Blockchain

What is Harmony?

Transaction fees, governance, and staking are all handled by the company's native token, ONE. You can buy ONE with a credit or debit card on Binance, or trade it for another cryptocurrency. You can store ONE in EVM-compatible wallets like MetaMask and Binance Chain Wallet once you've acquired it.

What is the Harmony blockchain?

Harmony is a cryptocurrency based on Effective Proof of Stake (EPoS) that was founded in 2018 by Stephen Tse and launched its mainnet in 2019. It claims to address the blockchain trilemma of decentralization, scalability, and security, as do most post-Ethereum networks. Sharding and Harmony's Effective Proof of Stake consensus method are Harmony's solutions to the problem.

Another important component of the Harmony platform is its Cross-Chain Finance concept. The need for cross-chain and multi-chain capabilities has skyrocketed, and Harmony is ready to meet it. Between BNB Smart Chain (BNB), Ethereum (ETH), Bitcoin (BTC), and other networks, the blockchain provides bridging services.

Binance Launchpad was used to complete Harmony's 2019 IEO. The main idea of Harmony for scaling Web3 is based on zero-knowledge proofs and Decentralized Autonomous Organizations (DAOs).

How does Harmony work?

Harmony enhances scalability and transaction and block creation through the use of random state sharding. To reduce latency, random state sharding allows the network to partition the database into smaller portions called shards. Furthermore, sharding enables near-instantaneous transactions while preventing network congestion.

The sharding method is based on a distributed randomization generator that employs an adaptive proof-of-stake (PoS) consensus mechanism. This combination allows for security, scalability, and simple and straightforward verification.

The Harmony network uses the Fast Byzantine Fault Tolerance protocol (FBFT), which is a variation of the BFT protocol. By processing transactions in parallel, FBFT increases the speed and efficiency of the Harmony network. Simultaneously, Harmony reduces communication costs by employing an aggregate signature to sign transactions, allowing 250 or more validators to achieve a consensus in less than two seconds.

Website

Visit the official cryptocurrency website. It contains detailed valuable information about the coin and the project. You'll also find answers to frequently asked questions, various support and training tools, or interesting news and articles.

WhitePaper

WhitePaper is a basic informative document that contains a detailed description of a crypto project, its purpose, the idea of its creation, technical specifications, statistics, diagrams, roadmap, and other important facts, including information about the coin and its use and future potential. It is usually created by the founders or developers of a crypto project.