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What is Harmony?
Harmony is a layer 1 blockchain network where the ONE token is used to pay transaction fees, stake to help secure the network, and vote on governance.
Category | Smart contract platform, layer 1 network |
|---|---|
Launch year | 2018 |
Consensus mechanism | Proof of stake |
Max supply | Not specified (varies or unlimited) |
Circulating supply | 14,903,771,221.26291393 ONE |
Main use case | Token for staking, transaction fees, and on chain governance on a layer 1 smart contract network |
Token name | Harmony ONE |
Official website | https://www.harmony.one/ |
Tags (CoinMarketCap) | platform, enterprise-solutions, scaling, smart-contracts, harmony-ecosystem, layer-1 |
Crypto data and labels can change over time. For important decisions, double check the latest figures and network details in reliable sources.
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What is Harmony (ONE)?
Harmony (ONE) is a crypto project that aims to solve the scalability problem of blockchain technology. Blockchains like Bitcoin and Ethereum have difficulty scaling their networks. This means they cannot handle the large number of transactions, resulting in long processing times and high transaction costs. This makes blockchains less accessible to developers and users, but also works against adoption of blockchain technology. To provide better scalability, Harmony uses sharding. This is a technology that allows nodes to better distribute work. Normally, all transactions are processed by one and the same node. Within Harmony's network, transactions are split up and processed by all participants in the network. Before these nodes can perform their work, the nodes are divided into so-called shards. These are groups of nodes that all control their own transactions. So you could say that Harmony's network consists of smaller groups of networks. Sharding allows the nodes in Harmony's network to process transactions much more quickly and cheaply. Suppose Harmony's network consists of 20 nodes, and these nodes are divided into 4 shards of 5 nodes. Transactions are then controlled not by one node, but by 4 shards. Result? Transactions can be processed 4 times faster in that case. Harmony is not the only blockchain that uses sharding. Zilliqa is another blockchain that uses sharding to provide better scalability. However, Harmony finds that Zilliqa still has a problem: the tasks are distributed among the shards, but the blockchain is not distributed. Every node in Zilliqa's network still needs to own a full copy of the blockchain, which makes the blockchain slower. Therefore, Harmony has devised state sharding, where the blockchain is also distributed among the shards. Data can be synchronized faster as a result, allowing users to have their transactions processed even faster. What can you use Harmony (ONE) for? Harmony can be used to develop decentralized applications. This is because the blockchain provides support for smart contracts. These are digital contracts that software developers can use to write software, making it possible to run applications on Harmony's blockchain. Just like on Ethereum's blockchain, many different types of dApps can be developed on Harmony. Think of decentralized exchanges (DEXs), marketplaces for NFTs (non-fungible tokens) and games. It is also possible to launch tokens on Harmony. Users can use the applications and tokens running on Harmony. Anyone can exchange data and tokens over the blockchain. In doing so, users do not have to worry about their privacy. This is because Harmony uses zero-knowledge proof technology, which ensures that personal data is not stored during data exchange. The ONE token ONE is the token of Harmony. The token has several functions within Harmony's network, including: Paying the transaction and storage fees, which are used as, among other things, the remuneration for the participants in the network; Governance functions, allowing owners of the ONE tokens to vote on what the future of Harmony should look like; As rewards to participants in Harmony's network, encouraging them to participate and process transactions.
Tokenomics
The maximum inventory of ONE tokens stands at 12.6 billion, of which not all tokens have yet been put into circulation. More and more new tokens will be put into circulation in the coming years. Harmony's ONE tokens are distributed in the following way: 22.4% - For Harmony's initial investors (18.3 million euros raised); 12.5% - For the IEO investors (5 million euros were raised during the IEO); 16.9% - For Harmony's team members; 26.4% - For the development of Harmony; 21.8% - For the development of the ecosystem.
