How to Buy Harmony (ONE)

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Contributor, Benzinga
Updated: March 1, 2022

Wondering how to buy Harmony? You can purchase ONE on Uphold.

As the decentralized finance (DeFi) industry continues to grow, blockchain networks are becoming flooded with transactions. The solution is cross-chain platforms, which help overcome the constraints of using a single chain. Cross-chain platforms help facilitate communication between blockchains as well as improve transaction speeds. A specific cross-chain platform has been getting some recent attention — Harmony (ONE).

What is Harmony Coin (ONE)?

Harmony is a layer-2 blockchain platform designed to facilitate the creation and use of decentralized applications (dApps) on the Ethereum network. Harmony focuses on processing validation speed by incorporating something called sharding. Sharding splits a blockchain company’s entire network into smaller partitions known as shards in order to improve latency across the network. This allows for Harmony’s 2-second transaction finality with 100 times lower fees than other blockchain transactions. 

Harmony has a governance token known as ONE, which represents voting power on the project. ONE operates on the effective proof-of-stake (PoS) mechanism, which allows for energy-efficient and low-cost node validations. Another benefit of PoS is the prevention of centralization. This is because validators with a large amount of staked tokens are obligated to run more nodes, while validators with less stake run fewer nodes. Harmony now has more than 1,000 active nodes — 800 of them being run by the community. 

Brief History of ONE

Harmony was founded in 2014 by a team of 12 people — 7 of them former employees at Apple Inc. (NASDAQ: AAPL), Google LLC (NASDAQ: GOOGL), Microsoft Corp. (NASDAQ: MSFT) and Amazon.com Inc. (NASDAQ: AMZN). ONE reached its all-time high on Sept. 13 with a price of $0.22 per token. The current market cap for Harmony is roughly $1.5 billion with a circulation supply of 10.66 billion ONE. 

How to Buy Harmony (ONE)

You can buy ONE on Crypto.com. A digital asset exchange like Crypto.com is a great choice for individuals looking to start buying cryptocurrency. Make sure to always do your own research before buying cryptocurrency, as they are very volatile assets. 

  1. Open an online account.

    The first step to purchasing your ONE would be to open an account with an exchange like Crypto.com. Before you begin trading you will be required to verify your identity. This involves stating your legal first and last name. Followed by selecting the government ID you wish to use, then taking a photo and sending it in. Finally, users must send in a picture of themselves to match the form of identification previously sent. 

  2. Buy a wallet (optional).

    When thinking about how to store your cryptocurrency there are 2 paths to choose from: software wallets and hardware wallets. A software wallet is an application on your computer or mobile device; a hardware wallet is a special type of wallet that stores the user’s private keys in a secure hardware device. This keeps your private key information off your computer and on the external device. 

  3. Make your purchase.

    Once you have created your account you will need to link a funding method to transfer money to your account. The most common methods are debit or credit cards as well as direct bank transfers. Once you have linked a payment method, you are now able to begin purchasing ONE.
    Bonus section: Keep an eye on future partners and integrations with the Harmony network, as this is a great indication of how the company is growing. 

Cryptocurrency Wallets For Harmony

Ledger Hardware Wallet
Best For
  • ERC-20 tokens
securely through Ledger Hardware Wallet's website

Best Hardware Wallet: Ledger

Ledger is the most recognized and most credited hardware wallet currently available. The device is primarily an offline hardware wallet. Ledger also connects to Bluetooth and USB, depending on whether you want to use your computer or mobile device. Ledger’s application also makes it much easier to secure, store and manage your assets.  

Best Software Wallet: Trust Wallet

Trust Wallet is a decentralized mobile software wallet, which means that it does not hold your funds so everything is on the blockchain. The best part is that Trust Wallet encrypts all of its users’ personal information and keys.

Trade, Sell or Convert Your ONE

Once you have accumulated some ONE, you can trade, sell or convert it. 

The process of trading generally implies trading off of market structures and indicators, with the purpose of making profits in a respectable time frame. The process of selling is different, as the goal is to end your position with that asset. An alternative to selling could be converting ONE to another cryptocurrency. This can be done through a variety of decentralized exchanges (DEX). Essentially, instead of selling your position for fiat, you can convert your ONE to another crypto of your choosing and receive the same dollar-value amount of that crypto.

Current Crypto Prices

The total market cap for all cryptocurrencies is roughly less than $2 trillion. The current crypto market structure seems to continue trending upwards as the DeFi industry continues to expand, although long-term market structure will depend largely on whether price action can hold current levels of support.

Is ONE a Good Investment?

If you believe in decentralized solutions and are looking to diversify your portfolio with layer-2 platforms, ONE may be a great choice for you. If you are looking to accumulate quick gains with high returns, then ONE may not be the best option for you. Always make sure to do your own research before investing in cryptocurrency.

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