What is Harmony Coin?
Harmony (ONE) is the native cryptocurrency of the Harmony platform.
Harmony Coin is the new cryptocurrency of the Harmony platform that aims to provide a fast and open blockchain for decentralized applications. According to the team, the protocol performed secure and random private sharding. It is reported that Harmony Mainnet can support thousands of nodes in multiple shards and generate blocks in seconds with instant precision.
Additionally, Harmony aims to create an open network of nodes operated and managed by a large community.
What is Harmony (ONE)?
Harmony (ONE) is the native cryptocurrency of the Harmony platform, offering a fast and secure blockchain for decentralized applications.
According to the platform's statements, Harmony has surpassed the blockchain trilogy by bringing the best research into production. Sharding has been proven to scale blockchains without compromising security and decentralization. Additionally, Harmony segments not only network nodes but also blockchain states by linearly scaling all three aspects of machines, transactions and storage.
Additionally, Harmony has designed a new Proof-of-Stake (PoS) mechanism for network security and economy. Effective Proof-of-Stake (EPoS) reduces centralization and distributes rewards fairly to thousands of validators.
The staking mechanism, on the other hand, supports entitlement and reward composition. Additionally, the Harmony Economics Model limits the annual token release to 441 million tokens. This model provides a simple and predictable return to validators. All transaction fees are burned to offset insurance, and when network usage rises, there is naturally zero inflation.
Besides, Harmony aims to create an open network of nodes operated and managed by a large community. This collection of nodes is called Pangea. Stating that there are thousands of node networks at the moment, Harmony states that 640 of them are managed by the community. Pangea is made up of volunteers and validators from over 100 countries, most of whom are people who have never used a node before.
In addition, in Harmony's economic model, the total reward in the network is constant regardless of the average block time and staking rate. With this model, the platform aims to achieve a higher staking rate and simplify the model.