Harmony is a blockchain platform designed to facilitate the creation and use of decentralized applications (DApps). The network aims to innovate the way decentralized applications work by focusing on random state sharding, which allows creating blocks in seconds.
According to the project’s website, Harmony is expected to introduce cross-shard contracts and a cross-chain infrastructure by the end of 2021.
## Who Are the Founders of Harmony?
Stephen Tse is the founder and CEO of Harmony. He has a Ph.D. from the University of Pennsylvania, specializing in cryptographic protocols and type theory.
While finishing his degree, Dr. Tse became a research intern at Microsoft. In 2006 he started working as a senior engineer at Google, spending four years in the company. In 2011 he founded Spotsetter, a successful search engine which Apple later acquired. In 2014, Dr. Tse became the principal engineer for Apple.
He founded Harmony in 2017. The Harmony founding team comprises twelve people, with seven of them being former employees at Google, Apple, Microsoft, and Amazon.
## What Makes Harmony Unique?
Focusing on processing speed and validation, the Harmony mainnet aims to revolutionize block creation. By introducing the sharding process, the company reduced node validation times significantly.
To ensure the protection of nodes and secure the validation process, Harmony introduced the Verifiable Random Function (VRF) for unbiased and unpredictable shard membership. This means that nodes and validators are assigned and re-assigned in a randomized manner.
The project’s Harmony Grants program is an initiative that aims to support innovation and attract developers to the Harmony mainnet.
## Harmony’s Horizon Bridge Hack
Like most cross-chain bridges, Harmony’s Horizon bridge allows crypto holders to move assets between Harmony's network and the Ethereum network, Binance Chain and Bitcoin. In June 2022, the bridge was exploited for approximately $100 million in altcoins (which the attacker swapped for Ethereum) after two of its five validator nodes were compromised.
Although the Harmony team offered a $1 million reward for information leading to the return of the stolen funds, security experts discovered that the attacker(s) had begun moving the loot through the now-defunct Ethereum mixing service, Tornado Cash. There were also reports that the hack was linked to Lazarus Group, a notorious North Korea-affiliated cybercriminal organization.
Interestingly, it appears all hope has not been lost. In January 2023, Binance and Huobi crypto exchanges teamed up to recover some of the stolen funds.
On January 16, Binance CEO Changpeng Zhao (CZ) said in a tweet: “_We detected Harmony One hacker fund movement. They previously tried to launder through Binance, and we froze his accounts. This time he used Huobi. We assisted Huobi’s team in freezing his accounts. Together, 124 BTC have been recovered. CeFi helping to keep DeFi SAFU._”
How to Buy ONE on an Exchange
Step 1: Choose a Reputable Exchange Platform
Select a trusted platform from among many available options for purchasing ONE. Some reputable platforms include LBNK, Okx, Kraken, and others.
Step 2: Register an Account
Here, we'll register an account on the OKX (registration link) trading platform. You may need to provide personal information such as phone number and email to complete the registration process.
Step 3: Complete Identity Verification
For security purposes, some platforms may require you to complete identity verification. Follow the platform's instructions to provide necessary identity information (such as country/ID number) and undergo facial recognition. Once your identity is confirmed, you'll receive notification.
Step 4: Link Bank or Payment Method
Link your bank account or other payment methods to the exchange platform for making payments when purchasing ONE.
Step 5: Purchase ONE
Find the option to buy coins on the exchange platform, choose the C2C coin purchase process, and then input the quantity of ONE you wish to purchase. Typically, you'll choose to buy USDT first and select your preferred payment method. Simply place the order, make the payment to the seller, and you'll receive the cryptocurrency. Once payment is complete, you can use your exchange assets to buy ONE.
Step 6: Store Your ONE
After purchasing, you can choose to store your ONE in the digital wallet provided by the exchange platform or transfer it to a hardware wallet under your control.
Step 7: Security Reminder
To protect your exchange account and ONE assets, be sure to use a strong password and enable two-factor authentication.
ONE Price:Harmony is a blockchain platform designed to facilitate the creation and use of decentralized applications (DApps). The network aims to innovate the way decentralized applications work by focusing on random state sharding, which allows creating blocks in seconds.The price fluctuates daily, and as of first half of 2024, the highest price for ONE was $0.3798.
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