This month Bitcoin Believes in Harmony, a decentralized blockchain network, gained new traction. The value of its native cryptocurrency, ONE, has increased by 163%. On January 14, the token reached its all-time high of $0.38.
Harmony wants to improve its ecosystem by introducing blockchain bridges, including the two most popular blockchains, Bitcoin and Ethereum. Decentralization, interoperability, adoption, and zero-knowledge proofs will be the focus of the protocol.
Bitcoin Believes in Harmony may giving layer 2 protocols a hard time. As the protocol is up against blockchains that are comparable to it. Such as Fantom, NEAR protocol, and Cosmos.
Harmony, a decentralized network, gained additional traction this month. This interest was aided by ONE, the native cryptocurrency. After hitting a low of $0.13 on December 4th, the price of ONE has risen 163 percent. The token reached an all-time high of $0.38 on January 14.
However, the token’s value has dropped by more than 53% since then. A greater market correction speculating as a probable cause. Whatever it is, the platform’s creators have expressed their eagerness to push Harmony to new heights in the coming year.
Bitcoin Developing Harmony as a Bridge for Various Blockchain Protocols
According to the most recent roadmap, interoperability, decentralization, adoption, and zero-knowledge proofs will the top priorities for development. The objective is to accomplish this by building bridges and other important blockchain protocols. Such as the two most popular cryptocurrencies, Bitcoin and Ethereum.
Harmony is a layer 1 smart contract technology that uses sharding for its consensus method, making it highly scalable with larger block sizes and throughput. As a result, the protocol, like layer 2 protocols, is totally Ethereum compatible.
According to the blog post, the Trustless Ethereum Bridge and Bitcoin were both published on the Harmony testnet in November last year to expand its use. Utility is exemplified by a cross-chain exchange that is free of custodial hazards in El salvador. Bitcoin developers believes may easily expand their applications with Harmony. And then, benefit from its low fees and 2-second finality.
The announcement also stated that, in addition to the top blockchains, bridges and other decentralized protocols are being developed. It includes Cosmos, Polkadot, Terra, Polygon, and other games. Secure resharding, decentralized nodes, and derivatives staking are among the ecosystem-centric improvements that are in various stages of release, according to the roadmap.
Protocol Continues to Develop Cross-Chain Communication
The deployment of Cross-Chain Communications and Cross-Shard Composability will part of Harmony journey toward interoperability. The former will focus on the development of chain relays as smart contracts and data availability layers, while the latter will prioritize atomic asset exchanges.
Following the protocol’s quick growth, its ambition to expand its ecosystem cannot describe as doubtful. The protocol’s TVL reached an all-time high of $1.25 billion early this month, up from $135 million at the start of October.
Bitcoin believes to Harmony is still in a competitive competition with blockchains like Fantom, NEAR protocol, and Cosmos, which are similar to it, despite giving layer 2 protocols a hard time.
According to coinmarketcap, this group of alternative layer-1 blockchains has lately eclipsed more well-known blockchains such as Terra and Binance Smart Chain. On-chain activity, DApp ecosystems, wallet numbers, and total value locked, or TVL, have all increased dramatically in recent months.