In April Harmony ONE token lost 40% of its value and another 20% has now gone in May so far and leaving it 85% off its all time high last October.
Can the ONE token rebound? What is a realistic target price? Is Harmony ONE a good investment?
In this video we shall answer all such questions!
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Now without further ado, let's get straight to the point.
Before we begin to explain how the harmony one token can result in enormous profits, let's discuss what harmony one is and why is Harmony ONE getting so much traction?
Harmony is a sharding protocol with a trustless Ethereum bridge. Harmony’s developers use Etherum tooling such as Solidity and Ether.js. Users use Metamask to store and they use our bridge to swap Harmony and Ethereum assets.. A cross-chain Uniswap fork is already live on our mainnet. Similar to layer 2 protocols, Harmony is now fully interoperable with the Ethereum ecosystem.
As of August 1st, 2021, Harmony is working to "seed" and "kickstart" several DAOs in order to decentralize the management and effort in operating the Harmony Network. Through several experiments and trial runs, several key principles have risen to the surface as vital components of a truly decentralized DAO.
Now let's discuss the harmony token! The one and only, ONE!
(Note for the voice artist: ONE is the name of the token)
The ONE token is used for typical purposes like fees and staking along with governance and voting.
In order to state the tokens, at least 100 one tokens are needed.
In order to validate or be a part of the network, a minimum of 10000 one tokens are needed.
One, like many other tokens, Harmony ONE token is used and burned in transactions.
Interestingly, Harmony has implemented quite a few features of its competitive blockchain, Ethereum.
Coming to the transaction fees, all ONE coins used in the transactions on the Harmony protocol are burnt.
However, ONE is not deflationary. This is because a fixed supply of 441 Million ONE coins are minted every year.
We all know that Ethereum blockchain has some problems with the speed and performance, so Harmony was created in order to be a fast, decentralized and secure blockchain.
The distinctive factor about Harmony is the speed. Harmony asserted that transactions were receiving finality within 2 seconds at a maximum which is significantly faster than most of the Blockchains.
Thanks to the unique system of Block proposal pipelining, Harmony enables faster execution of transactions.
The idea behind Harmony is to solve practical problems and make the blockchains more usable in nature.
Harmony managed to maintain the speed and security as the protocol scales via the process of sharding.
Harmony promotes interoperability between chains rather than competing directly.
In 2022 Harmony strives to be a top blockchain for cross-chain assets, collectibles, identity, and governance. These are the four values of the ecosystem -
First: Adoption — Harmony is bringing utility to users through developers and partners. Hackathons with Gitcoin and workshops at Ethereum events will boost their reach. This move shall certainly assist in increasing the user base, resulting in better trading volume ultimately having a positive impact on the prices.
Second:Interoperability — The Harmony protocol is bridging with Bitcoin and Ethereum for broader assets. The cross-shard and cross-chain transactions will enable new finance applications.
Third: Decentralization — Harmony is growing the validator community and network features. External voting power and resharding will guarantee our long-term governance.
Fourth: Zero-Knowledge Proofs – The Harmony team is researching and prototyping products with 100x benefits, magical use cases, or universal constructs. This shall have a direct and positive impact on tokenomics.
Harmony also had testnet integrations with chainlink.
The price of Harmony ONE token is directly related to the roadmaps followed by Harmony.
Apparently, Harmony has three roadmaps, namely official roadmap, ecosystem roadmap and community roadmap.
These roadmaps have milestones set to be achieved at particular timestamps.
Currently the prices of Harmony one cryptocurrency are down by 4% and have acquired the 80th rank in terms of market capitalization.
If we have. A look at harmony's total value locked, it stands at a whopping $122.05 million which is a great deal, isn't it?
Harmony is getting a lot of traction because it addresses core blockchain concerns, is energy-efficient, has cross-chain capabilities, offers lower gas fees and has a huge potential for nonfungible tokens.
Harmony gained traction after Ethereum’s gas fees spiked to record highs in early February 2021, making many decentralized finance protocols unattainable for casual investors. On 4 February 2021, Harmony announced full Ethereum compatibility. The developers managed to port their ether.js and web3.js applications to Harmony.
Harmony believes that its network can scale while maintaining decentralization and security, thanks to the use of sharding, which divides validators into multiple groups and allows them to approve transactions and new blocks simultaneously. Harmony can now process 2,000 transactions per second, which is comparable to Visa, ONE of the world's largest payment networks. Harmony believes it will process 10 million TPS in the long run.
On the other hand, Harmony does not compromise security or decentralization even as it scales. For example, the network assigns nodes or computers that join the network and validate transactions, to distinct shards via a distributed randomness generation mechanism. Harmony also keeps the minimum number of ONE tokens required for nodes to join the network as validators and preserve decentralization at a low level.
Harmony’s native token ONE had been one of the fastest-growing cryptocurrencies, yielding an ROI of 1,677% since its listing, as per the coinmarketcap data.
Price action had initially been bullish for the ONE token in 2022. It nearly tested the all-time-high on 14 January when it reached $0.377, marking its 7-day and 30-day high. But then it all turned sour.
According to Wallet Investor's ONE prediction the average price could reach $0.2 in a year's time and its five-year estimate for ONE/USD indicated that it could reach $0.73 in May 2027.
According to Digital Coin’s Harmony ONE coin crypto price prediction, the average price in 2022 could be $0.073, moving up to $0.08 in 2023, $0.11 in 2025 and $0.25 in 2030.
According to the Harmony One coin price prediction from the site Price Prediction, the average price could reach $0.19 in 2022, $0.54 in 2025 and $3.7 in 2030.
Now comes the most important question! Is investing in Harmony ONE token a good decision?
Well, to answer that accurately, it depends on a plethora of factors and individual perceptions.
Although algorithmic forecasting tools, including Wallet Investor, Digital Coin and Price Prediction suggested that the outlook for coin had potential for gains in the coming years and the investments can go highly profitable.
According to the Harmony to USD forecast of Price Prediction it could exceed $5.6 by 2031.
Even though the Harmony cryptocurrency is involved in some popular blockchain fields, such as DeFi and NFTs, this digital currency faces tough competition from other dApp platforms, including ethereum, cardano and solana. Still, whether the ONE token has potential for your investment portfolio depends on your circumstances and risk tolerance. Before you invest in Harmony ONE you should estimate the level of risk you are ready to take before investing. And never invest money that you cannot afford to lose.
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