Multichain 101 : Understanding Harmony (ONE) Blockchain Ecosystem
ENEDEX multichain is coming very soon. Multiple blockchain has been prepared for seamless swapping experience across cryptoverse. But before the release of ENEDEX multichain, let’s learn more about the blockchains that potentially will be in ENEDEX multichain. This time, let’s deepdive on the Ethereum’s popular alternative, the Harmony blockchain.
What is Harmony?
Harmony (ONE) is a decentralized blockchain-based platform that offers tools and functionalities for creating, hosting, managing, and using Dapps with maximum scalability and interoperability. Harmony is hosted on Ethereum, which is why the project offers solutions to resolve Ethereum’s current limitations.
The ultimate vision of the blockchain project is to create a self-sustainable environment that enables users to create markets for fungible and non-fungible tokens with the use of available tools, while benefiting from interoperability and scalability through sharding. With future updates that should go live by the end of 2021, Harmony plans to become one of the main contributors to the decentralized finance space.
Harmony also offers block generation time that takes no more than a second, facilitating near-instant transactions with the ability to process higher transition throughputs than Ethereum or similar networks.
ONE is the native crypto of the Harmony network, and it is a multi-purpose token. ONE can be used to pay for various services and operations on the network, including paying for storage. ONE holders can also participate in network governance as holding ONE grants them voting rights.
About Harmony Features
Harmony achieves scalability and increases the speed of transactions and block generation through the use of random state sharding. Random state sharding allows the network to split the database into smaller partitions called shards to reduce latency. Sharding thus enables fast and near-instant transactions, while preventing network congestion.
The sharding process depends on an adaptive Proof of Stake consensus mechanism based on a procedure known as distributed randomness generation. This combination enables security, scalability, and simple and easy verification.
The Harmony network operates on a variation of the Byzantine Fault Tolerance protocol, known as Fast BFT. FBFT facilitates speed and efficiency on the Harmony network by processing transactions in parallel. At the same time, Harmony reduces communication cost by signing transactions with an aggregate signature, which enables 250 or more validators to reach consensus in under two seconds.
About $ONE Token
Harmony can be used for developing and hosting Dapps in a highly decentralized and scalable ecosystem designed to support the creation of DeFi-oriented Dapps. The network is also used for low-latency and low-fee transactions while offering high throughput and transaction finality in seconds.
ONE is the native token of the network and is a multipurpose cryptocurrency that powers the network. It can be used in network governance to grant voting rights to holders, and can also be used as an incentive to reward network participants for validation and securing the network. ONE is used for paying gas fees, transacting, and paying for storage fees.
About Ecosystem
As a popular alternative of Ethereum, no wonder Harmony attracted plenty of developers to build project on top of it. Here is a brief list of familiar tokens and their contract addresses that has Harmony version or are uniquely built only in Harmony :
USDT : 0x3c2b8be99c50593081eaa2a724f0b8285f5aba8f
USDC : 0x985458e523db3d53125813ed68c274899e9dfab4
BUSD : 0xe176ebe47d621b984a73036b9da5d834411ef734
DAI : 0xef977d2f931c1978db5f6747666fa1eacb0d0339
UNI : 0x90d81749da8867962c760414c1c25ec926e889b6
WBTC : 0x3095c7557bcb296ccc6e363de01b760ba031f2d9
LINK : 0x218532a12a389a4a92fC0C5Fb22901D1c19198aA
CRO : 0x2672b791d23879995aabdf51bc7d3df54bb4e266
FRAX : 0xfa7191d292d5633f702b0bd7e3e3bccc0e633200
SAND : 0x35de8649e1e4fd1a7bd3b14f7e24e5e7887174ed
AXS : 0x14a7b318fed66ffdcc80c1517c172c13852865de
AAVE : 0xcf323aad9e522b93f11c352caa519ad0e14eb40f
TUSD : 0x553a1151f3df3620fc2b5a75a6edda629e3da350
BAT : 0x2875b4cfab0a4cc4bdc7fbdf94b6e376826a4332
COMP : 0x32137b9275ea35162812883582623cd6f6950958
HOT : 0x5dfeadcdd2d4eb29ac5ae876daa07ffd07bf6483
1INCH : 0x58f1b044d8308812881a1433d9bbeff99975e70c
FXS : 0x0767D8E1b05eFA8d6A301a65b324B6b66A1CC14c
YFI : 0xa0dc05f84a27fccbd341305839019ab86576bc07
LPT : 0xbd3e698b51d340cc53b0cc549b598c13e0172b7c
Summary
Harmony aims to solve the problem of inefficient scaling and interoperability, offering Dapp developers a perfectly optimized environment for DeFi Dapps and transactions with near-instant finality. Harmony aims to become one of the top networks in terms of speed and functionality, with low latency and low fees.
Find Harmony based token and many more on ENEDEX Crosschain V1 that will be launched very soon!
Do you have a favorite Harmony based token that you wish to see in ENEDEX crosschain V1?
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