Thursday, December 9

What is Harmony (ONE), the cryptocurrency that has risen 122% in a month

Harmony (ONE) is a blockchain platform focused on the development of decentralized applications (DApps). Like other new blockchains, such as Polygon or Solana, Harmony offers greater scalability and a better consensus system than the Ethereum blockchain. Through a fragmentation structure, the Harmony blockchain is more secure and faster in decentralized application development. The price of Harmony’s token ONE is up 38% in the last week and 122% in the last month. At press time, the price of ONE is $0,31. The rise in its price is being driven by a $ 300 million fund to accelerate the development of DApps.

What is the Harmony (ONE) cryptocurrency

The main advantages that Harmony shows over other blockchains have to do with its fragmentation capacity and the speed of creating blocks. Harmony not only fragments the nodes of the network, but also divides the 3 states of the Blockchain into fragments: the network, transactions and storage. This fragmentation makes Harmony a fully scalable blockchain.

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Harmony secures your fragmentation process against Byzantine attacks by assigning network validators randomly assigned and mixing between fragments. Each shard has 250 nodes to provide sufficient security against Byzantine behavior. Randomness is achieved by an algorithm based on a verifiable delay function (VFD) that is unpredictable and scalable.

Improvement of the Byzantine Consensus

Harmony’s consensus algorithm is called “Fast Byzantine Fault Tolerance” (FBFT), a variation of the classic Byzantine fault tolerance consensus. Thanks to this implementation, the FBFT manages to confirm locks in 2 seconds and generate substantially lower rates than other blockchains. To achieve this, Harmony uses the Boneh-Lynn-Shacham (BLS) signature. An implementation that allows committing blocks in a single round of consensus messages, allowing the consensus to scale to hundreds of validators at the same time.

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In addition, Harmony uses a small variation of the Proof of Stake to select the validators, which is known as proof of effective stake. In this way, Harmony reduces centralization and distributes more fairly to thousands of validators. The main difference from the classic proof of stake is that Harmony drastically reduces validators that sign twice and penalizes nodes that are chosen but not available. Therefore, validators with a large number of tokens are almost forced to run nodes to support the blockchain.

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El token ONE

Harmony’s native blockchain token is known as ONE and serves as the community’s governing and operating currency. In the last month, its price has grown 122%. In large part, due to the $ 300 million fund Harmony unveiled last September. The fund is intended to finance more than 10,000 developers who want to implement decentralized applications on the Harmony blockchain. The application to the financing fund can be done through the following link.

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Harmony origins

Harmony was created in 2017 by a team of 12 people from Google, Amazon, Apple and Microsoft. The main blockchain was launched in 2019. In this last four months its objective is to build an NFT market between chains and build bridges with Bitcoin and Polkadot.

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