A Brief History of Harmony Blockchain
Founded in 2018 by Stephen Tse and his team, Harmony launched its decentralized blockchain platform in 2019 with a vision to empower global DeFi users. Key milestones include:
- $18 million raised during 2019 funding rounds
- 12.6 billion ONE tokens pre-mined on Ethereum and Binance chains (36.9% sold in initial sales)
Sharding architecture inspired by Zilliqa, enhanced with deep sharding technology covering:
- Transaction validation
- Network communication
- Blockchain state management
Technical Innovations
Harmony's Fast Byzantine Fault Tolerance (FBFT) consensus algorithm achieves:
- 2-second block confirmation times
- Improved efficiency over traditional PBFT systems
👉 Discover how Harmony compares to other Layer 1 blockchains
ONE Token: Utility and Governance
As Harmony's native token, ONE serves multiple critical functions:
Core Use Cases
| Function | Description |
|---|---|
| Transaction Fees | Pays for network operations including gas and storage |
| Staking Rewards | Earn block rewards by delegating to validators |
| Governance Rights | Voting power for protocol upgrades |
Strategic Developments
- 2021 Partnership with OIN Finance to develop a ONE-backed stablecoin
- Planned release announced in January 2022 (pending updates)
👉 Explore staking opportunities with ONE tokens
FAQ: Harmony (ONE) Essentials
Q: What makes Harmony's sharding technology unique?
A: Its deep sharding approach extends beyond transactions to include network state management, addressing scalability holistically.
Q: How fast are Harmony's transactions?
A: The FBFT consensus enables 2-second block confirmations, outperforming many PoW/PoS chains.
Q: Can I stake ONE tokens?
A: Yes! Staking ONE with validators earns block rewards while securing the network.
Q: What's the significance of the OIN Finance partnership?
A: It enables creation of stablecoins collateralized by ONE, expanding DeFi use cases.
Q: Where can I track ONE price movements?
A: Major crypto tracking platforms provide live ONE/USD charts and market data.