On the basis of decentralized networks, blockchain projects for various purposes are created and operate. Each such project has its own cryptocurrency, which is used to maintain the network, manage the project, as a means of payment, and also as an investment tool. The ability to directly convert ETH to BTC or other cryptocurrencies greatly simplifies investment portfolio management.
Early blockchains have limited bandwidth and this has become a major problem as the number of active users has increased. The emergence of a demand for high-speed blockchains was just a matter of time. Now dozens of development teams are working in this direction, including the Harmony team. Among the stated goals is to achieve a performance of 1 million transactions per second. The project is focused on application in energy, financial structures and other industries that are particularly demanding on scalability and performance,
Project features
The operation of the Harmony blockchain is based on the principle of sharding. The network is divided into several segments, which allows increasing the throughput of the blockchain. Harmony uses innovative sharding technology based on the success of other projects. The development team has taken this method forward with revolutionary approaches.
Among the key innovations that stand out in the project ecosystem are:
- Full scalability thanks to the use of sharding technology.
- DRG (distributed randomness generation).
- An advanced FBFT consensus mechanism aimed at maximum transaction speed. Unlike the standard PBFT, it uses multi-signature and accelerated block verification.
- EPoS’s powerful proof-of-stake mechanism provides an additional layer of security. The use of EPoS helps to reduce centralization and distribute coins fairly among multiple validators. The mechanism also excludes nodes that attempt to use double signatures. EPoS penalizes selected nodes that become inactive during the verification process.
- Striving for maximum decentralization.
What is interesting about the ONE token
The high-speed Harmony blockchain operates using its own native ONE token. The maximum issue of coins is limited to 12.6 billion units.
Harmony Token (ONE) performs several functions:
- Used as a stake for the PoS protocol.
- Serves to pay fees similar to gas in Ethereum.
- It is used in blockchain and ecosystem management.
Since the operation of the blockchain is based on the PoS consensus algorithm, the ONE (Harmony) coin is not mined. You can earn coins by staking, but first you need to buy tokens. The coin is available for purchase on many cryptocurrency exchanges, traded in pairs with USDT, BTC, EUR and USD. Purchased coins must be locked in a staking-enabled wallet.
At the time of writing, the coin is trading at a price of about $0.01 per unit. This is about half the price of the starting price at the start of trading in 2019.
The project is aimed at solving urgent problems of the industry and experts consider it promising. Another plus is the availability of the coin, so ONE can be considered as a potentially profitable tool for short-term and long-term investment.
Where is it profitable to sell ONE
The number of trading pairs with ONE on cryptocurrency exchanges is limited. They are quite enough to fix profits, but you won’t be able to directly exchange ONE to ETH on top exchanges. Directly on the exchange, for this, two consecutive swaps involving USDT will have to be performed. It is possible to find a counterparty for a direct exchange on peer-to-peer sites, but this is not always easy and fast. If such a platform is included in the ecosystem of a top exchange, you will most likely need a verified exchange account to access it.
In this case, the LetsExchange cryptocurrency quick exchange service will come to the rescue. The benefits are obvious:
- Anonymously. The service is available without registering an account.
- Just. You fill in the exchange widget step by step and confirm the application. All other actions are performed automatically by the system.
- Fast. Intelligent search Smart Rate will view and analyze available offers on dozens of platforms in a matter of minutes.
- Profitable. Intelligent search selects deals with the most favorable conditions.
- Safely. The service does not store your coins or personal data. Coins leave your wallet only for the duration of the swap.
The service supports over 3,000 coins and tokens. There are no restrictions on the number and amount of swaps.
