Harmony is one of the many scaling solutions that Ethereum has been waiting for. With the recent developments and upgrades of the Harmony network, the price of Harmony coin has reached a new ATH. In this article, you’ll find everything about where to buy Harmony ONE.
In this guide:
What is Harmony ONE?
Harmony (ONE) is a fast and scalable blockchain network that offers cross-chain bridges for asset transfer with Ethereum, Binance, and others. On Ethereum, Harmony can execute applications within seconds and has significantly lower fees.
According to its co-founder, Nick White, Harmony will provide the basis for data as universal basic income, and it serves as the underlying architecture for a user-owned internet.
It aims to build a fee-efficient bridge for the Ethereum assets and DApps. Harmony transactions have lower fees than Ethereum. Validators from the community handle the network’s governance and heavily influence how the network operates. Harmony’s native asset ONE powers the entire ecosystem.
The project emerged as a viable solution to Ethereum’s scaling and other limitations, and it provides the necessary tools for creating, hosting, managing, and using decentralized applications (DApps).
The team behind Harmony envisions a self-sustainable ecosystem that allows users to create markets for non-fungible tokens (NFTs). Harmony aims to become one of the main players in the decentralized finance (DeFi) space.
The platform can generate a new block every second, enabling almost instant transactions and the ability to process a higher transaction rate than other similar networks, including Ethereum.
ONE is Harmony’s native multipurpose token. It can be used for:
- Services and operations on the Harmony network
- Payment for storage on the network
- ONE holders can participate in the governance process through their voting right
The history of Harmony ONE
Founded in 2018 by current CEO Stephen Tse, Harmony has a team of 12 developers who previously worked in large corporations such as Microsoft, Apple, Google, and Amazon. Tse formerly worked as an engineer for Apple, Microsoft, and Google and holds a doctorate in cryptography.
Nick White, the co-founder of Harmony, holds a bachelor’s and master’s degree from Stanford University. He has said that Harmony will be “a scalable, high-throughput, low-cost, fast-finality blockchain.”
In April 2019, Harmony raised $18 million from fundraising and drew the attention of important investors from Silicon Valley and Hong Kong. During the fundraising, over 2.8 billion ONE tokens were given to investors, and 12.6 million tokens were saved for the pre-mining stage. Harmony promised its investors to get access to an ecosystem that will focus on data sharding, decentralized marketplace, supply chain tracking, credit rating systems, gaming, and ad exchanges.
In May 2019, Harmony coin (ONE) launched as part of the initial exchange offering (IEO) on Binance Launchpad, during which it sold $5 million worth of ONE token. The project started with the mission to build decentralization at scale, focusing on data sharding and NFT marketplaces.
In September 2021, Harmony announced that it will support more than 10,000 startups with grants, and over the next four years, it will allocate more than $300 million in ONE token. It plans to update the platform to introduce cross-fading and cross-chain functionality by the end of 2021.
Harmony ONE features
Harmony is a blockchain platform specifically designed to combat the two main challenges of other blockchains, namely the slow transaction speed and high fees. By addressing and trying to solve these top priorities, Harmony may become one of the top platforms for the future decentralized economy.
The platform aims to satisfy and find the best balance between scalability and decentralization through a set of quests:
- Deliver a scalable and secure blockchain solution for DeFi applications
- Enable the blockchain with a high throughput performance
- Deploy a consensus mechanism built for speed and efficiency (Fast Byzantine Fault Tolerant protocol)
Harmony: A scalable blockchain
The main issue of the most popular blockchain today, such as Bitcoin and Ethereum, is that they can’t easily be scaled. The lack of scalability is preventing these platforms from becoming mainstream solutions for digital money and finance.
For instance, when the price of bitcoin goes up, so do transaction fees on the network, making bitcoin transactions unaffordable to some. Bitcoin still relies on the proof-of-work consensus mechanism, which requires brute computational power to maintain the blockchain.
