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Blockchain

What is the ONE token used for in Harmony?

How the ONE token is used. Harmony is a sharded proof of stake blockchain which is compatible with EVM.

ONE token is

ONE is the native and utility token for Harmony One blockchain.

ONE token is used for

  • Transactions fees
  • Staking for validators
  • Delegating to validators
  • Governance

What is Harmony One?

Harmony is a sharded proof of stake blockchain which is compatible with the EVM (Ethereum virtual machine).

  • Harmony has 2 seconds block-time with instant finality
  • 1000s of transactions per second
  • Can use up to 4 shards
  • With 1000 nodes per shard

How Harmony works

Harmony has focus on cross-chain scaling and integration with Ethereum projects.

The blockchain is launching grants and incentives up to $300M for projects on Harmony.

Network

Validators stake tokens to confirm transactions and receieve block rewards.

Token holders can delegate their tokens to validators to receive part of the block rewards. Delegators can however also be subject to slashing of their delegated tokens. So they should diversify their validators or choose carefully.

Harmony uses ePoS (effective proof of stake) and Fast Byzantine Fault Tolerance to reach consensus.

The network has low gas fees because of its architecture. Less than a fraction of a cent for now.

Transaction fees are burned to offset issuance as adoption of the network grows.

Governance

Tokenholders can participate in governance of the network.

Users

Any user can get setup in 5 minutes use Harmony with 1wallet and google authenticator.

Tokenomics ONE token

Circulating supply: 10,567,192,015

Token issuance:

  • 441M tokens per year

ICO price

$0.003175

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