Harmony is an interoperable sharding protocol offering a two-way Ethereum bridge. Powered by the Harmony One token (ONE), the Harmony blockchain is an independent blockchain designed to enable ultra-fast transactions and interoperability as an advanced layer-2 solution for Ethereum. Harmony makes it easy for developers to build and scale creative, intuitive decentralized applications (dApps) that enable frictionless, cross-chain token swaps.

Harmony was designed as an interoperable layer-2 scaling solution for Ethereum. The Ethereum blockchain is the second-largest blockchain in existence and is host to over 80% of decentralized applications (dApps). Ethereum was the first smart contract-enabled blockchain and has shown continued strength and growth since launching in 2015. However, in recent years Ethereum became the victim of its own success with high network usage resulting in delayed bottlenecked transactions and substantially higher gas fees.

Blockchain developers have designed innovative layer 2 scaling solution to combat this issue. Additionally, Eth is in the process of rolling out the Eth 2.0 upgrade which, once complete, will be able to facilitate up to 100,000 transactions per second (TPS). This will drastically reduce congestion, however, it is still months away from completion.

Harmony is creating an innovative and interoperable layer-2 scaling solution for Ethereum. Additionally, this is done in a way that’s familiar for developers when building on the Harmony blockchain. Moreover, the two-way Ethereum bridge allows near-instant, almost-free digital asset swap transactions between the Harmony and Ethereum blockchains.

A few years ago, there were some hesitations around the project, when the ONE web browser extension wallet was hacked, resulting in millions of stolen ONE tokens. The ONE team offered a bounty for the hacker who had identified the vulnerability. However, there is no information about a resolution around this case available. Moreover, Harmony’s lack of presence in the crypto media may present a challenge for achieving adoption.

This being said, the team is continuously working on the developments of the Harmony protocol, with constant updates and activities. This bodes well for the future of the ONE token and the adoption of the Harmony protocol during the 2021 BTC bull run from both a user and a developer’s perspective. Harmony is expanding and interoperating with the most reputable smart contract-enabled blockchains in the industry.

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MMA_Crypto