Under this process, nodes put up existing tokens as collateral to have the chance to get picked at random to validate transactions. Now, a lot of blockchain networks are moving to a proof-of-stake concept, which Harmony has used from the beginning. However, the competition to get new tokens got so competitive on certain networks like Bitcoin that mining companies would use huge amounts of computer power to solve the puzzles, which started to be seen as a concern for the environment. The original way that blockchain networks validated transactions, mined new tokens, and created new blocks was through proof-of-work, in which miners would see who could solve a cryptographic puzzle the fastest to get the opportunity to confirm transactions and reap the rewards of new tokens. Long-term, Harmony thinks it could get up to processing 10 million TPS.

Harmony can currently process 2,000 transactions per second (TPS), comparable to Visa, one of the largest payment rails in the world. Harmony believes it is able to scale while maintaining decentralization and security because its network is powered by sharding, which establishes several separate groups of validators and allows them to approve transactions and new blocks simultaneously. One reason for this is that it has been difficult for blockchain networks to maintain their core values such as security and decentralization while scaling and being able to handle all of the transaction volumes that come through a normal financial network. Now, that didn't exactly happen, or at least it hasn't happened yet. They were outside the control of banks, the government, and the Federal Reserve. When some of the first cryptocurrencies like Bitcoin came along, their goal was to replace fiat currencies and serve as an alternative or replacement for the traditional financial system. The price of the ONE token, which fuels the network, is now at about $0.23 and roughly a $2.5 billion market cap, which represents an increase of more than 5,200% over the last year, and I see great potential going forward. Here are five things to know about Harmony.

Harmony ( ONE) is a somewhat newer blockchain network that is gaining more traction, as more and more developers and crypto investors see the capabilities of the network.

Harmony coin