The issue of scalability in the blockchain industry is something many new protocols are trying to solve with series of innovative solutions. One such protocol is Harmony (ONE); the protocol is building a blockchain that is based on sharding to provide a scalable, energy-efficient, and secure ecosystem.
To give us this scalable solution, Harmony designed its chain from the base upwards with full optimization in mind. Paying serious attention to their network engineering, Consensus protocol, and internal systems. Through the deployment of key innovations into these three crucial areas, the protocol can offer DApps that were not achievable on other chains before. These are things that can make the ONE token that serves as the native token of the Harmony protocol attractive to investors. Naturally, investors will want to research the price prediction of their token of interest. As such, ONE price prediction for 2021 is a way they can know where the token is headed.
Introducing Harmony Protocol (ONE)
The protocol is a low-fee consensus project that focuses on low-latency and high-throughput with the aim of being the go-to decentralized platform in the nearest future. By tackling the challenges being faced by other chains in the industry, Harmony is aiming to be different.
The main technical aspect that the project focuses on is secure staking and resharding. The secure staking is based on decentralized randomness while the protocol instigates swift block propagation and ideal cross-shard routing.
To get a better perspective, Harmony assists in providing a platform for companies to create a market for non-fungible asset usages like in-game digital assets and fungible tokens like energy credits. To secure user privacy, the protocol utilizes zero-knowledge proofs. The team behind the Harmony protocol pays attention to details to ensure the protocol is bugs and fault-free as much as possible.
Potentially, the protocol offers space for industries like supply chains, gaming, and data sharing. For Harmony, the end goal is to build its blockchain so advanced that it can be an effective alternative to the Ethereum network. Harmony has witnessed superb growth since the launch of the network’s mainnet in 2019. Over 1000 nodes have been added to the network to help decentralize the blockchain. The blockchain also has its native token now after migrating away from ERC-20 and BEP-2 tokens. Also, Harmony now uses the Effective Proof of Stake for its staking. This kind of development is also crucial to influencing the price of the token.
Harmony Token (ONE)
The Harmony protocol has its native token called ONE. It serves various purposes such as making payments on the chain and enabling holders to take part in the ecosystem. The Harmony token has taken various forms from ERC-20 to BEP-2 before finally settling for its blockchain token.
ONE token is built with three main features:
- Using the token for staking, which enables the token holders to get rewards;
- Using the token for payment of gas fees, transaction, and storage fees;
- Using the token for governance on the Harmony protocol, which gives the users right to vote.
The migration of ONE to its chain from Binance and Ethereum chains occurred in January 2020. This migration is crucial to Harmony’s plan of on-chain governance and staking. So, for users interested in governance, staking, and other events on the network, they are required to swap their old BEP-2 and ERC-20 ONE tokens for the new native ONE token. You can’t swap to the native token manually, it can only be done automatically on an exchange that is serving as a link to Harmony.
Due to its staking features, you can expect the ONE token to find its feet in the market and gain ground. After announcing the staking features of the Harmony protocol, the ONE token doubled in value just a month after. The ONE token supports Ledger, Guarda, Math, and Trust Wallet. As of now, there is no native wallet yet for ONE token. However, one is in development.
The Team Behind ONE Token
Harmony has a formidable team that is 12 members strong operating mainly from their California base in Cupertino. Some of the team members include Stephen Tse who is the founder and CEO. He has an extensive background in the software industry working with the likes of Microsoft, Apple, etc. Another member is Nicolas Burtey, who is the co-founder and COO of Harmony. He has a background in the tech industry as the founder of Orah, a virtual reality solutions company.
Also onboard is Alok Kothari, another co-founder with knowledge of computer science. He also has a working history with Apple as a machine-learning engineer. Rongjian Lan is the CTO and also co-founder, who is an experienced software engineer that has worked with many tech giants including Google. The team looks rich in terms of experience and that looks good for the project in general.
How Secure Is the Network?
For scalability, Harmony employs the sharding mechanism. This involves segmenting the network into many parts known as shards. This helps boost the network throughput. Sharding helps distributed ledgers achieve a combination of decentralization and a high level of performance. Although, Harmony is not the first blockchain to apply sharding. However, it is aiming to improve on it and offer a better version.
One of the things that Harmony offers on its network is full scalability. Most blockchains that offer scalability shards just transaction validation and network communication. However, in addition to this, Harmony shard the blockchain state too. That turns the protocol into a fully scalable chain.
The sharding process is very much secure also and that is due to the use of distributed randomness generation process. Apart from that, the protocol allows cross-shard transactions and that gives the entire network scalability on an advanced level.
The consensus model used by Harmony is called the Fast Byzantine Fault Tolerant (FBFT), which is an upgrade on PBFT.
Harmony Development & Roadmap
The protocol has made significant strides since it was launched and we look at some of the milestones achieved and what the team still has in store through their roadmap. In 2020, several milestones were met and we will highlight some.
The first and second quarters of 2020 saw the team implement open staking and the addition of EPoS mechanisms. The token was also migrated to the protocol native token ONE while stablecoins were added. The third quarter saw improvement made to the 3-second finality as well as the introduction of Defi middlewares. Before moving to the addition of staking wallet, global fiat gateways, and the introduction of an Ethereum bridge. The last quarter saw the introduction of cross-border finance, community governance, auditable privacy, and 100% decentralized nodes.
