harmony protocol

Harmony Protocol is a fast and open blockchain for decentralized applications. It supports thousands of nodes in multiple shards, producing blocks in a few seconds with instant finality. 

• Founders: Alok Kothari, Nick White, Rongjian Lan, Sahil Dewan, Stephen Tse
• Founded: 2018
• Headquarters: San Francisco Bay Area, Silicon Valley, United States

Key Features:

• Employs a unique approach called random state sharding that improves transaction speed and reduces latency by dividing the network into smaller partitions.
• Makes use of Effective Proof of Stake (EPoS) to enhance decentralization and security. 
• Its native token ONE is used for paying transactions and storage fees, staking, and governance.

It aims to build an open network of nodes operated and governed by a large community. On April 22, 2019, it raised $18M.On Aug 15, 2022, it invested $7.4M in the LootMogul organization.

FAQs

1. What are the main use cases of Harmony token ONE?

Native token is used for payments, staking and rewards, transaction fees, cross-chain functionality, developments of dapps, governance, and integration with AI services. 

2. What are the advantages of using Harmony over other blockchain platforms?

High transaction speed, scalability through sharding, robust security features, a developer-friendly environment, and low transaction costs.