What is Harmony
Launched in 2017 by high-tech entrepreneur Stephen Tse, Harmony ONE coin is a multi-layered blockchain solution emphasizing the ethos of decentralization at scale. The fundamental layer of the Harmony One solution is decentralization, with cross-chain asset transfers between the Ethereum (ETH) ecosystem and Binance (BNB) Smart Chain. The next layer of the solution is scalability.
The Harmony (ONE) blockchain is secured with hundreds of validators achieving consensus using network protocols for effective proof of stake chains. This blockchain’s creators were aiming for an open network interoperability solution that would allow users and participating nodes to easily migrate assets across different blockchains. Harmony price is affected by network usage, supply/demand economics, broader cryptocurrency markets, and strategic global macro factors.
Harmony Founders
Harmony (ONE) founder and CEO Stephen Tse founded the company in 2017. He raised $18 million in a seed round of private funding. Tse is a serial high tech startup founder with a previous company sale to Apple, Inc. and project work for Google. He put together a team of top decentralized finance (DeFi) and blockchain engineers and launched the Harmony mainnet.
They found their own way to create a high-performance, decentralized, open, and fast blockchain. Harmony serves users and participating nodes, with a decentralized, yet efficiently scalable solution so users pay minimal fees to easily migrate Ethereum, Binance, and other decentralized blockchain tokens.
How Does Harmony One Work
Harmony (ONE) tokens are used for fast and reliable cross-chain asset transfers between five different decentralized finance ecosystems, including Binance Smart Chain and the Ethereum decentralized computing network. Users pay minimal fees for fast settlement and smooth transactions across a basket of digital currencies and utility tokens, and trustworthy ledger keeping on a fault-tolerant, effective PoS blockchain network.
In addition to buying, holding, and deploying the ONE tokens for their functional utility value, some users buy and hold or trade Harmony tokens to make speculative investments on the movement of the Harmony price on liquid exchange markets. Investors also operate nodes to earn rewards and take advantage of the network’s reward compounding incentives. Check out our how to buy Harmony guide to learn more.
Harmony One Security
Harmony premiered the world’s first mass public deployment blockchain network using an innovated proof-of-stake consensus mechanism called effective proof-of-stake (EPoS). This features an open network yet high speed and securely validated blockchain maintained by sharding. This novel staking mechanism creates consensus out of proof of stake chains.
Sharding secures tens of millions cross chain assets powered by the open protocol execution environments of Harmony mainnet. And it does so with the goal in mind from the outset of the project to deliver users faster processing times. Without traffic congestion from bottlenecking requests through resource-consuming consensus mechanisms, Harmony (ONE) blockchain is a fast-scaling DeFi interoperability solution.