According to its whitepaper, the Harmony protocol will implement deep sharding technology, which will help improve the overall network communication and transaction validation. This is a new approach to building blocks on the network which promises to achieve consensus faster, on a scale.
High throughput
In September 2018, Harmony achieved 118,000 TPS using 44,000 nodes on its test net. Today, the platform has an average of 2000 TPS, which is about the same as Visa’s TPS and aims to increase that number when they add more shards.
Efficient consensus mechanism
The Harmony network uses a proof-of-stake (PoS), unlike other sharding blockchains that use a proof-of-work (PoW) mechanism to select validators. It reaches consensus using a scalable BFT (Byzantine Fault Tolerance) algorithm, which is 100 times faster than PBFT (Practical Byzantine Fault Tolerance).
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The FBFT (Fast Byzantine Fault Tolerance) protocol can process parallel transactions and avoid latency as the network scales. It’s a consensus built for faster information exchange. Simultaneously, the Harmony network uses a kernel designed to allow a wider range of devices to help reach consensus.
The sharding process is based on the distributed randomness generation (DRG) process, which is unbiased, unpredictable, scalable, and verifiable.
What is the FBFT consensus?
The Harmony network uses a special proof-of-stake (PoS) consensus mechanism called Fast Byzantine Fault Tolerance (FBFT). The FBFT consensus provides a faster reach of consensus by avoiding vote broadcasting for the validator nodes. The complexity of the communication is reduced with the size of the multi-signature.
Staked tokens determine the selection of Harmony’s validators on the network. More ONE tokens increases the chances of a validator’s election.
On the Harmony blockchain, there is a specialized shard chain, the beacon chain, which accepts the validators’ stakes. The beacon chain is also responsible for the random number generation for the DRG.
Harmony’s Ethereum integration
On February 4, 2021, Harmony announced full integration with the Ethereum network. MetaMask is available for asset transactions on the Harmony network. The next day, a beta version for the cross-chain lending marketplace between Ethereum and Harmony was announced. This protocol allows investors to use Ether as collateral to borrow funds on Harmony.
How Does Harmony’s deep sharding work?
Sharding is a method used by blockchains to increase transaction speed. It is the same as the technique that makes databases more efficient.
Harmony enables a PoS-based sharding scheme that is secure and scalable, using the available data from other sharding projects. The Harmony blockchain has a beacon chain and multiple shard chains.
The beacon chain is the identity register and randomness beacon, and the shard chains can process concurrent transactions and store separate blockchain states.
Harmony coin: ONE token
Harmony’s native token is ONE and is used for staking on the network. The Harmony token can be staked, and holders are rewarded with more tokens.
The ONE token fuels the necessary fees on the network, such as gas fees, storage fees, and transaction fees. Token holders have voting rights and can participate in the platform’s governing system.
Harmony has also introduced Universal Basic Income (UBI), which is based on personal data sharing. The exchange of personal data should result in a payment coming from advertisers, and Harmony is the network that will enable this process. The payment from advertisers would serve as a basic or extra income and focus on breaking the monopoly of giant marketing corporations.
Initially, ONE had a dynamic inflation schedule. This changed in April 2020, and the new model will keep the total annual rewards at 441 million ONE tokens. The protocol burns tokens from the transaction fees. Eventually, as the number of transactions increases, it will equal the 441 million annual reward.
As of November 4rd, the Harmony coin (ONE) price is $0.29. The circulating supply is $10.78 billion and the total supply is capped at 12.6 billion. The all-time high is $0.3798, and the all-time low is $0.001257.
Harmony ONE price predictions
At the beginning of 2021, ONE was trading for about $0.00844. The price rose to $0.199 in March and collapsed on May 19. The price for the ONE coin surged to an all-time high on October 28th.
If it follows this similar trading pattern, harmony could trade at $0.51 and up to $1 by the end of 2021 — if the bullish pattern continues. This will no doubt depend on the team’s deployment of new upgrades on the Harmony network.
