Harmony (ONE) is a decentralised blockchain platform which was designed to act as a bridge between efforts associated with scalability and decentralisation. Harmony was launched as part of the initial exchange offering (IEO) on the Binance Launchpad in 2019, focussing on the data sharing as well as creation of marketplaces of fungible tokens along with non-fungible tokens (NFT).
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Choose your quick section of our Harmony review below.
A Quick Overview of our Harmony Review:
Harmony started out as a start-up in 2018 and the fundraising that was held raised 253 million ZAR. This drew the attention of multiple investors including Consensus Capital, Lemniscap VC, and several others.
Harmony Live Price
What is Harmony?
Harmony (ONE) is a decentralised blockchain platform which was designed to act as a bridge between efforts associated with scalability and decentralisation. The development team behind Harmony built the platform with the focus on optimisation using a full-stack approach.
Key Features and Takeaways of Harmony
Harmony is one of the most popular platforms in the cryptocurrency space that has the following key features and takeaways:
Harmony was launched as part of the initial exchange offering (IEO) on the Binance Launchpad in 2019, focussing on the data sharing as well as creation of marketplaces of fungible tokens along with non-fungible tokens (NFT).
Harmony’s development team works according to the promise of delivering a high throughput in addition to two “lows” latency along with fees. Combined, these are aimed at placing the platform at the heart of the efforts to lay the foundation blocks of future decentralised and trustless economies across the globe.
Harmony started out as a start-up in 2018 and the fundraising that was held raised 253 million ZAR. This drew the attention of multiple investors including Consensus Capital, Lemniscap VC, and several others.
Harmony has committed to providing an ecosystem that supports its adoption across a variety of markets, with the focus on supply tracking, ad exchanges, credit rating systems, gaming, and others.
Harmony aims to get rid of the structural limitations that often prevent cryptocurrencies from becoming genuine digital money. This refers to the problem that crypto faces with scalability.
Higher transaction throughput is what sets Harmony aside from competitors such as Ethereum and other solutions which are forced to achieve performance gains while they sacrifice other important features.
The consensus protocol that Harmony uses, the Fast Byzantine Fault Tolerant protocol (FBFT) ensures speed and energy efficiency in the network. The FBFT is used to employ parallel transactions which process to scale with the size of the network, tackling connection latency.
With the FBFT protocol, the validator nodes on the Harmony platform do not engage in vote broadcasting. Validators are appointed according to the Proof of Stake (PoS) approach and their election will depend on ownership of ONE.
Where Harmony is concerned, the beacon chain is a specialised shard chain that can accept validator stakes and in addition, it is also tasked with the random number generation for the distributed randomness generation (DRG).
Harmony also makes use of sharding technology, employed to increase transaction speeds. Sharding systems, such as the one used by Harmony, would be more at risk if it were not for the random assignment of nodes to shards, based on randomisation.
The cross-shard communication which used on Harmony, with the help of Kademlia, is a distributed has table as well as a routing protocol. This type of technology is the key asset that lowers the complexity of communication procedures that run on the network.
ONE, Harmony’s native token is used as a stake in the consensus mechanism, with holders earning block rewards along with other incentives to keep the system healthy. Users can also use ONE tokens to pay for fees such as transaction fees, Gas, and storage fees.
Harmony Mining
ONE tokens cannot be mined; however, users can stake their tokens. The first step involved is for the user to install the official Harmony One wallet extension onto their web browser.
The Google extension is the easiest and it is also the most convenient way to stake ONE in the user’s wallet. The wallet can easily be downloaded directly from the Harmony official website.
Once installed, the user can select the icon, located in the upper right corner of the browser. This will open a new tab and the user can create a new wallet. The user can navigate to the “Create” tab, specify the name of the new account, and select “Create”.
Users will be requested to create a complex password to protect their wallet that must be at least 12 characters long and contain as many different characters as possible. Users must also write down the seed phrase that they are given so that they can recover their account if they forget their password.
