The Harmony IEO on Binance finished just a couple of days ago, and it appears that they have been busy landing partnerships in the meantime. This first major announcement sees them collaborate with leading oracle provider Chainlink.
For the unaware, Chainlink is a bold attempt at decentralising oracles, with the goal of ensuring full data integrity via evaluating data coming from web APIs, off-chain data feeds and even banking payments on various security layers.
The product, as well as its parent company have been recognised by the business sector with some high-profile partnerships being rumoured, in addition to already confirmed ones such as their collaboration with ZeppelinOS, OpenLaw and Web3.
The Chainlink Mainnet was just recently launched and anticipation of further partnership announcements is nearing an all-time high, and as far as the blockchain sector goes, it does appear that the token is recognised as a major player. LINK is the highest-priced token for an oracle network, and this partnership was preceded by collaboration announcements with other hyped projects such as Ocean Protocol, Celer and Wanchain.
The Harmony Blockchain Network
The Harmony Network will provide smooth and expandable transactions on the blockchain to their users. This infrastructure-based consensus ecosystem is rich in features and offers high-throughput and low latency, making it an absolutely safe next-gen financial establishment. Its most advertised features include:
- Adaptive State Sharding
- PoS Consensus Using a BLS Signature Scheme
- Global-scale marketplace platform
- An open infrastructure for data
- Suitable for decentralised economies
And in addition to the multitude of innovations aimed at making Harmony a serious pretender as a next-generation highly-scalable blockchain platform, this new partnership is filling a major gap that is still present in many of its competitors – the lack of trusted off-chain connectivity abilities. By partnering with the oracle network, Harmony are offering their users the highest in class data integrity guarantee, ensured by a decentralised network of nodes, rather than trusted third parties.
Effects on the Harmony token?
At the time of writing, ONE’s market cap of around $47,250,000 makes it the crypto project with the 122nd highest market capitalisation. If we are to consider all of the tokens, rather than just those in circulation, the token would be ranked 31st. Its partner, ChainLink is at the 29th spot at the moment with only 35% of its total supply being currently in circulation.
What is yet to come to the Blockchain Sector?
As blockchain technology improves, its business scope is also growing bigger and bigger. Naturally, this creates user demands for smoother, more scalable and protected transactions. This is where the Harmony Blockchain Network fills the market gap by solving the above-mentioned needs. The developers at Harmony want to combine great research results with their professional engineering skills in bringing an excellently adjusted system.
This merger will also allow the Harmony ecosystem to implement a highly scalable platform that is able to connect data from natural use-cases. Off-chain data opens a whole new world of possibilities in comparison to the highly limited blockchain-only features of first generation smart contracts.