Harmony is one of the many solutions scaling Ethereum. Far removed from its inception, the protocol has since become seasoned, carving out its own path in the market with its ambitious goals for interoperability and scalability. If you want to know where to buy Harmony, read on in this guide.
KEY TAKEAWAYS
➤ Harmony (ONE) is a scalable blockchain focused on cross-chain interoperability, offering fast transactions with lower fees compared to Ethereum.
➤ The ONE token is used for staking, transaction fees, and governance, which allows holders to participate in the network’s decision-making.
➤ Harmony employs sharding and a consensus mechanism to improve transaction speed and scalability.
➤ Harmony has ambitious goals, including promoting decentralized finance (DeFi) and exploring the concept of Universal Basic Income (UBI) through personal data sharing.
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.
| Platform | Availability (countries) | Fees | Cryptos |
|---|---|---|---|
| Binance | 180+ | 0.1% | 500+ |
| Kucoin | 200+ | 0.1% | 700+ |
| Gate.io | 100+ | 0.1% | 2,700+ |
| Huobi | 100+ | 0.2% | 700+ |
| Crypto.com | 100+ | 0.15%/0.3% | 350+ |
Here are some of the most popular crypto exchanges where to buy harmony:
Binance
Binance is a prominent exchange that allows users to trade a wide variety of cryptocurrencies. It was started by Changpeng Zhao in 2017 and has rapidly grown to become one of the largest exchanges globally.
KuCoin
KuCoin is a popular cryptocurrency exchange that offers a wide range of trading pairs. The platform’s trading features, including margin and futures options, providing users with the flexibility to explore different trading strategies.
Gate.io
Known for its expansive platform and products, Gate.io is a crypto exchange that serves a globla group of users. Most notable are its features for futures, spot, and NFT trading.
HTX (Huobi)
HTX is the rebranded name of Huobi, a major cryptocurrency exchange. The platform has its own native token called Huobi Token (HT). HTX offers various financial products like staking and leveraged tokens.
Crypto.com, as the name implies, is a prominent cryptocurrency exchange based in Singapore. It offers a wide range of services, including trading, a mobile app, a non-custodial DeFi wallet, an NFT marketplace, and payment solutions in cryptocurrency.
For users prioritizing decentralization and privacy, UniSwap facilitates PEPE swaps without an intermediary through its DEX platform. The trade-off is that UniSwap’s fees tend to exceed those of the centralized exchanges.
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 directly from your credit or debit card. Alternatively, you might need to transfer other cryptocurrencies to your account if the exchange doesn’t support card payments.
The aforementioned exchanges were chosen based on a multitude of factors. Most prominent are there prominence within the cryptocurrency market, supported countries, and fees to name a few.
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 the Harmony ONE token from Binance, one of the most popular cryptocurrency exchanges. So, how does one buy the Harmony ONE coin on Binance?
- Sign up for the exchange.
- Verify your identity.
- Select a payment method and purchase ONE.
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.
Under each option, you can see 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 a 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.
Click Continue, and then add your card as a payment method. Continue and purchase the funds.
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.
What is Harmony ONE?
Harmony (ONE) is a fast and scalable blockchain network that offers cross-chain bridges for asset transfers 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. You can use the ONE token for:
- Services and operations on the Harmony network
- Payment for storage on the network
- ONE holders can participate in the governance process through voting
History of Harmony ONE
Founded in 2018 by current CEO Stephen Tse, Harmony has a team of 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.
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 tokens.
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.
On June 24, 2022, the Harmony Bridge was hacked for about $100 million in various cryptocurrencies. It wasn’t until 2023 that the FBI reported that the infamous North Korean hacker group Lazarus was responsible for the exploit.
Harmony: A scalable blockchain
The main issue of the most popular blockchains today, such as Bitcoin and Ethereum, is that they can’t scale easily. The lack of scalability prevents 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.
Efficient consensus mechanism
The Harmony network uses proof-of-stake (PoS). It reaches consensus using a scalable BFT (Byzantine Fault Tolerance) algorithm, which is 100 times faster than PBFT (Practical Byzantine Fault Tolerance).
The FBFT (Fast Byzantine Fault Tolerance) protocol can process parallel transactions and avoid latency as the network scales. It’s a consensus mechanism 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 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 increase the chances of a validator’s selection.
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 DRG’s random number generation.
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.
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 keeps the total annual rewards at 441 million ONE tokens. The total supply is capped at 12.6 billion.
The protocol burns tokens from the transaction fees. Eventually, as the number of transactions increases, it will equal the 441 million annual reward.
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. As of 2024, the price has since dropped and is trading sideways.
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.
For a more in depth look, head on over to BeInCrypto’s Harmony price prediction where you can receive an analysis from our experts.
Buying Harmony ONE is simple
Harmony is a blockchain attempting to create scalable cross-chain interoperability for transactions and NFTs. This, coupled with its ambitions to become a pioneer for universal basic income, makes Harmony an ambitious project.
Now you know where to buy Harmony ONE and have a simple step-by-step guide on how to do so from your Binance account. You can also use ONE to stake and generate passive income while supporting the decentralization of the network.
Frequently asked questions
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