What is Harmony (ONE)? One Coin in detail

In this article, we will give you the answer to the question of What is Harmony (ONE) and explain the details of the One Coin project.

In this article, we will give you the answer to the question of What is Harmony (ONE) and explain the details of the One Coin project.

What is Harmony (ONE)?

Harmony is a fast and secure blockchain for decentralized applications. Harmony’s main focus is on achieving scalability by dividing not only network nodes but also blockchain states into chunks by “scaling all three aspects of machines, transactions, and storage linearly”.

There are Harmony’s shredding advantages by Verifiable Random Functions for safe and random state shredding.

The service token ONE has been running on Harmony’s mainnet since June 2019 and is expected to reach an annual inflation of 3%. The token must be used as a staking for network validators and is required to initiate transactions.

Harmony is a fast and secure blockchain with significant innovations in state sharing and peer-to-peer networking. Sharding uses secure proof of stake and decentralized randomness and provides networking, optimum cross-piece routing, and fast block propagation. such as game collections and real estate).

ONE Coin Nedir?

Harmony applies zero-knowledge proofs for data sharing while protecting consumer privacy. Common industry use cases include ad exchanges, credit ratings, and many other data consortiums among competing companies that will take many years to form.

Harmony shares deeply with innovations in both the protocol and network layers of the blockchain:

Highly scalable FBFT (Fast Byzantine Fault Tolerant) consensus using BLS (Boneh-Lynn-Shacham) multiple signatures.

Secure the distributed randomization protocol using VDF (Verifiable Delay Function).

Sharing with adaptive Proof-of-Stake for strong network security.

Kademlia routing and deletion coding for optimum network performance.

Harmony’s Differences

Key innovations in state allocation (decentralized randomization secure staking and rehardening) and peer-to-peer networking (optimal cross-part routing, fast block propagation).

While Harmony is a POS-based state fragmentation protocol, current protocol projects are mostly POW-based.

Harmony’s consensus is a fast BFT algorithm that uses BLS multi-sig and scales linearly with the number of nodes, while many current projects use the old single-chain-based consensus (same as Bitcoin).

Harmony’s reconciliation has no forks and while it has instant certainty, existing chains have forks and no instant certainty.

One Coin Overview

Harmony’s scalable, high-throughput protocol is powered by a native token used for a variety of payment forms and protocol participation (stock, transaction fees, voting, and governance).

Harmony uses blockchain to align incentives from different stakeholders, developers, and businesses. It also allows them to build open markets of exchangeable and non-exchangeable tokens and assets. Moreover, the upcoming implementation of zero-knowledge evidence will allow Harmony to become a data sharing platform that can overcome the conflicting problem that pervades many information and data markets: the mutual distrust of individual market participants to share data, but a strong desire to obtain the data themselves.

The Harmony token works in the following aspects of the protocol:

The token is used for staking, which is required to participate in POS consensus and earn block rewards and transaction fees.

The token is used to pay transaction fees, gas, and storage fees.

The token is used to vote on the protocol’s on-chain governance.

You can check the Harmony (ONE) Coin price from this link.

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