In a recent YouTube video titled “Harmony: Is ONE The MOST Undervalued Crypto??”, the show’s pseudonymous host told the “Coin Bureau” channel’s over 559K subscribers that he was excited about ONE, the native asset of the Harmony blockchain.
He said that Harmony operates as a sharded smart contract blockchain that is fully interoperable with Ethereum. In addition, the project has managed to gain a $5.5 million investment by Binance Labs, the venture capital arm of Binance, since being founded in 2018.
Here is how Binance Research describes this project:
“Harmony is a fast and secure blockchain for decentralized applications. Harmony’s main focus is on achieving scalability by dividing not only the network nodes but also the blockchain states into shards, ‘scaling linearly in all three aspects of machines, transactions and storage’.
“Harmony’s sharding benefits by Verifiable Random Functions for secure and random state sharding. The consensus mechanism of Harmony, Effective Proof-of-Stake, innovates on Practical Byzantine Fault Tolerant consensus mechanisms to further reduce centralization, while supporting stake delegation, reward compounding and double-sign slashing.
“Its utility token, ONE, is running on Harmony’s mainnet since June 2019 and is prospected to reach an annual inflation of 3%. The token must be used as stake for network validators and is required to initiate transactions.“
Coin Bureau explained what he finds interesting about Harmony:
“Unlike most cryptocurrencies, the Harmony blockchain is not a fork of another popular cryptocurrency’s blockchain, nor was it built using a generic blockchain developer toolkit like the Cosmo SDK. Harmony was built from the ground up to properly address the issues of scalability, security, decentralization and also privacy.“
The popular trader highlighted ONE’s 20X price surge since January, making it one of the best performing altcoins YTD. However, he predicted there was still room for price growth given the altcoin’s low market capitalization of $1 billion.
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The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.