Once the user has created their wallet, the must top-up the balance of ONE tokens. The minimum requirement to start staking is 1 000 ONE and there is a network commission of 0.01 ONE that must be paid. For this reason, users must deposit enough funds.
Users can navigate to the Harmony website and select their Harmony One Wallet. Users can sign in and select the relevant wallet from the drop down and click “Accept” when hovering over the wallet.
Users can navigate to the “Validators” tab and a list of validators will appear, users can select a validator and click on “Delegate”. Next, users can enter the number of tokens that they wish to stake and select “Next”.
Users must then confirm the transaction in their Harmony One Wallet by clicking on “Confirm and Sign”. In the pop-up window, the user can enter their wallet password and select “Approve” to start staking.
Pros and Cons
| ✔️Pros | ❌Cons |
|---|---|
| Harmony is another impressive entry into the space concerned with Decentralised Applications (DApps) | Even though Harmony employs powerful technologies, there is a lot of reliance on technology such as 5G which is not widely available yet |
| Harmony improves the infrastructure behind blockchain, and it is an ambitious project that ensures faster more reliable solutions | Harmony has powerful competitors such as Ethereum and Zilliqa addressing the same problems that it tries to fix |
| Harmony has an impressive list of partnerships that are involved. These range across a variety of industries | |
| The development team behind Harmony is well suited to the project |
Transaction Fees
| Type of Fee | Information |
|---|---|
| Withdrawal Fees | 1 ONE |
| Network commission | 0.01 ONE |
| Minimum requirement for staking | 1 000 ONE |
Should you buy Harmony?
Harmony is a popular and ambitious project that has created an ecosystem for the end-to-end transfer of crypto. This is done through the integration of existing networks that allow users to convert fiat into crypto and vice versa. Harmony offers investors with a variety of reasons over why it is the next best investment choice.
However, despite this, investment will depend on each individual user and their investment objectives, risk tolerance, and unique risk profile.
The top reasons why Harmony is attracting investment are as follows:
It is a swift and reliable blockchain that features key innovations such as peer-to-peer (P2P) networking as well as sharding.
The non-fungible token (NFT) market is exploding but it is also faced with challenges as result of high gas fees on Ethereum. Harmony offers users with access to the LMA marketplace that provides them with the advantage of lower transaction fees.
The Harmony project helps businesses develop marketplaces for fungible token uses and NFTs.
Harmony is one of the first sharded blockchains to provide the ability for staking.
How to buy Harmony (ONE)
Step 1 – Register an account with Gate.io
Navigate to the official Gate.io website and select the option to “Sign Up” from the homepage.
Complete the online registration form by providing country/region, a selected username, email address, and user-selected password. Read and accept the User Agreement and Privacy and select “Next”.
Create a fund password and select “Create Account”. Complete the “I am not a robot” reCAPTCHA. Check your email inbox for the activation email and click on the link in the email. If the link does not work, you can copy and paste the URL into your browser.
Log into your account using your credentials and complete the reCAPTCHA.
Check your email again for the verification email that contains the 6-digit code and click on “Confirm”. Enter the code that you received into the blocks provided and select “Log In” to proceed.
Before you can use the platform to purchase Harmony/ONE and other cryptocurrencies on Gate.io, you must complete the “Know Your Client” or KYC procedure to verify your identity and your proof of residence.
Click on “KYC Now” at the bottom of the webpage to start the process.
Select whether you are an individual or an organisation by selecting “Verify Now” under the relevant option.
Select your country from the dropdown list, enter your full name followed by confirmation thereof. Select your ID document type and provide your ID Number as shown on your official ID Document.
Click on the first image to upload a clear photo of the front of your ID document followed by a clear photo of the back of the document.
Next, write your Gate.io unique ID on a piece of paper and take a photo of yourself holding up your identity document (front) and the paper containing your unique ID.
Once you have done this, click on “Confirm and Submit”.
Next, you must enable the Timed One-Time Password (TOTP) to be able to log into your account. This can be done by clicking on “Set Now” at the bottom of the page.
