Harmony

Halal Rating :
Comfortable
Last Price $0.02 Last updated:
Rank 183
1D Change -12.77 %
Market Cap $354.74m
Circulating supply 14,326,092,435
Maximum supply None
Crypto Overview Crypto Impact

Crypto Overview

Categories
  • Platform
  • Enterprise Solutions
  • Scaling
  • Smart Contracts
  • Binance Launchpad
  • Binance Labs Portfolio
  • Hashkey Capital Portfolio
  • Harmony Ecosystem
  • Injective Ecosystem
  • BNB Chain

Project Overview

Harmony (ONE) is a blockchain platform designed to facilitate the creation and use of decentralized applications (dApps). The project aims to deliver high throughput, low latency, and low fees while maintaining decentralization through its unique Effective Proof-of-Stake (EPoS) consensus mechanism.

Intended Utility

Harmony's primary purpose is to serve as a scalable blockchain infrastructure for decentralized applications, with a focus on cross-chain interoperability. The ONE token is used for: 1) Transaction fees, 2) Staking and validation, 3) Governance participation.

Actual Utility

The platform has seen real-world adoption and usage, particularly in decentralized finance (DeFi) applications. The network processes millions of transactions, though activity has decreased following a significant bridge hack in June 2022. Development activity continues, with regular GitHub commits and technical updates.

Token Distribution and Governance

The initial token distribution allocated 22.4% to the founding team with a 4-year vesting period. The rest was distributed among seed sale participants, ecosystem development, and protocol rewards. The project maintains transparency through regular development updates and community governance.

Technology and Revenue Model

Harmony uses Effective Proof-of-Stake (EPoS) which allows token holders to stake their ONE tokens to secure the network and earn rewards. While staking generates rewards, these are not interest-based but rather network participation rewards, making them compatible with Islamic principles. The platform focuses on technological advancement rather than speculative trading.

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”.

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