Harmony (ONE) is the first proof-of-stake blockchain network to successfully implement sharding to scale. Sharding is a form of partitioning where computational power on a blockchain network is broken up into ‘shards.’ Each of these shards are part of a greater system which is all synchronized. Harmony is the first blockchain to employ this sharding model with a proof-of-stake consensus model. Each shard is capable of handling 1,000 transactions-per-second. ONE tokens are staked to validate transactions on the network which ensures network stability.
Harmony employs a consensus mechanism called Effective Proof-of-Stake (ePoS). This is an alternative to most traditional proof-of-stake schemas which operates on price bidding, social criteria, time, and random selection. Nodes on the network are decided by this consensus mechanism who are then responsible for validating transactions. Harmony (ONE) also has its own token standard called ‘H2O’ tokens.
On June 28, 2019 Harmony minted its genesis block and officially commenced its blockchain. Since then, it has built its ecosystem scoring high-profile partnerships in the cryptocurrency industry. It recently raised $5.5M from Hashkey, the first corporate investor in Ethereum, and Binance Labs plus the $18M it raised in April, 2019. As of now, the team is focusing on three key areas for its expansion: gaming, DeFi, and data sharing. This will be done through key partnerships with Quidd, Lympo, and others.
If successful, Harmony will be the first fully-scalable blockchain network that is both secure and decentralized. Ethereum’s upgrade to 2.0 will involve many of these same strategies, which gives Harmony a significant advantage over its competitors. With these key investors, Harmony is well-positioned to dominate key areas of finance, gaming, and data sharing.
ONE tokens are currently trading on most major exchanges, like Binance and Huobi. It is currently on Coinbase’s short-list for consideration to be added on its exchange.