Harmony is a blockchain platform designed to facilitate the creation and use of decentralized applications (DApps). The network aims to innovate the way decentralized applications work by focusing on random state sharding, which allows creating blocks in seconds.
Focusing on processing speed and validation, the Harmony mainnet aims to revolutionize block creation. By introducing the sharding process, the company reduced node validation times significantly. To ensure the protection of nodes and secure the validation process, Harmony introduced the Verifiable Random Function (VRF) for unbiased and unpredictable shard membership. This means that nodes and validators are assigned and re-assigned in a randomized manner. This has led to an increase in ONE price.
Harmony introduces a new version of the proof-of-stake (PoS) consensus. Called effective proof-of-stake (EPoS), this method allows simultaneous staking from hundreds of validators. This consensus method is in accordance with the sharding concept utilized in the Harmony network. Unlike proof-of-work (PoW) consensus mechanisms, EPoS is designed for faster processing times and improved scalability. While PoW requires a lot of electrical and computing power, staking consensus methods rely on an abundance of value holders, who become validators.
Fast Consensus v/s Instant Finality
Harmony has innovated on the battle-tested Practical Byzantine Fault Tolerance (PBFT) for fast consensus of block transactions. Our Fast BFT (FBFT) leads to low transaction fees and 1-block-time finality in Harmony Mainnet.
They use Boneh–Lynn–Shacham (BLS) constant-sized signatures to commit blocks in a single round of consensus messages. They achieve 2-second block time with view changes in production against adversarial or unavailable leaders.
Let us review ONE price.
ONE Price Prediction
ONE is currently trading above the support of $0.0503. As long as it can stay above this zone, we could start seeing a move towards $0.0726, $0.0975 and $0.1190. If it can flip $0.1190 to support, we could start seeing a move towards $0.1460, $0.1685, $0.2007 and $0.2416.
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