ONE - 5 Things to Know About the Harmony Blockchain
Harmony (CRYPTO: ONE) is a somewhat newer blockchain network that is gaining more traction, as more and more developers and crypto investors see the capabilities of the network. The price of the ONE token, which fuels the network, is now at about $0.23 and roughly a $2.5 billion market cap, which represents an increase of more than 5,200% over the last year, and I see great potential going forward. Here are five things to know about Harmony.
When some of the first cryptocurrencies like Bitcoin came along, their goal was to replace fiat currencies and serve as an alternative or replacement for the traditional financial system. They were outside the control of banks, the government, and the Federal Reserve. Now, that didn't exactly happen, or at least it hasn't happened yet. One reason for this is that it has been difficult for blockchain networks to maintain their core values such as security and decentralization while scaling and being able to handle all of the transaction volumes that come through a normal financial network.
Harmony believes it is able to scale while maintaining decentralization and security because its network is powered by sharding, which establishes several separate groups of validators and allows them to approve transactions and new blocks simultaneously. Harmony can currently process 2,000 transactions per second (TPS), comparable to Visa , one of the largest payment rails in the world. Long-term, Harmony thinks it could get up to processing 10 million TPS.
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5 Things to Know About the Harmony Blockchain