CRYPTO PROJECTS

Harmony: ONE Update!! My Take On Its Potential!

Harmony is like that a live version of ETH 2.0 and its ecosystem works differently than many other cryptocurrencies.

Since the start of the year, smart contract cryptocurrencies have seen an incredible increase in users, decentralized applications. and total value locked (TVL). Most of them owe this to Ethereum’s impossibly high gas fees, which cause hundreds of thousands of users to spill onto other smart contract cryptocurrency blockchains. Instead of using this momentum to kill Ethereum most of these alternative cryptocurrencies have opted to act as complementary additions to Ethereum’s massive ecosystem. One of these cryptocurrencies is Harmony, and its cooperative approach has resulted in an exponential amount of user adoption and development in just a few short months this has made Harmony one of the most successful Ethereum alternatives to date.

Today I’m going to give you a quick recap of Harmony and how it works, I’ll examine a few of its most significant milestones over the last few months analyze the ONE coin, and see just how much potential this crypto still has.

Disclaimer: All the content converted from Coin Bureau’s “Harmony: ONE Update!! My Take On Its POTENTIAL!!” video after getting the whole permissions.

Harmony Recap

Harmony was founded in 2018 by Stephen Tse. Stephen holds a doctorate degree in cryptography and worked as a software engineer at Apple, Microsoft, and Google before founding Harmony.

Like other smart contract cryptocurrencies, Harmony aims to be scalable, decentralized, and secure. Unlike other smart contract cryptocurrencies, Harmony also seeks to address privacy, which Stephen refers to as the quote fourth trilemma.

Although Harmony was inspired by other cryptocurrencies such as Ethereum, its blockchain was built from the ground up and is not a fork or carbon copy of another cryptocurrency. Harmony’s mainnet launched in June 2019, but it wasn’t until May 2020 that Harmony allowed its users to run validator nodes. This began its blockchain’s decentralization which is still in progress.

In terms of how Harmony works, it’s not all that far off from how Ethereum 2.0 is going to work. In fact, you could say that Harmony is essentially a finished version of Ethereum’s next iteration.

This is primarily because Harmony uses sharding which involves splitting a single blockchain into multiple parts called shards. Read More…

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