What is Harmony (ONE) crypto and why is it rising over 11% today?

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What is Harmony (ONE) crypto and why is it rising over 11% today?

 What is Harmony (ONE) crypto and why is it rising over 11% today?
Image source: © Alexanderushkevich | Megapixl.com

Highlights:

  • Harmony’s platform aims at increasing processing speed.
  • Built on Ethereum, it focuses on faster and cheaper settlements.
  • It deploys an Effective Proof-of-Stake protocol to increase transaction speeds and reduce centralisation.

The global crypto market cap has increased 4.47% over the previous day and is trading at US$910.00 billion currently, as most of the top cryptocurrencies like Bitcoin, Ethereum, XRP, Cardano, etc., are showing price gains.

One such altcoin which is trading in the green today is Harmony crypto.

Hence, this article talks in length about this crypto, its price, availability, and other details.

Source: © Vladsseven | Megapixl.com

What is Harmony crypto?

Launched by Stephen Tse in 2017, Harmony is an open and fast blockchain platform that facilitates the creation and use of dApps (decentralised applications). Its native token is known as ONE.

It is a layer 2 protocol built on Ethereum that seeks to offer faster and cheaper settlements.

The platform is known to be scalable and secure and focuses on innovating the functioning of dApps through random state sharding, thus allowing blocks’ creation in seconds. Through this sharding process, the network’s node validation time reduces significantly.

The platform uses EPoS, i.e., the effective proof-of-stake model, which is a new version of the proof-of-stake consensus method, thereby allowing simultaneous staking from numerous validators as well as enhancing processing times and improving scalability.

It is pointed out the crypto boasts a transaction finality time of just over two seconds, and the average cost per transaction comes to $0.0001, according to its official website.

ONE token price

Harmony crypto is trading at US$0.01885, gaining 11.95% over the past 24 hours, at the time of writing. Ranked 116th among the top cryptocurrencies worldwide in terms of market cap, there are over 12 billion ONE tokens in circulation. However, the maximum supply is not known.

It must be noted that ONE is Harmony’s utility and governance token, used for the payment of various fees, including transaction, storage, and gas fees.

Additionally, the token is used for staking purposes, where coin holders earn rewards for staking their coins and also get voting rights as a part of Harmony’s governance mechanism.

Where to buy ONE token from?

The crypto can be bought from several exchanges like Binance, Bybit, Crypto.com, KuCoin, Paybis, Kraken, FTX and many more.

Bottom Line

Many new cryptos are emerging with innovative features. However, investment in these digital assets calls for utmost caution and thorough analysis as the crypto world is risky and laced with extreme price fluctuations.

Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.

 

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