Harmony (ONE) Live Price

What Is Harmony (ONE)? 

Harmony is a decentralized blockchain-based platform designed to make it easy to create, host, manage, and use decentralized apps, more commonly called DApps. The network is designed to introduce innovation to DApps. It mainly focuses on random state starting, which makes it faster to create blocks. Moreover, the platform offers greater interoperability and scalability.

Hosted on the Ethereum network, the platform has a native token called ONE that can be used for a variety of tasks, including buying storage.

A Brief History of Harmony 

Four infrastructure engineers, Sahil Dewan, Nick White, Rongjian Lan, and Stephen Tse, came together to officially launch the Harmony network in 2018 after having worked in companies like Facebook, Apple, Amazon, and Google. The founding team brought years of experience to the business and very high qualifications.

The company is currently headed by Tse, who earned his doctoral degree in cryptographic protocol in 2007 and has co-founded several other businesses, including Voice AI and Spotsetter.

Harmony’s mainnet was introduced in June 2019 and the staking option started in May 2020 with plans to achieve auditable privacy, decentralized development, and cross-border usefulness.

The network has continued to add new features, including EPoS, a new PoS form, which enables Sybil resilience. This gives members the option to stake directly or earn rewards by delegating their holdings to a validator. Moreover, the platform offers rewards for choosing smaller validators. Other features include unavailability checking, double-sign slashing, and incentive compounding.

The company started with millions through successful rounds, including a $5m IEO via Binance Launchpad with each token going for $0.003175 resulting in the distribution of 12.5% of the token's total supply. Another successful node was headed by HashKey Capital and Binance Labs worth $5.5m. However, the most successful of these all was a private round in May 2018 that generated $18.3 million. The company completed a Seed token sale with each token going for $0.0065 resulting in the distribution of 22.4$ of the coin's total supply. The sale was finalized with the help of Binance Launchpad.

It currently has a total of 1,000 nodes with 640 maintained by members. The remaining nodes are looked after by the Harmony Foundation despite it not receiving a share of staking payments. The team has plans to distribute undistributed nodes to community members as the platform grows with time.

The token started to trade at around $0.0246 and stayed in red for about a year. The price saw a positive trend in February 2021 pushing the coin's value to $0.203 by April 2021. The price continued to trend in the right direction for the next few months eventually hitting a high of $0.3281 in October 2021. It fell a little for a while and then created a new record in January 2022 when it reached its highest point yet – $0.3481.

The token, however, has been struggling to maintain since then and has been on a constant decline. It appears to be mirroring the larger crypto market and is currently trading at less than its 2017 value since hitting that mark in January 2022.

What Makes Harmony Unique?

Harmony has a range of unique propositions as it focuses on validation and processing speed. The main aim of the Harmony mainnet is to revolutionize the creation of blocks through the sharding process, which splits blockchain networks into a number of separate shards. Each shard has distinctive features with its own data.

Also, it introduced the Verifiable Random Function to make the platform secure and protect nudes. This feature ensures unbiased membership and assigns validators and nodes randomly. In addition, the company has introduced the Harmony Grants program to support innovation and attract new developers to the mainnet.

Also, speed is one of its biggest assets as it makes it possible to create blocks in seconds.

What is Harmony Used for?

Harmony is mainly used to develop DApps as it mainly focuses on strengthening decentralization applications to accelerate DeFi adoption. It comes with tools that make it easy to power DApps. Plus, it is highly scalable and efficient and helps save time. 

In addition, the platform is known for being secure and energy efficient. 

How Is the Harmony Network Secured? 

Harmony uses Effective Proof-of-Stake (EPos), a new version of PoS consensus that allows simultaneous staking from a high number of validators while also preventing asset concentration. Combined with sharding and EPoS makes Harmony a highly secure network. In fact, staking is one of its most popular perks.

Where Can You Buy Harmony (ONE)?

The token is available on a number of networks, including Binance, Huobi Global, and MXC.com. Some may allow you to directly buy using fiat currencies but most require members to first purchase a more popular coin, such as BTC, and then convert it to ONE.