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. This was necessary for the purposes of staking and on-chain governance. Harmony started the migration process of ONE coins from the Ethereum and Binance blockchains to its own blockchain in January 2020. Enabling voting rights for on-chain governance.Staking for the consensus model, allowing stakeholders to earn block rewards and incentives as they make sure the network runs smoothly without any issues.Paying for storage, transaction or gas fees on the Harmony platform.The Harmony ONE coin is designed to have the following three functions within the Harmony protocol: Using the Harmony blockchain platform, businesses and developers can easily create alignment in the goals and incentives of various stakeholders. ONE coin allows users to participate in the ecosystem and serves as a payment method for performing many different actions on the platform. The Harmony platform is powered by Harmony ONE coin, which is the platform’s very own cryptocurrency. Everything you need to know about Harmony ONE Coin Moreover, Harmony uses zero-knowledge proofs to allow data sharing without compromising on safety and security. 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.

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. The technical focus of the Harmony project is on secure staking and resharding with decentralized randomness. 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. Launched in June 2019, Harmony consensus platform was designed for a decentralized economy in the future. ONE offers low-fees, low-latency, and high-throughput with the goal to create an open and fast network of all nodes. Harmony ONE coin is a proof-of-stake token, a native cryptocurrency of the Harmony platform.

Token harmony