Harmony is a decentralized platform intending to achieve a notable balance between decentralization and scalability at no expense of each other. It is one such blockchain that aims at a 2-second finality time and 1000 times lower transaction fees, despite being built on Ethereum. Harmony intends to establish such an ecosystem which is a more decentralized and trustless economy.
The native token of the platform, ONE, appears to be well in position to hit its highs close to $0.4. The beginning of 2022 was pretty shaky for the crypto asset yet it appears that the ONE price has managed to sustain the trembled situation. Despite being above the danger zone, the asset appears to be pretty much distinct from its current ATH.
What is Harmony(ONE)-In Brief
Harmony intends mainly to facilitate the development of DApps focusing on random state-sharding which creates blocks in seconds. Initially launched as a start-up in 2018 attracting many investors like Silicon Valley’s Consensus Capital, Hong Kong’s Lemniscap VC and many more. It successfully raised $18 million in 2019 by selling more than 2.8 billion ONE tokens. Later in May 2019, the crypto was launched on Binance Launchpad as a part of IEO.
The platform intends to work on Data sharing and also support the creation of marketplaces for fungible tokens and non-fungible tokens. The investors can access the ecosystem which supports the adoption across the markets mainly focusing on data sharing, decentralized marketplaces, supply chain tracking, ad exchanges, credit rating systems and gaming.
Below are some of the main objectives Harmony is working on,
- To get rid of the structural limitations that prevent the cryptos from being genuine digital money.
- Unlike the other projects built on Ethereum, Harmony intends to produce a higher transaction throughput without compromising with any other features
- To provide high transaction speed being energy efficient which is taken care of by its consensus protocol Fast Byzantine Fault Tolerance Protocol(FBFT)
How Does Harmony(ONE) Work?
While most of the blockchains either adopt Proof-of-Work or Proof-of-Stake consensus mechanism, Harmony goes a step higher to adopt its solution called the Fast Byzantine Fault Tolerance(FBFT) which emerges as a response to Zilliqa’s Practical BFT. Moreover, the network uses random sharding which splits the database into small portions called Shards to reduce the delay. And hence improves the transaction speed, preventing network congestion.
Will ONE Price Hit $1 in 2022?
ONE price remained relatively low-key since its inception which included a couple of zeros in its price. Yet the 2021 bull rally escorted the price beyond 10cents to hit almost $0.4 levels. No doubt the price is experiencing a notable pullback since then yet standing firmly above $0.27 levels at the press time.
The crash in the first week of December dragged the price by more than 50%, however, the asset regained its initial position quickly. Woefully, the misty market sentiments slashed the price again which is awaiting a notable rebound. However, in the short-term, the asset is trending within an ascending parallel channel and strongly bounced as it touched the lower support levels.
Therefore, once the bears get exhausted, the buyers may take back the control fully. Moreover, the bears remained relatively passive, only preventing the free fall of the asset. And hence in the upcoming days, the bulls are expected to escort the price beyond the ATH and hit $0.5 at the earliest. And later attempt to undergo a gigantic rally to aim at the $1 milestone.
|Year||Potential High||Potential Low|
|Next 5 Years||$5||$3 to $3.5|
Factors Impacting ONE Price Today!
Intends to address Blockchain Concerns
Bitcoin was first created to provide a parallel financial structure for Fiat, woefully, it is still not able to gain these levels. While Harmony intends to work for the same, providing a huge platform for the cryptocurrencies to become a strong alternative to the Fiat within the decentralized space.
The Harmony platform intends to validate the transactions in just 2 seconds and hence enhancing the efficiency of the system. The protocol uses the Proof-of-Stake mechanism where-in the validators are selected based on the no of ONE token held and staked.
Lower Gas Fees
The Transaction per second(TPS) is very low and rarely gets congested on the Ethereum network and hence reduces the gas fees to a larger extent just by adding more shards.
Access to Multiple blockchains
Harmony enables the data transfer across multiple blockchain networks irrespective of Proof-of-stake or Proof-of-Work by enabling the nodes on other networks to valid transactions.
Growing NFT Space
The cross-chain capabilities on the network increase the possibilities for the non-fungible tokens to thrive on this blockchain.
Where & How to buy Harmony(ONE)
Many exchanges in the world do offer Harmony trade, while some are yet to list the crypto asset onto their platform. While you want to buy Harmony at affordable prices, CoinDCX ends your search at a single touch. We are India’s most reliable crypto exchange with a huge user base of more than 7.5 million. Here in CoinDCX you not only unlock smooth, hassle-free trades but also enjoy huge benefits.
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