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About Harmony
Key Points:
- Harmony is a blockchain platform for decentralized applications (DApps) focusing on random state sharding.
- Founder and CEO Stephen Tse has a Ph.D. from the University of Pennsylvania and experience at Microsoft, Google, and Apple.
- The Harmony mainnet aims to revolutionize block creation with sharding and Verifiable Random Function (VRF) for node validation.
- Maximum supply of 12,600,000,000 ONE tokens, with 9,486,327,268 in circulation as of February 2021.
- Harmony introduces effective proof-of-stake (EPoS) consensus and Open Staking initiative.
- ONE tokens can be purchased
About Harmony: Empowering a Decentralized Future
Introducing Harmony (ONE): A Revolutionary Blockchain Ecosystem
Harmony is a pioneering blockchain platform engineered to facilitate the development and utilization of decentralized applications (DApps). By introducing a novel approach to decentralized application architecture, the network seeks to revolutionize the DApp ecosystem through its innovative implementation of random state sharding, thereby enabling the creation of blocks in mere seconds.
As stated on the project’s website, Harmony is poised to unveil cross-shard contracts and a cross-chain infrastructure by the end of 2021, marking a significant milestone in its development roadmap.
The Visionary Founders Behind Harmony
At the helm of Harmony is its founder and CEO, Stephen Tse, Ph.D., a distinguished alumnus of the University of Pennsylvania, where he specialized in cryptographic protocols and type theory.
While pursuing his degree, Dr. Tse concurrently undertook a research internship at Microsoft. Subsequently, in 2006, he joined Google as a senior engineer, where he spent four formative years. In 2011, he founded Spotsetter, a pioneering search engine that would later be acquired by Apple. In 2014, Dr. Tse assumed the role of principal engineer at Apple.
In 2017, he laid the foundation of Harmony, a venture spearheaded by a talented team of twelve individuals, seven of whom brought their expertise from esteemed organizations such as Google, Apple, Microsoft, and Amazon.
Harmony’s Distinctive Edge: A Revolutionary Approach
Focusing on processing speed and validation, the Harmony mainnet seeks to revolutionize the creation of blocks. Through the innovative implementation of sharding, the company has achieved a substantial reduction in node validation times, thereby significantly enhancing the overall efficiency of the network.
To safeguard node security and ensure the integrity of the validation process, Harmony has implemented the Verifiable Random Function (VRF), thereby guaranteeing unbiased and unpredictable shard membership allocation. This innovative approach enables the randomized assignment and reassignment of nodes and validators, fostering a secure and dynamic ecosystem.
The Harmony Grants program is a pioneering initiative designed to foster innovation and entice top developers to the Harmony mainnet, thereby catalyzing a new era of growth and collaboration.
What Is the Circulating Supply of Harmony (ONE) Coins?
Harmony (ONE) boasts a capped supply of 12.6 billion tokens. As of February 2021, the circulating supply in the market stands at approximately 9,486,327,268 ONE tokens.
Out of the total supply of ONE tokens, a significant 22.4% allocation was reserved for the initial seed sale. Furthermore, an additional 12.5% was set aside for the subsequent Launchpad sale. The Harmony founding team and developers collectively received a notable 16.9% of the total supply. Moreover, a substantial 26.4% of ONE tokens were earmarked for protocol development, while a further 21.8% were directed towards fostering ecosystem development.
The Harmony Network’s Robust Security Mechanisms
Harmony pioneers a novel iteration of the proof-of-stake (PoS) consensus mechanism, dubbed effective proof-of-stake (EPoS). This innovative approach enables the simultaneous participation of hundreds of validators in the staking process. The development of this consensus method was informed by the sharding concept, a hallmark of the Harmony network.
In stark contrast to proof-of-work (PoW) consensus mechanisms, EPoS is engineered to facilitate expedited processing times and enhanced scalability. Unlike PoW, which necessitates substantial electrical and computing power, staking consensus methods hinge on a multitude of value holders, who assume the role of validators.
Harmony is also seeking to amplify staking incentives, thereby enticing a greater number of node operators to participate. Through its Harmony Open Staking initiative, the network fosters engagement and rewards stakeholders who hold the largest amounts of ONE tokens.
Where to Acquire Harmony (ONE) Cryptocurrency
Harmony (ONE) tokens are widely available for purchase on prominent cryptocurrency exchanges, including:
- The esteemed Binance exchange
- MXC.COM, a prominent digital asset platform
- Huobi Global, a leading cryptocurrency exchange
Delve into the world of cryptocurrency and discover the intricacies of buying digital assets.
The Harmony Horizon Bridge Hack: A Notorious Incident
Similar to other cross-chain bridges, Harmony’s Horizon bridge facilitates the seamless transfer of assets between Harmony’s network and prominent blockchain ecosystems, including Ethereum, Binance Chain, and Bitcoin. However, in June 2022, the bridge suffered a devastating exploit, resulting in the theft of approximately $100 million in altcoins, which the attacker subsequently swapped for Ethereum, following the compromise of two out of its five validator nodes.
Notwithstanding the Harmony team’s offer of a $1 million reward for information leading to the recovery of the pilfered funds, security experts uncovered that the attacker(s) had initiated the laundering process through the now-defunct Ethereum-based mixing service, Tornado Cash. Furthermore, reports emerged suggesting a potential link between the hack and Lazarus Group, a notorious cybercriminal organization affiliated with North Korea.
In a surprising turn of events, a glimmer of hope has emerged. Notably, in January 2023, a collaborative effort between Binance and Huobi, two prominent crypto exchanges, has led to the recovery of a portion of the stolen funds.
On January 16, Binance CEO Changpeng Zhao (CZ) tweeted: ”
We have identified the movement of Harmony One hacker funds. Previously, they attempted to launder the funds through Binance, but we froze their accounts. This time, they utilized Huobi. We collaborated with Huobi’s team to freeze their accounts, resulting in the recovery of 124 BTC. A testament to CeFi’s role in safeguarding DeFi.
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