- Harmony is an open-source blockchain system based on the consensus mechanism of Fast Byzantine Fault Tolerance (FBFT).
- Its native token is called ONE named after its vision of “For One, For All”.
With the evolution and adoption of blockchain technologies, many innovative blockchain systems have come onto the market to disrupt the digital world. Moreover, many blockchain systems are there to address the shortcomings that Bitcoin and Ethereum’s blockchain systems offer. One such blockchain system is Harmony.
Harmony: Fast And Decentralized Blockchain
Harmony is a fast and decentralized blockchain that has the potential to finalize a block in 2 seconds. It aims to build a decentralized node community called Pangaea, each of which has governance in the protocol. The whole blockchain system is based on the sharding process to ensure scalability.
It uses a consensus algorithm called Fast Byzantine Fault Tolerance (FBFT) to make the protocol more secure and efficiently performable. It allows up to 250 validators to validate the block within 2 seconds. The protocol also takes into consideration the process of sharding, which has three dimensions: State, Network, and Transaction Sharding.
The platform was launched in 2017 by Stephen Tse, a computer engineer. The network has a fully sharded Proof-of-Stake (PoS) architecture to achieve both decentralization and security at the same time. The platform has its own native token called ONE, which supports the monetary flow of the whole ecosystem.
ONE: Native Token of Harmony
As earlier told, ONE is the native utility token of the blockchain Harmony. It is used to power the whole ecosystem of the blockchain and has various utilities. These utilities include the ability to pay a transaction fee in the form of ONE. It is also used to secure the network by staking the tokens.
The coin also offers the feature of governance and gives you voting rights in the decision-making process of Harmony. The network charges 0.000021 ONE as a gas fee or transaction fee. Just like Bitcoin has a concept of a small unit called a satoshi, ONE’s small unit is called an ATTO, which is 18 decimals.
Currently, According to Coin Market Cap, The coin has a circulating supply of 13,382,105,416 ONE coins and is ranked 153rd. This is all about tokenomics. However, the platform has a token standard as well, similar to the ERC-20 token.
HRC-20 Token
HRC-20 are the fungible tokens that are minted on the Harmony blockchain. They are similar to ERC-20, which is on the Ethereum blockchain. These tokens help many decentralized applications (DApps) build their own version of the Harmony network. Users can also create or vote on proposals within their own projects.
What Makes Harmony Unique?
Firstly, what makes it unique is its overall architecture and consensus mechanism, on which it is based. The platform is a fully sharded PoS architecture and has a PBFT Consensus mechanism to achieve decentralization, security, and scalability at the same time.
Secondly, the platform allows developers to make decentralized apps. Also, it allows other apps to build tokens on top of it. Lastly, it has low fees and a fast transaction speed, completing block finalization within 2 seconds.
Conclusion
Harmony Blockchain is a great innovation in the field of blockchain technologies. Scalability is always a major problem in the blockchain world, for which Harmony is providing a solution. Also, the platform has low fees, which makes it a better alternative to the Ethereum Blockchain.
