The post Is Harmony (ONE) a Good Investment? by Jack Fineman appeared first on Benzinga. Visit Benzinga to get more great content like this.
Decided Harmony (ONE) is a good investment? You can get ONE on Pionex today.
Some of the early cryptocurrencies, including Bitcoin, were created with the intention of replacing the U.S. dollar and other traditional currencies, known as fiat currencies. Institutions and governments were expected to have no control over the emerging technology and financial infrastructure. It’s proven tough for blockchain networks to preserve basic characteristics like security and decentralization while expanding and handling all of the transaction volumes that a traditional financial network can manage on a day-to-day basis.
The Harmony Network thinks it can expand and scale while retaining decentralization and security because it uses sharding. Its use case – improving interoperability – means the ability to communicate between multiple blockchains.
From an investing perspective, the space offers ample opportunity because protocols that can implement seamless and secure interoperability will see massive public adoption.
Contents
- What is Harmony (ONE)?
- Harmony (ONE) Price History
- Harmony (ONE) Competition
- How to Buy Harmony (ONE)
- Best Hardware Wallet For Harmony (ONE)
- Ledger Hardware Wallet
- Cryptocurrency Market Outlook
- Is Harmony (ONE) a Good Investment?
What is Harmony (ONE)?
The Harmony Network harnesses blockchain technology to be a secure and efficient protocol in the cryptocurrency space with its ONE token. Harmony is predicated on helping achieve both decentralization and scalability through its innovative sharding technology that divides validators into many groups and lets them approve transactions and new blocks at the same time. Trying to achieve decentralization and scalability, however, is not a novel idea.
Ethereum is a Layer 1 blockchain, meaning it is able to be built upon by other Layer 2 blockchains. Currently, gas fees – the fees you incur while transacting on the blockchain – are quite steep. This barrier to scalability discourages users from transacting. As a Layer 2 blockchain, Harmony tries to bridge the gap by encouraging users to transact with the cheap fees and quick transaction times ensured by its clever token economics, or tokenomics, for the ONE token.
Although some cryptocurrencies will eventually be deflationary tokens – supply decreases as time increases – the ONE token is an inflationary token, chronicled as such in its whitepaper, that alludes to the fact that assets with limited and diminishing supplies are often held onto whereas assets that increase in supply over time see higher numbers of transactions.
Harmony (ONE) Price History
In early March 2022, the price of ONE is just under $0.13; at its all-time high, the token reached $0.38 in October 2021.
The total quantity of Harmony (ONE) tokens is 13.3 billion. The market’s circulation supply is around 9.5 billion ONE as of March 2022 with no maximum supply.
According to Coinmarketcap, the original seed sale accounted for 22.4% of the total quantity of ONE tokens. A further 12.5% was put aside for a Launchpad sale with 16.9% of the entire supply going to the Harmony founding team and developers. A total of 26.4% of ONE tokens was allocated to protocol development, with the remaining 21.8% going to ecosystem development.
Harmony (ONE) Competition
All Harmony competitors are Layer 2 blockchains set to accomplish scaling solutions. Ethereum, however, suffers from its high gas fees, allowing other Layer 1 blockchains like Solana and Fantom to catch up. However, Layer 2 blockchains are more direct competitors.
Arbitrum is a direct competitor that harnesses optimistic rollups pioneered by Optimism, an additional competitor to Harmony. Both competitors have a longer finality or immutability – the guarantee a transaction cannot be reversed – whereas Harmony network achieves finality in about two seconds. Some may argue that as long as a solution has decently fast finality, an additional second or two is nominal. Furthermore, both competitors have higher transaction costs that still deter smaller purchases on the Ethereum blockchain.
It’s fair to say the Harmony network is one of the most innovative and prevailing solutions to the scaling problem Ethereum faces.
How to Buy Harmony (ONE)
You can purchase ONE on Crypto.com and Pionex. Individuals interested in purchasing cryptocurrencies might consider using a centralized exchange such as Crypto.com, although decentralized alternatives exist that have benefits but require paying gas fees. Conduct your own assessment before purchasing cryptocurrencies, as these are highly unpredictable investments.