On the new page that loads, select “Click here” to set up Two-factor Authentication.
Download Google Authenticator onto your mobile device by making use of any of the abovementioned methods.
Follow the steps indicated to add your Gate.io account by scanning the QR code or entering your unique key.
Enter the TOTP, your fund password, and the code sent to your email address and select “Enable Two-factor Authentication”. With this setup, you must use the Google Authenticator app to sign into your account every time.
Step 2 – Deposit funds
You must note that Gate.io is only a crypto-to-crypto exchange which means there is no fiat gateway. The only way through which funds can be added, is to transfer an existing crypto into your Gate.io wallet.
ONE can only be bought through Tether/USDT or Bitcoin/BTC while it can be traded with USD as a futures contract.
Navigate to the deposit/withdrawal section by hovering over your account and selecting the relevant option. Choose from the list of coins in which you can make a deposit and select “deposit” next to the appropriate coin.
You will be redirected to a page which generates a deposit address for the coin that you wish to deposit.
Copy this address, or scan the QR code, into the wallet where you are making a withdrawal from and depositing to Gate.io and wait for the relevant blockchain to confirm your transaction. Once the transaction has been completed and verified by the nodes on the chain, the coins will be sent to the Gate.io wallet and you can start trading ONE.
Step 3 – Explore your trading options
Gate.io offers a variety of ways through which cryptocurrencies can be obtained. Each of these can be explored individually depending on your trading needs and objectives.
To start trading ONE, select the option from the “Trade” Menu. Enter “ONE” into the search bar to see which trading options are available.
For spot trading, for instance and as an example, select ONE_USDT. Once you have selected, you will be directed to the exchange page which corresponds to the cryptocurrency pair ONE/USDT.
Here, you will see that you have the option to buy or sell ONE either as a limit order, grid trading, or as a time condition. The most common trading method is that of limit trading and thus it will be used for this guide.
Step 3 – Buy ONE through via Limit Order
To buy ONE and create a limit order for it, you can enter the amount of ONE you want to purchase, and the price you want to buy it at in USDT. This tool will tell you what the overall cost is in USDT, or any other chosen counter-currency, which will be deducted from your wallet once the order has been executed.
Step 4 – Sell ONE through via Limit Order
To sell ONE, find the panel under the chart and create a limit order for USDT according to your own preferences. Note that with a peg to USD, ONE that you exchange for USDT will hold the flat value that it has despite market conditions in the cryptocurrency market.
Step 5 – Withdraw funds
To withdraw funds, you will use the same page in Gate.io which was used to make a deposit.
Click on the deposit/withdrawal option on your Account dropdown and find the wallet of the currency that you wish to withdraw. You can do this easily by using the search bar provided.
Instead of a deposit address being generated, you will do this on the exchange, or the wallet being used as the destination for withdrawal of funds from Gate.io. Paste the address of the receiving wallet in the field provided and provide your Gate.io fund password, email code, and TOTP before selecting “Submit Request”.
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Frequently Asked Questions
When was Harmony first launched?
Harmony was launched in 2019.
Who founded Harmony?
Harmony was created by Dr. Tse.
What is “ICO”?
It is Initial Coin Offering that, unlike an IPO, does not mean that those who invest in the cryptocurrency will have an ownership stake of the company that they provide funds to.
When was Harmony’s ICO and how much did it raise?
Harmony did not have an ICO but an IEO which raised 324 million ZAR.
Is Harmony legit?
Yes, Harmony is legit.
What is Harmony’s total supply?
Harmony has a total supply of 12 billion ONE tokens.
What is the purpose of Harmony?
It was built to solve the issue with scalability and decentralization.
On which blockchain is Harmony based?
Harmony is based on its own blockchain.
Does Harmony work with smart contracts?
Yes, Harmony works with smart contracts.
Does Harmony have potential to become more valuable?
Yes, despite the competition with major platform such as Ethereum, Harmony has the potential to become more valuable.
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