One of Harmony’s primary products is Zero-knowledge proofs (ZKP). A zero-knowledge proof is a method that allows a user to prove knowledge while not revealing their identity.

Harmony (ONE) is a blockchain that is doubling down on decentralized autonomous organizations (DAOs).

In fact, Harmony is offering $300 million in grants to people and organizations that want to form DAOs. Additionally, Harmony is building an open DAO community. I think the open DAO community is a network of DAOs. To support the community, they have built a $300 million DAO grant fund.

To elaborate, a decentralized autonomous organization (DAO) is a member owned entity they build on the blockchain. Ethereum describes DAOs as internet-native businesses that are collectively owned and managed by members. Most DAOs feature built in treasuries that nobody can access without the group approval.

Harmony supports several DAOs, including Open Funding, H.E.R. DAO, Africa DAO, zKDAO, and Creative DAO. Additionally, Harmony offers several tools for building DAOs. Harmony’s plans include organizing 10,000 DAOs. Harmony hopes to fund thousands of DAOs.

Zero-Knowledge Proofs

One of Harmony’s primary products is Zero-knowledge proofs (ZKP). A zero-knowledge proof is a method that allows a user to prove knowledge while not revealing their identity.

For example, a customer could use a ZKP to show a retailer he or she has the money to purchase a product, without exposing location or identity. The hope at Harmony is that zero-knowledge proofs will become a key technology in Web3.

They believe Web3 will scale with ZKPs. In particular, Harmony’s developers believe they can use ZKPs to sell decentralized finance (DeFi) apps and networks on the blockchain. In particular, they think they can use ZKPs to decentralize governance by funding thousands of DAOs.

Harmony’s zkDAO researches and develops zero-knowledge proofs. Similarly, zkU offers courses in ZKP development.

Harmony and Web3

Harmony’s vision for Web3 is a multi-chain ecosystem. They claim Harmony’s blockchain will power Web3 by connecting Proof-of-Work and Proof-of-Stake blockchains together.

Notably, Harmony (ONE) supports a Bitcoin Bridge sidechain, and Ethereum (ETH) and Binance (BNB) Bridge blockchain. Hence, Harmony claims its tools can connect Bitcoin (BTC) with Ethereum and Binance tokens. Theoretically, Harmony could help a DAO accept Bitcoin, Ethereum, and Binance tokens.

Harmony claims its network can protect DAOs against shard attacks by leveraging 350 nodes per shard and re-sharding through cryptographic randomness. Sharding is a database partitioning technique used to protect blockchains. In a shard attack, enemies hack or corrupt shards to break down defenses.

On 28 February 2022 Harmony claimed it was processing transactions in 2.02 seconds. This feature is fast 2 Second Finality. They describe Fast 2-second finality is a tool that allows for trustless, irrevocable transactions at low fees.

In addition, they claimed Harmony transactions cost $0.0001 on the same day. They claimed Harmony had a $1.09 billion Total Locked Value on 28 February 2022. They also claimed Harmony had staked $700 million on the same day.

They claim the most played Web 3 game DeFi Kingdoms originated on Harmony’s open platform. They describe DeFi Kingdoms as a gamified blockchain project that combines nonfungible tokens (NFTs) and decentralized finance in a play-to-earn setting.

What Value Does Harmony Offer?

Harmony (ONE) is attracting attention. For instance, Harmony was CoinMarketCap’s second-most trending cryptocurrency on 28 February 2022.

 

In contrast, CoinMarketCap listed Harmony as the 54th largest cryptocurrency on 2 March 2022. CoinMarketCap gave Harmony a Coin Price of 16.48₵, a Market Capitalization of $1.945 billion, a Fully Diluted Market Cap of $2.03 billion, and a 24-Hour Market Volume of $2753.592 million. They based those numbers on a Circulating Supply of 11.81 billion ONE and a Total Supply of 13.367 billion One.

 

In contrast, Coinbase gave Harmony a Coin Price of 16₵, a $1.96 billion Market Cap, a $273.4 million 24-hour Market Volume, and a Circulating Supply of 11.8 billion ONE. I consider Harmony an unstable cryptocurrency because Coinbase gave it a 38₵ all-time high Coin Price.

 

I consider Harmony a cryptocurrency to watch because I think DAOs will become big business. I think the cryptocurrency that becomes the DAO token will have enormous value. Harmony could become the DAO token.

 Originally published at https://marketmadhouse.com on March 2, 2022.

 

 

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They believe Web3 will scale with ZKPs. In particular, Harmony’s developers believe they can use ZKPs to sell decentralized finance (DeFi) apps and networks on the blockchain. In particular, they think they can use ZKPs to decentralize governance by funding thousands of DAOs.
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