Although Harmony was inspired by other cryptocurrencies such as Ethereum, its blockchain was built from the ground up and is not a fork or carbon copy of another cryptocurrency Harmony works similarly to how Ethereum 2.0 is going to work. In fact, you could say that Harmony is essentially a finished version of Ethereum’s next iteration
Back in March, the Harmony blockchain had just 50 HRC-20 tokens. Today, there are nearly 3700 HRC-20 tokens, and the most held of these tokens belong to Harmony’s own ecosystem Another impressive adoption metric is the number of Harmony One Wallet browser extension downloads which has grown nearly tenfold since March
Harmony’s real innovation is coming from its NFT ecosystem which centers around the daVinci NFT marketplace that launched in early April. Harmony has seen about half a million dollars in NFT sales since that time, though I suspect most of that came from Harmony’s Crazy.One Subdomain NFT platform introduced in May
Governance has been the focal point of Harmony’s recent development with the first major milestone taking place in March. This is when Harmony released their all-in-one governance dashboard To kickstart Harmony’s other DAOs, the Harmony foundation will be dividing 10 million dollars’ worth of ONE between all their treasuries. All of these allocated coins comes with lengthy vesting schedules
Although Harmony’s ONE coin has taken a bit of a beating in the recent bear phase, ONE seems to pump almost every time we see a bit of positive price relief. In addition to a strong community base, I attribute ONE’s resiliency to its above average tokenomics
Stephen provided a sort of roadmap update in early May this year. In addition to flexing Harmony’s adoption metrics, he detailed some pretty ambitious products Harmony is hoping to roll out The first is a non-custodial wallet that can be accessed and recovered using anything from an email to Google’s Authenticator app The second product Harmony wants to produce is a DeFi protocol that provides an annual return of 20 percent per year on stable assets The third product Stephen is hoping to see is a non-custodial cross chain bridge with token transfer times of less than 3 minutes
🕵️♂️Harmony Correction and Concerns🕵️♂️
Back in March I mentioned that Harmony had 1000 validators, with 250 validators on each of the 4 shards at any given time At the time, I was under the impression that 640 of these validators were run by the community, with the reminder being run by the Harmony Foundation According to Harmony’s staking Dashboard, there are just 109 active validator nodes.
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