Coins & Tokens

Harmony One Blockchain: A Comprehensive Overview

In the ever-evolving realm of blockchain technology, the Harmony One blockchain, founded in 2018 by the experienced software engineer Stephen Tse, emerges as a distinctive player. Drawing from Stephen's background at tech giants Apple and Google, Harmony One sets its sights on addressing the blockchain trilemma—Security, Scalability, and Decentralization—while adding a crucial fourth dimension: Privacy.

The Genesis of Harmony One

Officially launched in June 2019, the Harmony One blockchain is a testament to innovation, designed to tackle the challenges of the blockchain trilemma effectively. The platform's architecture resembles Ethereum 2.0, employing shards to enhance scalability. Sharding allows the blockchain to be segmented into smaller, more manageable chains, each capable of processing up to 500 transactions per second. With ongoing expansion, the Harmony One network is poised to increase its transactions per second (TPS) by incorporating additional shards.

Diverse Dapp Ecosystem

Harmony One's commitment to fostering a vibrant ecosystem is evident in its support for over 40 Dapps, showcasing remarkable growth. Leveraging its Ethereum Virtual Machine (EVM) compatibility, Harmony One provides a seamless transition for Dapps from other platforms. Notable projects like SushiSwap, Curve Finance, and Aave have already embraced Harmony One, complemented by an array of native Dapps like LMA art gallery and daVinci NFT marketplace.

The Central Role of ONE Token

At the heart of the Harmony One blockchain is the ONE token, serving as the linchpin for various functions. From paying transaction fees to deploying smart contracts and participating in on-chain governance, the ONE token plays a pivotal role. However, governance voting is exclusive to network validators, adding an extra layer of participation. Harmony One's tokenomics include a 3% annual inflation rate, counterbalanced by automatic token burning—25% of ONE tokens used for transaction fees are burned, preventing excessive inflation.

Staking Opportunities on Harmony One

Participating in the Harmony One ecosystem through staking is an accessible venture. Acquiring ONE tokens from exchanges like Binance, Huobi Global, and Kucoin opens the door to staking possibilities. For running a full validator node, a minimum of 10,000 ONE tokens is required, while delegators can start with a more modest 1,000 ONE tokens. Both validators and delegators stand to earn approximately 10% interest on their stakes, adding an enticing incentive to participate.

Bridging to Harmony: A Gateway for Tokens

The Horizen Bridge has been a vital gateway for tokens migrating to Harmony, particularly from Binance Smart Chain (BSC). This interchain bridge facilitates the seamless transfer of tokens, enabling users to move assets between EVM blockchains. Using a bridge is imperative to prevent the loss of funds, emphasizing the need for careful consideration when engaging in interchain transactions.

Harmony's Smart Contracts Revolution

Harmony has experienced a surge in deployed contracts, swiftly transitioning from hundreds to thousands. The platform's compatibility with the Ethereum Virtual Machine expedites the migration of contracts and tokens. For Dapps encountering challenges on other chains, Harmony One provides a swift and efficient solution. Additionally, bridging tokens to the chain allows projects to participate in multiple ecosystems, potentially enhancing token or NFT value.

Wallets Supporting Harmony One

The extensive support for Harmony One extends to wallets and exchanges, with the platform offering its Harmony One wallet chrome extension. This user-friendly extension facilitates various Harmony blockchain-related activities. However, many users still prefer using wallets like Metamask, which seamlessly integrates with Harmony One. A multitude of wallets supporting custom EVMs has enabled Harmony's widespread adoption since its inception. Users can explore Harmony One wallets on platforms like Yada Wallets, catering to diverse preferences and operating systems.

You can also easily add Harmony One to Metamask.

As Harmony One continues to carve its path in the blockchain landscape, the innovative approach to scalability, privacy, and decentralized applications sets the stage for a transformative journey. For those eager to delve into the Harmony One universe, understanding the nuances of the network, staking opportunities, and seamless integration with wallets paves the way for a rich and rewarding experience. Ready to embark on your journey with Harmony One? Explore the steps on "how to add Harmony One to Metamask wallet" and unlock the full potential of your Harmony One wallet.

Also see our list of top Harmony One wallets!

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