Harmony (ONE) is a blockchain-based platform, built to solve the riddle of delivering both scalability and decentralization at no expense of one another. Harmony is a blockchain platform designed to facilitate the creation and use of decentralized applications (DApps). The network aims to innovate the way decentralized applications work by focusing on random state sharding, which allows creating blocks in seconds.
According to the project’s website, Harmony is expected to introduce cross-shard contracts and a cross-chain infrastructure by the end of 2021.
Harmony is a blockchain network that supports the use of hardware wallets for storing its native cryptocurrency, ONE. Some of the hardware wallets that can be used to store ONE include Ledger Nano S, Ledger Nano X, Trezor Model T, and BC Vault.
The best option for storing any cryptocurrency would be to use a hardware wallet. These are pieces of hardware that store the private key to your coins offline.
Today, there are two leading hardware manufacturers to choose from – Ledger and TREZOR. Both companies have different models of hardware wallets that will get the job done.
If you want deeper insights on specific models, you can read my Ledger Nano X review or my TREZOR Model T review.
Harmony (ONE) can be stored in various software wallets, including the official Harmony wallet, the Ledger Nano S and X, Trust Wallet, Atomic Wallet, Math Wallet, and more. Each of these wallets provides secure and convenient way to store and manage ONE tokens. It’s important to note that you should always take precautions to ensure the safety of your crypto assets, such as enabling two-factor authentication and keeping your private keys secure.
Hardware wallets cost money, so if you’re not sure how serious you are about cryptocurrencies and just want to get a taste of what they feel like, perhaps you would be better off starting with a software wallet.
A software wallet is a free program that lets you store your coins on your computer or mobile phone.
The easiest Harmony software wallets to get started with are undoubtedly Exodus, AtomicWallet and Guarda . All wallets are very intuitive. Exodus, Atomic Wallet and Guarda is available on desktop for Windows, Mac and Linux, as well as on mobile for both iOS and Android. If you want more information you can read my Exodus, AtomicWallet and Guarda review.
Once you decide on an exchange, open an account and buy your Harmony. Make sure to withdraw the Harmony from the exchange to your personal wallet.
Never leave coins on an exchange, as you risk losing them all if that exchange gets hacked or shuts down (which has happened in the past).
Stephen Tse is the founder and CEO of Harmony. He has a Ph.D. from the University of Pennsylvania, specializing in cryptographic protocols and type theory.
While finishing his degree, Dr. Tse became a research intern at Microsoft. In 2006 he started working as a senior engineer at Google, spending four years in the company. In 2011 he founded Spotsetter, a successful search engine which Apple later acquired. In 2014, Dr. Tse became the principal engineer for Apple.
He founded Harmony in 2017. The Harmony founding team comprises twelve people, with seven of them being former employees at Google, Apple, Microsoft, and Amazon.
Harmony is a blockchain platform that aims to provide fast and secure transactions, particularly for decentralized applications. It utilizes sharding technology to increase the speed of transactions, allowing the network to process up to 118,000 transactions per second. Harmony also aims to provide a secure and decentralized network, utilizing a consensus mechanism called Effective Proof of Stake (EPoS) that helps ensure that validators act in the network’s best interest. Another unique feature of Harmony is its focus on cross-chain compatibility, allowing it to connect with other blockchain platforms and enabling interoperability between different decentralized applications.
Focusing on processing speed and validation, the Harmony mainnet aims to revolutionize block creation. By introducing the sharding process, the company reduced node validation times significantly.
To ensure the protection of nodes and secure the validation process, Harmony introduced the Verifiable Random Function (VRF) for unbiased and unpredictable shard membership. This means that nodes and validators are assigned and re-assigned in a randomized manner.
The project’s Harmony Grants program is an initiative that aims to support innovation and attract developers to the Harmony mainnet.
Harmony (ONE) has a maximum supply of 12,600,000,000 tokens. As of February 2021, the circulating supply on the market is about 9,486,327,268 ONE.
Out of the total supply of ONE tokens, 22.4% were dedicated to the initial seed sale. Another 12.5% were set aside for an additional Launchpad sale. The Harmony founding team and developers received 16.9% of the total supply. About 26.4% of ONE tokens were dedicated to protocol development, while another 21.8% were directed towards ecosystem development.
Harmony introduces a new version of the proof-of-stake (PoS) consensus. Called effective proof-of-stake (EPoS), this method allows simultaneous staking from hundreds of validators. This consensus method was developed in accordance with the sharding concept utilized in the Harmony network.
Unlike proof-of-work (PoW) consensus mechanisms, EPoS is designed for faster processing times and improved scalability. While PoW requires a lot of electrical and computing power, staking consensus methods rely on an abundance of value holders, who become validators.
Harmony is also looking to boost staking incentives to attract more node operators. The Harmony Open Staking initiative encourages interaction with the network and incentivizes stakeholders with the highest amount of ONE tokens.