The growth of the DeFi ecosystem has been on a consistent rise as new innovations seem to be making the community more interesting for enthusiasts. Here is a guide on a scalability-focused blockchain project Harmony (ONE).
With many blockchain projects striving to give the best of services to DeFi users, Harmony (ONE) is one of those outstanding blockchain-based projects innovated to boost the efficiency of decentralization at scale.
Harmony is a blockchain project that allows users to create decentralized applications while utilizing the best of scalable and interoperable services. It opts to serve the decentralized ecosystem with a satisfactory and equated intensity of scalability and decentralization.
The platform basically aims at providing the option of creating marketplaces of fungible tokens and non-fungible assets, following an avenue for data sharing with user privacy. It has sought to introduce a sharding infrastructural system to facilitate proven security and speedy transactions for users.
Harmony is one of the communities hosted on the Ethereum (ETH) network. Thus, it considers it necessary to offer solutions to notable challenges limiting Ethereum. Harmony’s powered sharding infrastructure was introduced to remediate the scalability problem faced with the Ethereum network. A number of blockchain projects have sought to attend to these challenges. However, it has mostly proven of no or little impact on the network. Hence, Harmony has proven to be unique and outstanding among others and an option for scalable and ultra-fast transactions.
History of Harmony
A veteran engineer in cryptographic protocols, Stephen Tse, founded Harmony in 2017. The purpose was to provide an open, decentralized, and trustless blockchain platform for the global users of DeFi. Alongside Tse, there was a team of 20 other members who joined efforts in the evolution of the project. This team of founders involved experts with diverse experience in software development, machine learning, artificial intelligence, virtual reality, and blockchain technology.
With efforts to boost the adoption of the platform and gain more collaborators, the team began to hold consistent meetups in San Francisco. It started gaining the interest of multiple investors months after the launch and raised over $18 million after its fundraising project in 2019.
Harmony has been able to raise a progressive offline and online community. The project has been accommodating an increasing number of new users since its launch.