.
Harmony relies on futuristic technology, which is inaccessible to a large demographic.

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