Recently, crypto influencer “Coin Bureau” (“@coinbureau” on Twitter), talked about a layer one (“L1”) blockchain project that has a chance in future to “become a top contender for the king of smart contract cryptocurrencies”.
In a video released on his YouTube channel “Coin Bureau“ on November 23, the show’s pseudonymous host told the channel’s subscribers that $ONE, the utility token of blockchain Harmony, could be “the one coin to rule them all”.
What Is Harmony ($ONE)?
Here is how Binance Research describes Harmony and its native token:
- “Harmony is a fast and secure blockchain for decentralized applications. Harmony’s main focus is on achieving scalability by dividing not only the network nodes but also the blockchain states into shards, ‘scaling linearly in all three aspects of machines, transactions and storage’.
- “Harmony’s sharding benefits by Verifiable Random Functions for secure and random state sharding. The consensus mechanism of Harmony, Effective Proof-of-Stake, innovates on Practical Byzantine Fault Tolerant consensus mechanisms to further reduce centralization, while supporting stake delegation, reward compounding and double-sign slashing.
- “Its utility token, ONE, is running on Harmony’s mainnet since June 2019 and is prospected to reach an annual inflation of 3%. The token must be used as stake for network validators and is required to initiate transactions.“
According to a FAQ-style blog post Harmony published on 23 April 2019, the blockchain startup “helps businesses build marketplaces of fungible tokens (energy credits, security offerings) and non-fungible assets (game collectibles, real estate).” Also, it is working on “zero-knowledge proofs for data sharing (ad exchanges, credit ratings) while preserving the consumer’s privacy.” Harmony hopes that its fast and secure blockchain architecture will eventually be able to…
