Harmony (ONE): Revolutionizing Blockchain with Speed and Innovation

Harmony (ONE) is a blockchain platform designed to elevate the functionality of decentralized applications (DApps). It stands out for its focus on random state sharding, enabling rapid block creation and fostering innovation in the realm of decentralized applications.

Founders:

  • Stephen Tse (CEO): Holds a Ph.D. from the University of Pennsylvania, specializing in cryptographic protocols and type theory. Previously worked at Google, Apple, and founded successful ventures like Spotsetter.

Key Features:

  1. Random State Sharding: Harmony innovates by implementing random state sharding, reducing node validation times and enhancing block creation speed.
  2. Verifiable Random Function (VRF): Ensures unbiased and unpredictable shard membership, securing the node assignment and re-assignment process.
  3. Harmony Grants Program: Aims to fuel innovation and attract developers to the Harmony mainnet by providing support through grants.

Unique Aspects:

  • Sharding for Efficiency: Harmony’s approach to sharding sets it apart, emphasizing speed and validation efficiency to create a more scalable blockchain.
  • Harmony Grants: Actively supporting innovation through the Harmony Grants program, encouraging developers to contribute to the Harmony ecosystem.

Circulation and Security:

  • Token Supply: Harmony (ONE) has a maximum supply of 12,600,000,000 tokens, with a circulating supply of approximately 9,486,327,268 ONE (as of February 2021).
  • Distribution: Token distribution includes allocations for the seed sale, Launchpad sale, founding team, protocol development, and ecosystem development.

Security Measures:

  • Effective Proof-of-Stake (EPoS): Introduces a unique version of PoS consensus, allowing simultaneous staking from hundreds of validators, aligning with the sharding concept.
  • Incentive Mechanisms: Harmony actively encourages staking through the Open Staking initiative, providing incentives for node operators and stakeholders.

Where to Buy Harmony (ONE): Harmony (ONE) tokens are available on major cryptocurrency exchanges, including:

  • Binance
  • MXC.COM
  • Huobi Global

Harmony’s Horizon Bridge Hack: Harmony faced challenges in June 2022 when its Horizon Bridge was exploited, resulting in approximately $100 million in altcoins being stolen. The hacker attempted to launder funds through exchanges like Binance and Huobi, but a joint effort by these exchanges led to the recovery of 124 BTC. This incident highlights the collaboration within the crypto space to enhance security and protect user funds.

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