Leading crypto analyst Coin Bureau has claimed that ONE could rival Ethereum. Talking about the project “ONE” on his YouTube channel, the analyst stated that the coin in question has a chance to “become the king of smart contract cryptocurrencies” in the future.
What is Harmony (ONE)?
Harmony is a fast and secure blockchain for decentralized applications. Harmony’s main focus is on achieving scalability by segmenting not only network nodes but also Blockchain states.
According to an FAQ-style blog post published on April 23, 2019, the Blockchain initiative is helping businesses create marketplaces from corkable tokens and non-fungal assets. It is also working on zero-knowledge proof for data sharing while protecting consumer privacy.
On the other hand, in May 2019, Harmony conducted the first public sale of its native token on Binance Launchpad, its initial exchange offering (IEO) platform.
One of the reasons Coin Bureau is so positive about Harmony and ONE is that Harmony is similar to Ethereum 2.0. This is because Harmony leverages the Ethereum Virtual Machine (EVM) for smart contracts and uses a granular proof-of-stake blockchain consisting of four parts. Each piece can handle up to 500 transactions per second, meaning Harmony can currently handle around 2000 transactions per second.
Apart from staking, ONE coin is used to pay for governance and transaction fees, according to the analyst. When it comes to transaction fees, all ONE coins used for transaction fees on the Harmony Blockchain are burned.
The analyst says that according to his long-term technical analysis, ONE could reach $0.50 late this year or early next year. He states that if it can make a successful rise, the coin in question could become the best competitor for Ethereum, the king of smart contract cryptocurrencies.
The coin, which is currently traded at $0.2465, has dropped 6.84% in the last 24 hours.