The Harmony project, which previously used Etherium coins of the ERC-20 standard, has been running on its own blockchain since the beginning of 2020. ONE coins are circulating in the Harmony network. Their total number is limited – a total of 12.6 billion ONEs can exist. A type of Proof of stake (PoS) algorithm called EPoS is used to validate transactions. This network can be accessed from the popular MetaMask cryptocurrency wallet. Other important parameters of the Harmony cryptocurrency network:
- The transaction completion rate is 2 seconds.
- The number of validator nodes authorized to validate transactions – 1,000.
- The amount of commission per transaction – no more than $0.000001.
- Annual issue – 3%.
Technical structure of the Harmony network
Harmony network uses a system of shards. All of the 1,000 valued ONE nodes that the network relies on are divided into 4 shards, with 250 nodes in each. The shard system allows the network to be more robust and decentralized, while increasing its bandwidth. Harmony shards are not static, and the DRG algorithm divides nodes into shards in unpredictable sequences. The network architecture is rebuilt without stopping the network, providing robust protection against hacker attacks. The period during which the shard composition does not change is called an epoch in the technical documentation. The Harmony algorithm rewards validator nodes for confirming transactions. Because of this, the total number of ONE coins in circulation grows by about 3% per year. Blockchain smart contracts are executed on the Harmony network. This allows the creation of DeFi and web3 applications on the Harmony network, as well as supporting the creation of NFT tokens.
Prospects for the further development of Harmony
The Harmony project is actively living and growing, the price of ONE token in the long term is only increasing. Harmony founders constantly give grants to developers and hold hackathons. In this way, they contribute to the development of the web 3 and DeFi industry on this blockchain. Although the Harmony network has many competitors, its technical features allow it to grow steadily. This growth will be aided by the use of bridges that make it easy and cost-effective to exchange tokens for other digital assets – or to make a reverse exchange. Are you interested in the Harmony network? We invite you to use our blockchain bridge and get your tokens quickly, safely and with minimal exchange fees.
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