The blockchain trilemma states that achieving the ideal balance of scalability, security and decentralization is most likely impossible in practice. The creators of each blockchain are looking for their own effective solution to the trilemma. The Harmony blockchain platform has taken the path of sharding. This method scales the network without compromising its security and decentralization.
What is Harmony (ONE)
The Harmony blockchain platform is designed to facilitate the creation and use of Dapps. The network focuses on random state sharding and thanks to this innovative approach, the block formation time does not exceed 5 seconds.
The team is actively working to improve the performance of the platform. The goal is more than ambitious – to bring the blockchain throughput to 1 million transactions per second. When this can be done, it will be really difficult to compete with Harmony.
The network consists of 4 elements – shards, which provide parallel processing of transactions. Thus, sharding increases the throughput and decentralization of the network. Network security is enhanced by the DRG algorithm, which splits the network into functional elements randomly.
The Harmony Network launches bridges for cross-sharding and cross-chain transactions. In particular, the Horizon bridge is designed to transfer assets from the Ethereum network.
The network uses an energy-efficient Proof-of-Stake consensus mechanism in the EpoS version with a dynamic entry threshold. It is effective in supporting small participants and limits the income of owners of large sums. This equalizes the earning opportunities for network users, regardless of the amount of coins in the wallet.
Applying an efficient proof of stake distributes rewards fairly among validators and reduces the risk of centralization. In addition, the mechanism cuts off validators trying to use double signatures. In addition, penalties are provided for selected nodes that are inactive at the time of the check.
The functionality of the network is provided by the coin of the same name with the ticker ONE. Coin owners get the right to actively participate in the development of the ecosystem. Like other coins based on the Proof of Stake algorithm and its modifications, ONE is not mined, but received as a reward for staking.
ONE is used as a fuel for transactions and can also be used for investing and trading on the exchange.
Where to get ONE
There are two ways to get a coin: earn by staking in the native ecosystem or buy on the exchange. The exchange of ONE to USDT is available on Binance, Tokocrypto, KuKoin, Huobi and dozens of other exchanges, as well as on the LetsExchange instant exchange platform. The coin is worth $0.1916.
For staking, you need to place the purchased coins in a wallet that supports this process. This is a fairly quick and easy way to make money. The principle is extremely simple: the more coins you bet, the more likely you are to earn and the higher the reward. However, before placing a bet, remember the features of EpoS.
Guarda Wallet, Safepal, Sprout, Thrust Wallet are suitable for storing ONE.
Is ONE a good investment?
The low current price of ONE is also attractive from a long-term investment point of view, especially for new investors. It is much more profitable to invest a small amount in several thousand inexpensive coins than to buy a thousandth of Bitcoin for the same money. The coin has a fairly high growth potential in the short and long term, and a relatively small price movement in absolute numbers can bring good profits.