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Highlights
- Harmony (ONE) is based on an innovative mechanism like the proof-of-stake (PoS).
- The rise in the price of the Harmony (ONE) crypto could be due to an overall growth of the market.
- The Harmony mainnet promises to reinvent block creation by focusing on speed.
The price of Harmony (ONE) crypto went up by around four per cent in the last 24 hours to reach the price of US$ 0.04261 per token. Meanwhile, the trading volume of the ONE crypto jumped 20 per cent to approximately US$ 19.3 million.
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On Monday morning, the crypto market was slowly gaining momentum after declining rapidly over the past few days. Bitcoin was up 4.6 per cent at the time of writing and trading at US$ 31,149.79 apiece, and the second-largest cryptocurrency ETH was up by 4.2 per cent.
As the market activity picked up, crypto enthusiasts most likely searched for developments associated with the Harmony crypto due to its price surge.
What is Harmony (ONE) crypto?
The blockchain-based platform was created to allow users to develop and use decentralized applications (DApps) easily. The network enables users to create blocks within no time through sharding.
Harmony is based on an innovative mechanism like the proof-of-stake (PoS). The innovative mechanism is known as effective proof-of-stake (EPoS), which allows multiple validators to stake together.
EPoS is meant for speedier processing times and more scalability than proof-of-work (PoW) consensus algorithms. Staking consensus systems rely on value holders who act as validators, whereas Proof-of-Work demands a lot of electrical capacity.
The Harmony mainnet promises to reinvent block creation by focusing on speed, and it dramatically lowers node validation times by implementing the sharding technique.
The Harmony network created the Verifiable Random Function (VRF) for impartial shard membership. It helps the network to protect nodes and secure the validation process.
Bottom line
The rise in the Harmony (ONE) crypto price could be due to the market's overall growth. At 3 AM EST, the valuation of the crypto market had surged by five per cent to reach US$ 1.29 trillion.
ONE crypto is available for buying and selling on crypto exchanges like AAX, OKX, Binance, and Bybit. The total supply of Harmony is around 13.5 billion, and the circulating supply is 12.17 billion.
Also Read: Why is NuCypher (NU) crypto skyrocketing with 20,000% volume gains?
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