Benzinga offers additional resources if you are having trouble buying Harmony ONE.
get started
securely through crypto.com’s
website
Crypto.com strives to make cryptocurrency a part of everyday life by offering a full suite of services for crypto users. The company offers a Crypto.com App, Exchange, Visa Card, DeFi swap, DeFi Wallet, DeFi Earn, Crypto.com Price, staking, crypto lending, and many other services. What really sets them apart, however, is the combination of super low fees and incredibly generous rewards programs for their users.
Best For
- Traders who want access to a secure, low-cost cryptocurrency exchange
- Passive investors who want to earn interest on their balance without frequent trading
- Mobile investors who prefer to handle all their crypto needs via their phone or tablet
- Low fees
- High security
- One-stop shop for all your crypto needs (wallet, trading, spending, and more)
- Lots of ways to earn interest, rewards, and rebates
- Low privacy
- Customer service response time could be improved
get started
securely through Pionex’s
website
Pionex is a cryptocurrency exchange with built-in trading bots. You can access 12 unique trading bots for no additional fee. These bots allow you to automate your investing strategy so you don’t need to constantly monitor the market. Pionex features low trading commissions and a fully fleshed-out mobile app. We believe Pionex would be a great option for high-volume and mobile investors.
Best For
- High-volume investor looking for the lowest fees
- Mobile cryptocurrency investors
- Traders with limited time
- Those looking for a lower risk investment strategy
- 12 free-to-use trading bots
- Low fees on all transactions
- Well-designed mobile offering
- Cannot fund account with fiat currency
Best Hardware Wallet For Harmony (ONE)
If you’d like to store your ONE tokens in anticipation of potential tremendous growth, you’ll need a safe place to keep your investment.
Ledger Hardware Wallet
Ledger is the most well-known and well-respected hardware wallet on the market today. The product is basically a hardware wallet that may be used offline. Whether you use your PC or a smartphone, Ledger connects through Bluetooth and USB. It’s also a lot better to protect, manage and organize your assets with Ledger’s app.
buy now
securely through Ledger Hardware Wallet’s
website
Launched in 2014, Ledger has transformed into a fast-paced, growing company developing infrastructure and security solutions for cryptocurrencies as well as blockchain applications for companies and individuals. Born in Paris, the company has since expanded to more than 130 employees in France and San Francisco.
With 1,500,000 Ledger wallets already sold in 165 countries, the company aims at securing the new disruptive class of crypto assets. Ledger has developed a distinctive operating system called BOLOS, which it integrates to a secure chip for its line of wallets. So far, Ledger takes pride in being the only market player to provide this technology.
Best For
- ERC-20 tokens
- All experience levels
- Easy to set up and use
- Supports more than 1,500 different digital assets
- Tamper proof
- Portable
- Long-lasting battery
- Bluetooth connectivity features
- Can be quite pricey
Bonus Section:
If Ethereum quickly and seamlessly launches ETH 2.0 – the merge – to eliminate gas fees, other well-constructed Layer 2 protocols on Ethereum, including ONE, would likely increase.
Cryptocurrency Market Outlook
On the topic of volatility, Russia attempting to invade Ukraine has sent shockwaves through the riskier asset classes, shifting money to safer alternatives. Alternatively, post-war markets are optimistic and generally carry a positive momentum.
In other words, although crypto has dropped in the beginning of 2022, growth in the sector is expected over the long term.
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Is Harmony (ONE) a Good Investment?
Despite its involvement in decentralized finance and the non-fungible (NFT) market, ONE faces stiff direct Layer 2 competition from Cardano, Avalanche and Solana.
However, your risk tolerance will determine whether the ONE coin has potential for your investment portfolio. Although ONE has room to grow, the market volatility in general and competition can be a strong deterrent. Don’t put money that you can’t afford to lose into an investment.
The post Is Harmony (ONE) a Good Investment? by Jack Fineman appeared first on Benzinga. Visit Benzinga to get more great content like this.
