The blockchain world is quickly evolving, with more and more projects becoming active every day. These projects have a limited duration, such as initial coin offerings (ICOs) and token generation events (TGEs). Others, however, are going through a more conventional ICO phase and have a longer duration. These include organizations looking to build blockchain-based platforms, build their business model, or explore which type of blockchain suits their business needs.
One of these longer-duration blockchain projects is Harmony One. The project developer of this blockchain (Hong Kong) Limited recently announced the release of its Hybrid token (HOT). This announcement followed a successful presale of the HOT on 10 October 2017. As a result, the HOT is now in circulation. This article explores the HOT circulation for its project and what it means for potential investors in the HOT and the wider Harmony One community.
What is it?
It is a platform that connects banks, financial institutions, e-commerce platforms, and enterprises to facilitate global trade. The platform is built on a hybrid blockchain technology that combines public and private blockchains’ features. The blockchain technology used by this blockchain aims to remove many of the roadblocks in international trade. They clearly understand that these roadblocks can be costly and time-consuming for an organization, with financial institutions particularly hard hit as it often takes three to five days to process payments related to international trade.
How many ONE are in circulation?
There are currently 10,000,000 HOT in circulation. The total supply of ONE is capped at 50,000,000 ONE. The HOT is atomic. That means that no more HOT will ever be created, and all HOT that are currently in circulation can only be used for transaction fees.
How does it work?
This blockchain will use a hybrid approach to provide the benefits of both public and private blockchains. Private blockchains will provide enhanced privacy as well as instant transactions. Public chains will bring enhanced security through smart contracts, which execute transactions on the blockchain without human intervention.
It will use a hybrid approach to protocol specifications and consensus algorithms to achieve the best features of both public and private blockchains. The blockchain will combine delegated proof of stake as the consensus algorithm and the EOS.IO software to make it compatible for mainstream adoption. It will also combine the simple payment verification (SPV) mode and the Byzantine fault tolerance (BFT) protocol from Bitcoin to secure transactions on its blockchain. This hybrid approach results from a careful review of public and private blockchain industry specifications to ensure that their best features are combined to create a platform for global trade that all organizations can use.
How does it work?
This blockchain will use an improved version of the Delegated Proof of Stake (DPoS) consensus algorithm. This algorithm has proven time and time again its ability to provide fair consensus across multiple chains as well as increase network security through an effective Byzantine fault tolerance consensus protocol. These two features make Harmony One’s blockchain a more secure blockchain than those commonly used.
DPoS will be used as the consensus protocol running on the blockchain for this blockchain. The DPoS algorithm combines these two uses: it provides a functioning and efficient consensus protocol to ensure that transactions can always be confirmed and achieve unique security through its use of Byzantine fault tolerance. The benefits of this hybrid approach are clear to see in Harmony One’s proposal. The use of a hybrid approach to its consensus algorithm ensures that it will provide a better performance, faster transaction times, and more robust security than current methods in the marketplace. This is key for any project looking to revolutionize international trade in a new way.
This blockchain is looking to provide rapid and secure payment confirmation for all the transactions on the Harmony blockchain. To achieve this, they will use a hybrid approach to their technology. Byzantine fault tolerance will ensure that transactions are confirmed in seconds rather than hours or days, as is common with other blockchains. The use of private and public chains will also allow for more transaction security when compared with similar blockchains. This hybrid approach to implementing its blockchain will ensure that any organization using this blockchain can quickly process transactions through its platform without delay or obstruction.
This blockchain has stated that it will be using the EOS.IO software as a host for its blockchain. Harmony One’s support of the use of EOS.IO as a host provides businesses with a more robust operating environment than they would receive from other blockchains, such as Bitcoin. This is because it allows for various programmatic abilities, such as smart contracts, to be used when building applications on the blockchain. The use of EOS.IO software is also intended to help with the blockchain’s fast confirmation times by providing a more efficient data storage and management method than other blockchains.
They are looking to launch a hybrid approach to their token economy that will see the HOT token used in both public and private chains. In its public chain, the HOT token will be used to validate transactions on the blockchain. This will allow for faster processing times and confirmations for all users on the blockchain and provide users with more security through the use of delegated proof of stake consensus protocol. This protocol ensures that dishonest behavior is limited while encouraging better overall processing times for all transactions.
Conclusion
The blockchain will allow organizations to create inexpensive, reliable, secure business-to-business and business-to-consumer cross-border trade. The blockchain’s use of a hybrid approach to its consensus algorithm and Byzantine fault tolerance ensures that transactions are secured while also allowing them to be processed quickly. EOS software as a host is also intended to provide an efficient environment for businesses, with advanced features such as smart contracts available when building applications on the blockchain. This hybrid approach will ensure that any organization using this blockchain will be able to accept payment for trade in a relatively short space of time, without hindrance or obstruction from other currencies or blockchains.