Should all go well, within the next five years, Harmony could become a competitive platform in the DeFi space, which in turn could be accompanied by a price surge.
Where to buy Harmony ONE?
There are numerous popular cryptocurrency exchanges that support the harmony token. Before choosing an exchange to buy, you should analyze the conditions on each exchange, such as fiat deposing methods, exchange fees, and withdrawal conditions.
Here are some of the most popular crypto exchanges where to buy harmony:
To buy ONE, you will need to register for an account on one of these crypto exchanges first. Thereafter, you will be able to buy ONE using your credit or debit card directly. Alternatively, you might need to transfer other cryptocurrencies to your account if the exchange doesn’t support card payments.
How to buy Harmony ONE: A step-by-step guide
Before deciding to buy Harmony ONE, do your research on the asset and understand the risks associated with cryptocurrency investment. As with any digital currency, buying the ONE token can be risky, so understand that it can lose value over time.
We will show you the step-by-step process and guide you on how to buy Harmony ONE token from Binance, one of the most popular cryptocurrency exchanges.
So, how does one buy the Harmony ONE coin on Binance?
Step 1. Sign up for a cryptocurrency exchange account
You will need to sign up for a Binance account (or an exchange of your choice).
Go to Binance > Register Now > Select your country > Enter the details required for the account (email or mobile).
After your Binance account has been confirmed, you will be able to sign in.
Step 2. Get verified
To enable credit and debit card purchases on Binance, you need to complete the Identity verification process.
Go to User Account (top right) > Identification. Here you can see the current verification level for your account.
You can see under each option the benefits of getting verified. These may vary from country to country.
Click start now.
You need to follow all the steps of the identification process. You will be asked about your country of residence, and each country will have a different set of requirements.
In general, the verification process on a cryptocurrency exchange will ask for:
- Personal Information (First and Last Name, Date of Birth)
- Government ID
- Facial Recognition
- Proof of Address
It’s important to provide the necessary documents and to make sure they all provide consistent information with your ID. You will not be able to change your ID after you first submit it.
After following the steps and providing the necessary information, the Binance team will review your information. Your account will receive a verified status if everything is correct.
Step 3. Buy Harmony ONE token using credit or debit card
After your Binance account is verified, you can buy ONE using your credit or debit card.
To purchase cryptocurrency on Binance, go to Buy Crypto (top left) > Credit/Debit Card.
At the moment of writing, you cannot purchase Harmony ONE directly, and you will need to buy one of the available cryptocurrencies. We will buy bitcoin (BTC) and then trade it for Harmony ONE.
Search for BTC in the field box and then enter the desired amount.
Click Continue and then add your card as a payment method. Continue and purchase the funds.
Step 4. Exchange BTC with Harmony ONE
To complete the process and finally buy Harmony ONE, you have two options. You can either convert the crypto you bought at step 3 into Harmony coin or trade it on the markets tab.
If you are a beginner and want to make no mistake, we recommend converting.
Go to Trade > Convert.
Here you will need to choose what crypto to convert and in what you want to convert it. For the first field (From), choose the crypto you bought at step 3 and type the amount you want to convert. In our case, we will choose bitcoin (BTC).
For the second field, click on the dropdown and search for ONE.
After you are all set, click to Preview Conversion to get the exact amount of ONE tokens you will get in exchange for the BTC. Click Convert when you are ready to convert and buy Harmony ONE tokens.
Due to the volatile nature of cryptocurrencies, the preview price will expire every six seconds, and you will need to refresh to view the new price.
And that’s it, you are now a proud investor and holder of Harmony ONE token.
And that’s how you buy Harmony ONE coin
Now you know where to buy Harmony ONE, and you have a detailed step-by-step guide on how to buy Harmony ONE from your Binance account.
Note that you can further use Harmony coin for staking and generating a passive income while supporting the decentralization of the network.
Frequently asked questions
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