Harmony

• Harmony (ONE) is a blockchain platform designed to enable the creation and use of decentralised applications (DApps).

• It is recognised for its high-throughput, low-latency, and low-fee consensus platform, aimed at powering the decentralised economy of the future.

• Harmony’s mainnet supports Ethereum applications with 2-second transaction finality and fees that are 100 times lower than Ethereum’s.

• Harmony employs a Proof-of-Stake (PoS) consensus mechanism, with ONE serving as its native token.

• The tokenomics are structured to bolster the network’s security through staking, offering rewards to validators and delegators.

• The total supply of ONE tokens stands at 14,198,736,898, with an annual reward rate of 441 million ONE to encourage a higher staking ratio and a path towards zero issuance.

As of today 27 July 2024, the price of Harmony is ₹1.31 INR, with a 24-hour trading volume of 4304642.93 USD. The market capitalization for Harmony is 200906918.45USD. The circulating supply is 14069472302.76 Harmony, with the total supply also being 14342547302.76 Harmony.

Pros:

• Harmony’s ONE coin allows for scalable and rapid transactions at minimal costs, enhancing blockchain efficiency.

• The network offers a low entry barrier for validators, improving accessibility and security.

• Staking on the Harmony network promises high returns, making it an appealing option for token holders.

Cons:

• Harmony faces stiff competition from other blockchain projects, potentially hindering its adoption and growth.

• The centralisation of decision-making within the project raises concerns about its decentralised nature.

• An unclear roadmap generates uncertainty regarding the project’s future direction and developments.

• Investing in Harmony (ONE) is compelling due to its scalability, speedy transactions, low fees, and the potential for high returns through staking.

• The focus on interoperability and cross-chain functionality positions Harmony favourably for future expansion in the decentralised finance (DeFi) sector.

• Harmony distinguishes itself with 2-second transaction finality and fees significantly lower than those of other blockchains, alongside its sharding technology that boosts scalability and security.

• Harmony aims to tackle the issues of scalability and high transaction fees prevalent in blockchains like Ethereum through its sharding and Effective Proof-of-Stake (EPoS) consensus mechanism, enabling faster and cheaper transactions.

• Stephen Tse, who has expertise in cryptographic protocols and static analysis, leads the Harmony team.

• The team is comprised of engineers from leading companies such as Google, Apple, and Amazon, and includes specialists in protocol development, AI, and other areas.

• The initial exchange offering (IEO) price of Harmony was $0.003175, raising $5 million through the Binance Launchpad in May 2019.

• Prior to the IEO, Harmony raised $18 million in a seed sale at an average price of $0.0065.

• Investment in Harmony (ONE) involves risks like market volatility, regulatory changes, competition from other blockchain projects, and potential security vulnerabilities.

• The project’s success is contingent on the adoption and further development of its technology and ecosystem.

The Harmony whitepaper outlines the project’s vision to scale trust for billions of people and create a radically fair economy. Harmony aims to build a high-throughput, low-latency, and low-fee consensus platform that is designed to power the decentralised economy of the future. The project addresses the problems of existing blockchains by introducing deep sharding with innovations on both the protocol and network layers.

Harmony’s protocol layer employs a sharding-based blockchain that is scalable, secure, and energy-efficient. The network layer is optimised for speed and reliability, with the introduction of Fast Byzantine Fault Tolerance (FBFT) for fast consensus of block transactions. Harmony also implements an Effective Proof-of-Stake (EPoS) mechanism to reduce centralisation and ensure security while supporting stake delegation and reward compounding.

The whitepaper discusses the technical aspects of Harmony’s sharding process, which includes the distribution of nodes into various shards to process transactions and smart contracts in parallel. This sharding is dynamic, meaning it can be adjusted as the network grows, and it is also state sharding, which allows for the sharding of blockchain states and network communication.

Harmony’s infrastructure is designed to facilitate the development of DApps with a focus on data sharing, decentralised marketplaces, supply chain tracking, and gaming. The network’s cross-shard communication is designed to be efficient and secure, enabling assets and information to be shared between shards seamlessly.

The ONE token is used within the Harmony ecosystem for various purposes, including paying for transaction fees, staking to secure the network, and participating in on-chain governance. The tokenomics of Harmony are structured to incentivise participation and investment in the network, with a view towards long-term sustainability and zero issuance.

Harmony’s roadmap includes the development of cross-chain infrastructure, the introduction of cross-shard contracts, and the expansion of the ecosystem to support a wide range of applications and services. The project emphasises the importance of decentralisation, scalability, and interoperability as key components of its platform.

In summary, Harmony’s whitepaper presents a comprehensive vision for a scalable, secure, and efficient blockchain platform that can support the next generation of decentralised applications. The project’s focus on sharding, consensus mechanisms, and tokenomics reflects its commitment to creating a more accessible and equitable decentralised economy.