What Is Harmony (ONE)? Should You Invest In Harmony In 2022?
Harmony (ONE) is a blockchain-based platform that aims to address the conundrum of achieving both scalability and decentralisation without sacrificing either.
Harmony is a decentralised blockchain platform that was launched as part of Binance Launchpad’s initial exchange offering (IEO) in May 2019. It is aimed to be a bridge between scalability and decentralisation efforts.
It was built with the tagline “decentralisation at scale,” with an emphasis on data sharing and the construction of fungible token and non-fungible asset marketplaces. Furthermore, Harmony promises to give high throughput with two “lows”: latency and costs. They’re expected to put the platform at the centre of efforts to establish the groundwork for future decentralised trustless economies when combined.
Harmony began as a company in 2018 before the IEO. Multiple investors, including Silicon Valley’s Consensus Capital, Hong Kong’s Lemniscap VC, and others, were interested in its fundraising endeavour, which raised USD 18 million in April 2019.
Investors bought almost 2.8 billion of the company’s ONE tokens, with 12.6 billion put aside for pre-mining. Harmony gives investors access to an ecosystem that will promote the company’s adoption across numerous markets, with an emphasis on data sharing, decentralised marketplaces, supply chain tracking, ad exchanges, credit rating systems, and gaming.
What Is Harmony Aiming To Achieve?
Harmony was built on the premise that no platform has yet reached a satisfactory level of decentralisation and scalability, as outlined in the project’s whitepaper. Based on this, it pledges to achieve the following objectives:
- Harmony aims to remove structural barriers that hinder cryptocurrencies from becoming true digital money.
- Higher transaction throughput should set Harmony apart from Ethereum and other blockchain alternatives that are compelled to sacrifice other features in order to achieve performance advantages.
- Harmony’s consensus protocol prioritises efficiency and speed.
The Function Of ONE Token
By facilitating participation in the Harmony ecosystem and functioning as a payment vehicle for various activities on the network, the ONE token keeps the cogs of the ecosystem turning. This is accomplished as follows:
- The One token is utilised as a stake in the Harmony consensus model. Holders can earn block rewards and be rewarded for keeping the system running smoothly.
- The tokens are used to pay for transaction fees, storage fees, and gas expenses, among other things.
- Holders of the ONE tokens are awarded voting rights as part of the platform’s governance mechanism.
Harmony was at the heart of proposals to implement a Universal Basic Income (UBI) based on the sharing of personal data. With the use of the Harmony blockchain, the data would be shared in exchange for payment from ads, shops, or the media. Following the breakdown of the current data-sharing monopolies, the earnings would be used as a supplementary or basic income.
More than 30 people make up the Harmony team, with backgrounds ranging from engineering to academic work to business. Stephen Tse (of Google and Microsoft Research), Nicolas Burtey, Alok Kothari, Rongjian Lan, Minh Doan, Nick White, and others are among the important players.
Is Harmony ONE A Good Investment?
Despite its involvement in certain prominent blockchain industries such as DeFi and NFTs, the Harmony cryptocurrency faces stiff competition from other dApp platforms including Ethereum, Cardano, and Solana. However, your circumstances and risk tolerance will determine whether the ONE coin has potential for your investment portfolio.
Before investing in Harmony ONE or looking into Harmony price prediction, you should choose the level of risk you are willing to take. And never put money into something you can’t afford to lose.
It’s critical to conduct thorough research and keep in mind that your decision to trade is based on your risk tolerance, market expertise, investment portfolio spread, and comfort level with losing money. Never put money into an investment that you can’t afford to lose.
Tokens – ONE, ONE-INR, INR-ONE, USDT-ONE, ONE-USDT
Read more: https://blog.buyucoin.com/learn/what-is-harmony/
Text source: BuyUcoin Blog
