Harmony
Crypto Overview
Purpose and Utility
Harmony (ONE) is a layer-1 blockchain platform designed to facilitate the creation of decentralized applications (dApps) with a focus on scalability and low transaction costs. The project implements a unique sharding technology that allows for parallel transaction processing, theoretically enabling high throughput while maintaining decentralization.
Business Model Analysis
The platform's core functionality revolves around providing infrastructure for decentralized applications, cross-chain bridges, and DeFi services. While some DeFi applications on Harmony involve lending protocols which would be considered non-compliant, the base layer infrastructure itself does not inherently involve prohibited activities.
Real-World Adoption
Current usage primarily centers around DeFi applications, NFT marketplaces, and cross-chain transfers. The network processes thousands of daily transactions, though activity has decreased since the $100M Horizon bridge hack in June 2022. Development continues with focus on recovery and security improvements.
Platform Development
The project maintains active development with regular updates to core infrastructure. The team has implemented several technical improvements including enhanced cross-shard communication and improved consensus mechanisms.
Token Distribution and Governance
Initial token distribution allocated 22.4% to the founding team with 4-year vesting, 16.9% to seed investors, and the remainder distributed through various mechanisms including staking rewards. The vesting schedule helps align long-term incentives.
Crypto Impact
To assign a comfort level investing in Harmony from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to Harmony.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.