What Is Harmony and How to Convert ONE Coin?
Bitcoin, the first cryptocurrency, was launched in 2009 introducing Blockchain technology. Blockchain as an emerging technology is an attractive investment option for businesses and organizations. However, many blockchain-based projects introduced could completely change the financial industry. One such project that you might be aware of is Ethereum, with its native cryptocurrency Ether (ETH).
However, in this article, we will discuss a much newer and perhaps a better-decentralized blockchain platform known as Harmony, and its native cryptocurrency ONE coin.
What is a Harmony coin?
Harmony is a proof-of-stake token, a native cryptocurrency of the Harmony platform. ONE offers low-fees, low-latency, and high-throughput with the goal to create an open and fast network of all nodes. Launched in June 2019, Harmony consensus platform was designed for a decentralized economy in the future. Harmony aims at tackling the issues faced in other blockchain platforms through the use of the best research and engineering practices in an optimally tuned system.
The technical focus of the Harmony project is on secure staking and resharding with decentralized randomness. At the same time, this project promises to the investors access to an ecosystem that would be adopted by different industries, with the main focus on decentralized marketplaces, data sharing, supply chain tracking, credit rating systems, ad exchanges and gaming.
In practice, Harmony will help organizations and companies to create marketplaces for fungible token usage, such as energy credits or loyalty points, and non-fungible assets, such as digital assets for a game. Moreover, Harmony uses zero-knowledge proofs to allow data sharing without compromising on safety and security.
Everything you need to know about ONE Coin
The Harmony platform is powered by ONE coin, which is the platform’s very own cryptocurrency. ONE coin allows users to participate in the ecosystem and serves as a payment method for performing many different actions on the platform. Using the Harmony blockchain platform, businesses and developers can easily create alignment in the goals and incentives of various stakeholders.
The ONE coin is designed to have the following three functions within the Harmony protocol:
- Paying for storage, transaction or gas fees on the Harmony platform.
- Staking for the consensus model, allowing stakeholders to earn block rewards and incentives as they make sure the network runs smoothly without any issues.
- Enabling voting rights for on-chain governance.
Harmony started the migration process of ONE coins from the Ethereum and Binance blockchains to its own blockchain in January 2020. This was necessary for the purposes of staking and on-chain governance. Moreover, users now have to swap their BEP-2 (Binance) and ERC-20 (Ethereum) crypto coins for native ONE coins if they wish to participate in governance, staking, or any other activities on the Harmony blockchain network.
Moreover, the price of ONE coin is low right now. As the Harmony blockchain platform shows potential, the demand for ONE coin could go up and so could its price value. This means that ONE coin could prove to be very profitable for both crypto investors and crypto traders.
Key Features of Harmony
Harmony is a fast and secure blockchain platform with key innovations in peer-to-peer networking and state sharding. With the help of secure proof-of-stake and decentralized randomness, the network achieves optimal cross-shard routing and fast block propagation. While preserving user privacy, Harmony applies zero-knowledge proofs for data sharing.
In simple terms, these features help Harmony to get rid of structural limitations that prevent crypto coins from becoming genuine digital currencies. Harmony stands out because of its higher transaction throughput. Other blockchain platforms can only achieve similar performance gains by compromising on other features. Moreover, Harmony’s consensus protocol aims at achieving speed and energy efficiency.
How to exchange Harmony (ONE) coin?
Exchanging ONE coin is very easy once you find the right exchange platform. Follow the below-mentioned steps if you want to get ONE coin on Swapzone:
- Go to Swapzone to get the process started.
- Select any crypto you have in the “Send” section and specify the total amount that you want to exchange.
- Select ONE (Harmony) in the “Get Up To” section.
- Review the exchange options that appeared on your screen. The best-priced options will be on top of the list.
- Select the exchange option that you wish to proceed with
- Enter your wallet details to receive the cryptocurrency you have chosen.
- Copy the generated address and confirm your deposit, make sure that the amount of the deposit matches the amount you specified on Swapzone.
- Wait for the deposit to be processed by the exchange option and then wait for the exchange to be completed. Now you are a Harmony holder!
- Please, provide feedback and rate the exchange partner. This will help Swapzone gather more information and help future users.
Why is Swapzone the best place to exchange ONE coin?
Swapzone acts as a crypto exchange aggregator. Users get access to all the required information that will help them perform exchange transactions while showing real-time, fixed and floating exchange rates. As already mentioned, exchange options with the best rate are listed at the top, this makes it easier for users to find the best deal on Swapzone.
Moreover, users get access to different helpful tools that are only available on Swapzone. With a visually comfortable and easy-to-use interface, you can easily perform crypto exchanges and convert your crypto coins, including ONE coin.