For 2021, the first quarter saw the addition of Ethereum endpoints: fast state sync and wallets trustless bridge with a light client. The second quarter will see the addition of decentralized voting power, VDF resharding, Bitcoin Bridge, and Native BTC-ERC20 Asset Swaps.
The third quarter through to the last quarter will see the addition of Cross-Shard Contracts, Cross-Chain Infrastructure, On-Chain Governance, and On-Chain Order Books. To keep updated with the project timeline, you can pay a visit to the protocol blog.
Harmony (ONE) Price Prediction for 2021
The value of a token can go up or down depending on market forces and the protocol’s appeal to the users. By looking at ONE price forecast for 2021, we can evaluate the direction the token will take and examine if it is an investment that is worthy of consideration. Currently, the price of the ONE token stands at $0.1401 with a market cap of $1,311,300,324 and a circulating supply of 9,393,299,720 ONE.
Tradingbeasts’ ONE Price Prediction for 2021
We will start with the analysis of experts at Tradingbeasts, their prediction is pointing at a positive movement upwards for the ONE token in the market. The price is expected to go up and reach as high as $0.2207828 at the end of 2021.
ONE Price Forecast 2021 by GovCapital
Using a custom-made deep learning model for token prediction, analysts at GovCapital are able to give their forecast for 2021. Their prediction shows that Harmony has a rising tendency and as such the price of the token is expected to rise. They predicting the token to reach as high as $0.23 by the end of the year.
Walletinvestor’s ONE Price Prediction for 2021
The analysts at walletinvestor believe that the token is extremely bullish right now and as such, the token is projected to increase in value. Their prediction is a bit similar to what we have so far. They are projecting the ONE token to reach a value of $0.24 in a year, which will give you +61.53% earning potential in a year. So, that place Harmony is the class of profitable investment that will give you a return on your money. The protocol is not expected to crash neither will the price see a significant downturn anytime soon.
Digitalcoin’s ONE Price Prediction for 2021
Digitalcoin forecast is also placing Harmony as a project that will give you a return on your money with the price of the token expected to increase. The price is expected to reach $0.23 by the year ending. They are not expecting any significant downward movement in price.
Can One Token Break the $2 Mark?
There is currently no chance of the Harmony ONE token doing just that yet as per the current market trends. Experts are not tipping the token to break the $2 mark soon.
Will ONE Token Crash?
The project looks strong and it is said to be among some of the Altcoins to withstand the market downturn last month. So, it seems unlikely that the project will crash as it continues to attract developers to its platform through initiatives like Harmony Grants program.
Is ONE a Scam Token or a Legit One?
The ONE token is not a scam token, it has founders and a team with a rich reputation in the crypto and tech industry. It also has notable partnerships in the form of daVinci, Metamask, Binance, etc. Additionally, Quantstamp has audited the protocol.
YouTubers Comment On ONE Price Prediction For 2021
We dive into the comments of YouTube’s crypto watchers and see what they have to say about the price of Harmony and where it is headed in the market. According to Coinskid, he believes the trend of ONE token is very bullish at the moment. There is an uptrend in the token price and even though there are ups and downs, which is expected. In general, the token will rise and keep rising due to its current bullish nature. You can watch the full briefings here:
Furthermore, another YouTuber Crypto Ellis is predicting the crypto to hit $0.20 despite the volatility of the market. He also holds that it has the potential to hit $0.30 and even go up to $0.35 as he believes they are currently the best layer 2 solutions in the market. You can watch his full prediction below:
The YouTubers at cheeky crypto are projecting the Harmony ONE token to reach a dollar in 2021. One of the YouTubers even projects the token to reach $2 once it can break through the $1 mark. Will it eventually happen? You can catch the full briefings here to know more:
Twitter Crypto Community and Their Say On ONE Price Prediction for 2021
Time to check what crypto Twitter has to say on ONE price forecast for 2021. Here are a few of them.
According to Idan’s post, he is setting a new price target of $0.22 once the token consolidates its current position.
Hodl Bags Mike’s prediction
This user also posted his prediction and he is projecting the token to hit between $0.25 and $0.75.
Defi Degen’s Prediction
He is predicting the ONE token to reach a height of $2 in 2021. All the prediction we have from Crypto Twitter points to a positive upward trend for the ONE token. Overall the token looks good in terms of return on investment.
— DEFI DEGEN (@Cryptodegen123) March 17, 2021
At the end of it all, what matters to investors is how a token will perform if they add it to their portfolio. Going by the ONE price predictions for 2021 that we have examined so far, we can say ONE looks good for its value and the future of the token looks promising too. The protocol has many cool and innovative features that make it appealing to users. That could serve its adoption rate well and boost it up. Thereby also increasing the value of the token in the market.
The Harmony Community is also quite active and that bodes well for the adoption rate too. The development team also boasts a wealth of experience in the field. A key figure that users are likely to look out for in judging and predicting if a certain protocol will perform well or tank. So far so good for Harmony and it is expected to get better.
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