What is the Blockchain Project Called Harmony and ONE Token [Explained]

Unknown Speaker  0:00  

Welcome to the New To Crypto podcast designed to guide you through the crypto landscape with pinpoint accuracy created for the new and intermediate crypto investor. Join your host Crypto Travels Michael as he takes you through the different facets of getting started and succeeding in your crypto journey. New to crypto podcast brings you new episodes daily Monday through Friday with surprise bonus episodes sometimes on the weekend. Let me ask you, are you new to crypto don’t know where to start? Are you more experienced but have questions? Then you’re in the right place. This podcast is designed for you, coming at you from the training center in the lifestyle design studio. Here’s your host Crypto Travels Michael.

Michael  0:51  

Hey, welcome to today’s show. Today’s gonna be a great one. It’s all about the blockchain project Harmony, and this one is really interesting. So what is Harmony? Well, Harmony is a blockchain project that allows users to create decentralized applications using the best scalable and interoperable services. It aims to provide the option to create marketplaces for fungible tokens and non fungible assets following a data exchange path with its user privacy. See, Harmony offers solutions to the challenges that limit Ethereum. In fact Harmony sharding infrastructure was created to solve Ethereum scalable problem, Harmony is much more scalable, secure and decentralized than other sharding based blockchains. Its nodes are run by a large community called Pangaea. And forgive me if I said that wrong. It’s a unique word, and it contains members from over 100 countries. So what are the benefits and technology of Harmony? The platform, its unique design and features a consensus protocol, a deep fragmentation system interoperability between chains and distributed randomness generation, which is also called DRG. And this is the main contributor to its excellent functionality. And I understand and know that that was a mouthful right there. So I’m going to try to unpack and break this down in a simplistic way. 

A very notable technical mechanism implemented by Harmony is the sharding process. sharding focuses on the efficiency of transactions and consensus layers within the Harmony ecosystem. It uses shard zero, shard one, shard two, and shard three to support 250 validators each. Essentially, the system enhances the functionality and processing power of the platform for a faster, more secure and less costly transaction experience. FB-FT consensus is a mechanism that simplifies the communication process on the platform. This model ensures that the designation of validators on the network is determined by the number of tokens held in other words, an increase in the number of tokens held will automatically grant greater opportunities in the selection of validators, which eliminates the need for a transmission of votes. 

The concept features a simple multi signature design and process fragment to fragment communication is an important technology feature of Harmony that typically reduces the degree of complexity that arises when running the platform’s communication protocol. The system is based on a distributed hash table and a routing protocol. And this concept facilitates the communication system within shards as it allows nodes within a shard to send and receive information within themselves via a shard ID. The team behind Harmony has partnered with multiple blockchain projects and some partners support ONE token in their operations and others are supporters or development partners in the Harmony community. So there’s a whole host of them in on our website, I’m going to have the breakdown in the list of all of them, but Anchor is one of them IBC media, Debrief and Cognito, and many more many big names in cryptocurrency and blockchain ecosystems back to Harmony project with investment by Nance Labs is ONE, Coin Fun, Hyak capital, and more. 

So Harmony has had a major impact on the DeFi world since its evolution, the platform focuses on improving decentralization to drive the DeFi ecosystem to achieve raw adoption. It is basically useful for building decentralized applications and presenting solutions that are capable of driving the creation of dapps. Harmony offers an extremely scalable service for users while providing a very fast and efficient consensus program for users. It also enables the execution of ultra fast transaction processes with a simple communication protocol within the network. Harmony is renowned for its top notch security that it offers when executing transactions over the network. So who are the founders of Harmony? Harmony was founded by Stephen Tse, and Forgive me if I said that last name wrong. It’s spelled T-S-E. And Stephen is an engineer specializing in cryptographic protocols. So Stephen has worked as a senior infrastructure engineer at Google and was one of the core developers working on Google Maps. He also has worked as a principal engineer for search ranking at Apple and founded a startup that Apple eventually acquired. 

Before founding Harmony, he created a programming language called min that’s m-i-n for the purpose of creating blockchains. So let’s get into the token, the ONE token which is the token of Harmony. ONE token is the native token of Harmony blockchain that governs a large part of the activities running on the platform, the name of the token, ONE that’s O-N-E is derived from the platform’s vision, and that vision is for ONE and for all. The token is used to protect the network perform transactions on the network and reward platform users. The platform allows easy and secure entry of validators into the protocol that condition for wagering is a minimum of 10,001 tokens. These validators then receive rewards depending on the portion of ONE tokens that are waged, they get rewards in a certain percentage of the tokens. ONE token is available for purchase at top leading cryptocurrency exchanges. Binance is ONE for example Gate.io, and the price of the ONE token has really accelerated in the beginning of 2021

it was just over four cents, and then it spiked to over 22 cents. The economic model of the Harmony project caps annual token issuance at 441 million to hold the ONE token there are multiple options available to users. The Harmony wallet, which is a browser extension is the official solution for storing the token users can also store on other wallets such as Trust Wallet, Ledger, Math wallet, Safe Pow, and there’s some other ones. The current circulating supply is just over 10.6 billion ONE. And currently, the token is trading at just around 22 cents per token. So I hope today’s episode has really painted a picture and filled in some gaps as to what Harmony is definitely like and subscribe to the podcast. If you want to reach out to me, you can email me at show@newtocrypto.io again that show@newtocrypto.io and I love reading your five star written reviews on Apple and the other platforms, definitely chime in here tomorrow for another special episode. Until then I’m out.

Unknown Speaker  8:09  

Thanks for tuning in to New To Crypto podcast. If you liked the episode, be sure to follow and subscribe. You can listen to every episode on all major platforms. Have an interest in being on the show or want advertising reach out at newtocrypto.io. Head over to our site newtocrypto.io to access the resources mentioned in each episode. Until next time, remember to navigate the crypto landscape with pinpoint accuracy.