Here at BitBoy Crypto, we like to make money in crypto,
educate the BitSquad and
live in harmony with one another.
But harmony isn't just for singing.
It's for blockchains, too.
The team at Harmony had been making Ethereum-based blockchain
that is setting itself up to be a big player down the road.
So get comfy,
align your chakras and being
to find your inner harmony.
Let's get it!
Welcome to BitBoy Crypto!
The largest and greatest crypto community in all of the Interwebs
My name is Ben.
Everyday on this channel, I show you how to make money in crypto.
If you like money and crypto, then make sure to hit that subscribe button.
If you want to go deeper into crypto, make sure to check out bitlabacademy.com.
In this video, we look at one of the best performing cryptos around---
Harmony.
Every project that's even remotely attached to Ethereum is attempting to fix
one of Ethereum's main challenges---
its scalability.
You hear the term scalability all the time,
but what does it mean and why is being scalable so important?
Having a product that can deliver the same level of service that made it popular
while reaching new customers and gaining market share is being scalable.
It's what makes services from Amazon to McDonald's so ubiquitous and successful.
You can use Amazon or go to McDonald's anywhere,
and you'll get pretty much the same experience, products and prices no matter what.
Contrast that to something like Burger King,
where frightened employees flip charred meat for minimum wage.
You never know what your Whopper is going to taste like.
Ethereum is an amazing blockchain that's offering a lot of power and innovation,
but its core programming has made its ability to deliver those powerful decentralized services
a very expensive proposition.
On any given day, you might be paying 30-80% more for a simple token swap
that you did the previous day or hour.
Ethereum needs help scaling up.
That's where projects like Polygon, Arbitrum and Optimism are innovating.
That's where Harmony comes in.
It's an ETH layer 2 project that is hyper focused on being the cross-chain solution for Ethereum
so dApps from all over the cryptoverse vibe with Ethereum.
Harmony was started in 2017 by Stephen Tse,
a graduate of the University of Penn State with a doctorate in cryptography and type theory.
He worked for Microsoft for a bit and then spent time at Google as a senior engineer.
Most of the core Harmony team has come from Google, Apple, Microsoft and Amazon.
The goal of Harmony is to make dApps just work
no matter what chain they're on.
Its main focus is leveraging sharding and cross-sharding contracts
to make a seamless cross-chain infrastructure.
Like all blockchains,
Harmony uses cryptography to get block consensus.
It gets consensus via EPoS, or Effective Proof-of-Stake,
which uses the innovations of crypto OG Zilliqa to make a more secure proof-of-stake system
while supporting the complexities of sharding.
Harmony runs on the standard Geth EVM
that gives it network effects with the rest of Ethereum
but boasts some impressive numbers.
It gets consensus on the ETH layer 1 every two seconds,
and it costs only 400 gwei to make a block.
That's 200 pairs of gwei.
Which means transactions only cost a fraction of a fraction of a penny.
Its shard size is 205 nodes and runs on only four shards.
That separation of its network into shards and nodes is what makes Harmony so secure.
To prevent attacks on a single shard,
there must be a large amount of nodes to give the network the ability to adapt to the attack
along with the built-in cryptographic randomness of its algorithm.
The mainnet for Harmony has been online since 2019
and, to date, has produced 30 million blocks
with not a single error.
That's good vibes, my dudes.
You can stay with the vibes and harmonize with the BitSquad
by smashing that like and subscribe button.
So Harmony is a good project with solid people and great tech.
Its ecosystem is growing by leaps and bounds,
227 apps and counting.
They also have some impressive partnerships with Atari, Ledger, MetaMask and SushiSwap.
The name of the token for Harmony is called ONE.
It started off at 2¢ when its mainnet launched in 2019.
It stayed chill and groovy for years.
Not even moving during the 2020 dips.
But then in March of 2021,
ONE started to spike and saw a blistering 4,000% pump to 21¢.
This made ONE bag holders very zen.
But the ride wasn't over.
After a correction during the summer,
ONE has kept its momentum going over the fall
by reaching a new all-time high of 37¢ on October 26.
Since then, ONE has tumbled down with the rest of the market,
but the fundamentals of the project are for sure going to keep it moving upwards
for the rest of this bull run.
Just look what's been happening to Polygon this year.
I want you guys to tell us what layer 2 blockchain you've got your eye on
for the rest of this bull run.
Drop it down below in the comments.
Now, ONE is trading for 16¢ at the time of this recording
and sits at No. 66 on CoinMarketCap.
Coins outside of the top 50 are going to continue to make big moves this cycle.
The tokenomics of Harmony are looking good for a new all-time high.
Getting back to 30¢ from here will be a 2X,
but it's not hard to see ONE breaking through to the top 30,
pushing out dead projects like Ethereum Classic and ICP
to go 3X or more.
Harmony has what it takes to make all the chains come together and deliver what crypto needs---
better user experience for the normies.
I'm excited about Harmony and not just the price potential of the ONE token.
Harmony is what crypto needs.
This project is sure to make a name for itself very soon.
And that's why we've got Harmony in our portfolio.
That's all I got.
Be blessed.
BitBoy out.