What is the Harmony (ONE) blockchain and why is it so popular?

Harmony is getting a lot of traction because it addresses core blockchain concerns, is energy efficient, has cross-chain capabilities, offers lower gas fees, and has huge potential for non-fungible tokens (NFTs).

Maintain decentralization and security

Harmony believes its network can scale while maintaining decentralization and security because it uses sharding, which divides validators into multiple groups and allows them to simultaneously approve transactions and new blocks. Harmony can now process 2,000 transactions per second (TPS), which is comparable to Visa, ONE of the largest payment networks in the world. Harmony thinks she’ll deal with 10 million TPS in the long run.

On the other hand, Harmony doesn’t compromise on security or decentralization, even as it scales. For example, the network assigns nodes, or computers that join the network and commit transactions, to distinct shards through a distributed random generation mechanism. Harmony also maintains the minimum number of ONE tokens required for nodes to join the network as validators and keeps decentralization low.

Low consumption

Many blockchain networks are now adopting the proof-of-stake model, which Harmony has used since its inception. As a result, nodes stake existing tokens as collateral in this procedure to have a chance of being randomly chosen to validate transactions. For a block to be approved, multiple validators must verify the transactions. Harmony stands out from other networks because its architecture and proof-of-stake consensus method allow it to complete blocks in less than two seconds.

Cross-Chain Capabilities

Additionally, Harmony introduced Horizon, a cross-chain interoperability bridge with Ethereum, allowing the exchange of assets between the two networks. This innovation can revolutionize cross-border payments and make cryptocurrency exchanges more convenient. Harmony has also established connections with other blockchains, such as Binance.

By allowing nodes in other blockchain networks to validate transactions, Harmony’s platform can transfer data across various blockchain networks, whether they use proof-of-stake or proof-of-work governance.

Reduced fuel costs

Harmony’s network is rarely clogged, thanks to its high TPS and use of proof-of-stake validation. As a result, it doesn’t have high gas fees, which now amount to a fraction of a penny per transaction on Harmony.

On the other hand, a network like Ethereum sees a lot more aggregate demand and transactions than Harmony. Still, Harmony claims it can alleviate congestion issues by simply adding more shards, even if the network is fully utilized and experiencing exceptionally high demand.

Huge potential for NFTs

The network’s cross-chain capabilities open up exciting possibilities for NFTs, which are secure digital art, video, and audio assets that can be transmitted over a blockchain network. Additionally, cheaper gas expenses can make the network attractive to developers interested in minting NFTs.

According to Harmony, linking NFTs from one network to another can be expensive at first, but later transactions will be inexpensive. Harmony too announcement on Twitter that it is working on NFT loans, NFT verification and splitting, among other features.

Published By : The Bharat Express


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