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Harmony (ONE)

16 February 2022| ZebPay Trade-Desk

Harmony (ONE) is referred to as the blockchain-based platform which basically deals with the enigma of achieving scalability and decentralisation while not sacrificing either. Harmony (ONE) was launched as a part of the Binance Launchpad’ initial exchange giving (IEO) in could 2019. Its target is to act as a connector between scalability and decentralisation . it absolutely was designed with the catchword “decentralisation at scale” in mind, accenting information sharing and therefore the construction of fungible token and non-fungible quality marketplaces.Furthermore, the platform guarantees to facilitate giant out-turn with 2 “lows”: latency and costs. They’re expected to place Harmony at the center of endeavors to ascertain the groundwork for future localised trustless economies once they’re combined.

Harmony began as a corporation in 2018 before the IEO. But, who is behind Harmony (ONE)? Multiple investors, as well as semiconductor Valley’ accord Capital, Hong Kong’ Lemniscap VC, ANd others were curious about its fundraising endeavor, which raised $18 million in April 2019. Investors bought virtually $2.8 billion of the company’s ONE tokens, with $12.6 billion overlooked for pre-mining. Harmony offers investors access to a system that will modify the company’ adoption across a spread of businesses, with a spotlight on information sharing, localised marketplaces, provide chain monitoring, ad exchanges, credit rating systems, and gaming.

ONE Snapshot (at the time of writing):

Market Capitalization$2,252,613,734
Current Price$0.1924
24 HR Volume $168,444,108
All Time High/Low$0.3798 / $0.001257
Script in Circulation 11,707,756,606 ONE
Total Supply 13,352,330,606 ONE

The ONE token is applied as a stake withinside the Harmony consensus model. Holders can earn block rewards and be rewarded for retaining the device going for walks smoothly. Harmony, like many different layer 2 (L2) platforms, has its network token, Harmony ONE, which stresses the protocol’s goal of helping open consensus tactics for billions of people at some stage in the world. The Harmony ONE token is used to pay for all platform sports and amenities, consisting of voting, transaction fees, fueloline fees, staking, and incomes rewards. The Harmony ONE token had a dynamic inflation agenda up till March 2020. Later, the price of inflation became modified to a hard and fast annual price.

Investment Analysis

Through the utilisation of random state sharding, Harmony improves quantifiability and accelerates dealings and block generation. Random state sharding permits the network to divide the info into smaller segments known as shards to scale back latency. In addition, sharding allows for near-instantaneous transactions while avoiding network congestion. The sharding technique is predicated on a distributed randomness generation procedure that uses an adjustive proof-of-stake (PoS) agreement mechanism. Security, scalability, and straightforward and straightforward verification are all attainable with this combination.

A quick Byzantine Fault Tolerance protocol (FBFT) may be a variant of the BFT protocol utilised by the Harmony network. FBFT improves the Harmony network’ speed and potency by processing transactions in parallel. Simultaneously, Harmony minimises communication prices by language transactions, mistreatment, and combination signature, permitting 250 or a lot of validators to achieve an agreement in below 2 seconds.

ONESep 2021Oct 2021Nov 2021Dec 2021Jan 2022Feb 2022
Price (US $)0.1500.2430.2830.2160.2670.198
MoM ROI (%)54%150%17%-24%23%-26%
Volume ($ BN)0.2130.320.220.140.320.16
% growth211%366%-32%-37%135%-50%
Market Cap1.612.603.062.483.092.31
% growth55%150%18%-19%25%-25%

Harmony’s native cryptocurrency, ONE, has garnered heaps of interest in recent months, significantly throughout the recent crypto rally. Harmony can be traded most easily through a cryptocurrency exchange; now it’s available with ZebPay in our quick trade section. In the above table, we can see that the growth of ONE token has been somewhat volatile with negative growth in December and the current month. But the pattern is similar to the whole crypto market as it’s just a reflection of the global financial market. The volume has been unstable in the last six months with a dip in November, December, and the running month. But as the market has picked up the pace we can surely see some positive numbers at the end. The asset’s market capitalization has grown a lot since its inception in 2019 and it currently ranks among the top 50 coins. The market cap has followed the same trail as  price and dip is observed last December and this February as the overall crypto market does suffer from loss of market cap. An interesting fact about Harmony’s in-house token is it can’t be mined which means it’s not a mineable coin which essentially means that it’s not here to replace fiat currency but to exist alongside it and continue to grow and expand across different horizons. 

Conclusion

Harmony with the current method can process 2,000 transactions per second (TPS), which is similar to Visa, one of the world’ largest payment networks. Harmony believes it’ll process ten million TPS within the long run. On the opposite hand, Harmony doesn’t compromise security or decentralisation while it scales. Many blockchain networks are currently adopting the proof-of-stake model that Harmony has utilised since its inception. Harmony stands out from different networks as a result of its design and proof-of-stake accord methodology permitting it to finish blocks within 2 seconds. 

Harmony has also introduced Horizon, a cross-chain ability bridge with Ethereum, permitting assets to be changed between the 2 networks. This innovation will revolutionise cross-border payments and create cryptocurrency exchanges. Harmony has additionally established connections with other blockchains, comparable to Binance. Harmony’ network rarely becomes clogged, because of its high TPS and usage of proof-of-stake validation. As a result, it doesn’t have high gas fees, which are currently a fraction of a penny per group action on Harmony. The network’ cross-chain capabilities open up some exciting prospects for NFTs. Moreover, cheaper gas expenses may create the network appealing to developers inquisitive about minting NFTs. In step with Harmony, bridging NFTs from ONE network to a different one could also be expensive at first, however, ensuant transactions are inexpensive. Harmony additionally declared on Twitter that it’s performing on NFT lending, NFT verification and fractionalization, among alternative features.

Although there’s still plenty to be done, the Harmony Project has been thought about as an answer to poor scaling and ability and a helpful foundation for DApp developers to scale their apps and dealings.  Harmony aspires to be a prime crypto network celebrated for its speed and efficiency, and it’s well on its thanks to achieving that goal. The platform carries out the  promise of low gas as well as lower transaction costs. As compared to the other cryptocurrency or platform, ONE can appreciate as Harmony becomes a lot more prevalent. Maybe then, additionally to buying, commerce and staking, we’ll see different use cases of Harmony ONE within the future.

References:

https://coinmarketcap.com/

https://cointelegraph.com/

Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation, or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness, or reliability of the information, opinions, or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum etc. are very speculative and are subject to market risks. The analysis by the Author is for informational purposes only and should not be treated as investment advice.

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