The team behind Harmony
The team behind Harmony consists of 16 people. The team members have extensive experience in software development, academic work, marketing and entrepreneurship. For example, the CEO of Harmony, Stephen Tse, has experience as a programmer at Google and Microsoft. One of the other developers, Alok Kothari, has experience at Apple and others. These are Harmony's key team members: Stephen Tse (CEO and founder); Rongjian Lan (CTO and co-founder); Nicolas Burtey (COO and co-founder); Alok Kothari (software developer).
Where to buy Harmony (ONE)?
Want to buy Harmony (ONE)? At Coinmerce you can buy Harmony (ONE) with iDEAL, SEPA, Giropay, MyBank and credit cards (Mastercard and Visa). This makes Coinmerce the suitable crypto exchange for the purchase of Harmony (ONE) in the Netherlands and Belgium. For the use of these payment methods you pay no deposit fees. To buy Harmony (ONE) you need an account at Coinmerce. Do you already have an account? Then you can buy Harmony (ONE) on this page. To buy Harmony, indicate in the buying window how many ONE tokens (or for how many euros) you want to buy. Then place an order, after which you have successfully purchased Harmony (ONE). You will find your ONE tokens in your personal wallet immediately after purchase.
In which crypto wallet can you store ONE tokens?
The ONE token is a BEP2 token. This is the token standard that is also used for tokens running on the Binance Smart Chain (BSC). Therefore, it is important to look for a crypto wallet that supports BEP2 tokens. There are several wallets where you can store Harmony (ONE), such as the Coinmerce wallet. After purchasing your ONE tokens from Coinmerce, your tokens are moved directly to this wallet. It is also possible to send your ONE tokens to an external wallet. For example, the hardware wallets of Ledger and Trezor provide support for the BEP2 token standard. So you can store Harmony (ONE) in a cold wallet from these publishers.
Staking and validation, explained
In proof of stake systems, validators are selected to propose and confirm blocks based on staked tokens. Staking is often compared to putting up collateral, because it aligns incentives: validators are expected to act honestly. If you stake ONE, you are participating in the network security process. The research context also describes that staking can earn block rewards and transaction fees. The exact way rewards are distributed can depend on the protocol and validator setup. That is why it helps to read the network documentation before you decide how you want to participate.
Fees, gas, and storage on Harmony
When you interact with Harmony, you typically pay a transaction fee. The research context describes fees as being denominated in the native Harmony token, ONE. Gas is a term people use for the computational cost of running operations on a blockchain. Storage fees cover the cost of keeping data on chain. Because fees are paid in ONE, the token can have real demand when more users and applications are active. Fee levels can also change with network conditions, so it is useful to check current network information when planning larger interactions.
Governance voting with ONE
Governance is how a protocol can make decisions over time, such as changes to parameters or upgrades. In Harmony, the research context describes that ONE can be used in voting for on chain governance. On chain governance means votes are recorded and counted using the blockchain. That can make the process more transparent than informal decision making. However, governance outcomes depend on who participates and how voting power is distributed. That is why it is important to understand governance mechanics and to consider how proposals are made and evaluated.
Zero knowledge proofs, in plain terms
Zero knowledge proofs are a cryptography technique. They allow someone to prove that a statement is true without sharing the full details of the data. The research context describes an upcoming application of zero knowledge proofs for data sharing on Harmony. The goal is to address mutual distrust between market participants who want to share data but also want to keep it private. If this approach is implemented and adopted, it could support new kinds of data sharing use cases. As with any roadmap item, delivery and real world adoption are what matter.
What to compare with other networks
When you compare Harmony to other crypto projects, start with what the token is used for. For Harmony, ONE is described as used for staking, transaction fees, and governance. Next, compare the consensus approach. Harmony uses proof of stake, which changes how security and participation work compared with proof of work networks. Finally, check what kinds of applications run on the network. Harmony is positioned as a smart contract platform for fungible and non fungible token marketplaces and assets. This approach keeps the comparison grounded in how the system behaves, not just how it is marketed.
Understand Harmony step by step
What is Harmony?
If you want to learn about Harmony, read all about it in the What is overview.
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