Successfully Performed Popular Altcoin Home Network Update
According to the press release, Harmony; Binance will work with Huobi and BitMax crypto exchanges. It will also use professional validators such as Blockdaemon, Stake.fish and Figment Networks.
Harmony promises its investors an annual gain of 15% to 45% for the first year. In addition, the launch of staking seems to have positively affected the ONE coin, which has been in a downtrend since May 2019.
If the Harmony coin was purchased at launch, its approximate return was 0.52%. Therefore, it has become a long-term investment only for holders. Altcoin hovers around $ 0.0034 at the time of writing, rising by 0.07%; there are a total of 4,596,807,869 ONE in circulation; the total supply is 12.6 billion.
What’s in the future for Altcoin?
Harmony offers the highest transaction speed compared to most altcoins and trades every 8 seconds. In addition, transaction fees are very low; it is about 0.000001 dollars, so it is much cheaper compared to Bitcoin .
Harmony managed to overcome low throughput, latency and scalability issues using the database partitioning technique sharding, which is used to scale the blockchain and enable it to do more operations per second. Sharding is a technology that makes the database more efficient by spreading the load.
With the proof-of-stake used in the Harmony blockchain, there are problems like “getting richer in the rich”. However, the company has developed a mechanism called Effective Proof of Stake to counteract this.
In this mechanism, Harmony limits the rewards of large stakeholders and increases the rewards of small stakeholders. With this resolved, the company will now focus on ONE’s market adoption. Harmony CEO Stephen Tse said:
“WE WILL NOW ACCELERATE WITH OUR POS BLOCKCHAIN COMBINED WITH SHARDING TECHNOLOGY. SCALABILITY, SPEED, AND LOW COST WILL ENABLE USE CASES AND USER EXPERIENCES THAT NO OTHER BLOCKCHAIN COULD EVER OFFER. ”
This year’s road map of the project; Transition to community management covers contracts such as contracts being reduced to less than 8 seconds and adoption in some developing areas such as cross-border finance, auditable privacy, and “digital collections”.