How could Harmony be a potential threat to Solana while competing in market cap?

Generally, the crypto market fluctuates; one faces turmoil now and then, but this one about Harmony surpassing Solana is different

Undoubtedly, one of the biggest and rising crypto projects of 2022 includes Harmony (ONE). Based on its features, services it offers and other facts, some crypto enthusiasts think that the Harmony network could surpass the top listed cryptocurrency network Solana (SOL). The network possesses features like any other blockchain network does today, but Harmony (ONE) has something that gives it an extra edge over the competition. 

Harmony (ONE) is such a platform based on blockchain that aims for addressing the difficulties and problems that other blockchains face generally related to achieving scalability and decentralization, both of them together without compromising either of them. There are a lot of potential features based on which the crypto community is so keen to claim that Harmony (ONE) will outperform Solana (SOL) in terms of market cap soon. 

Harmony (ONE) — trying hard to go beyond its limits

Harmony (ONE) blockchain network was launched partly at the initial exchange offering (IEO) at Binance Launchpad in May 2019. The network aims to act as a bridge to zero in scalability and decentralization efforts at once. It has a motto stating ‘decentralization at scale’, emphasizing sharing data and creating fungible tokens and non-fungible assets marketplaces. 

Harmony (ONE) gives access to investors of an ecosystem that would enable the adoption of companies across various businesses focusing on data sharing, supply chain monitoring, decentralized marketplaces, ad exchanges, credit rating systems and gaming. 

Furthermore, the Harmony network promises high output following low latency and low costs. Both specifications establish the groundwork for decentralized trustless economies in future as they are expected to put it at the centre of efforts. It uses the sharding feature that allows the network for dividing the database into several smaller segments that are shards for reducing latency. It adds features to make payments instantly despite congestion. 

The network uses a consensus mechanism of adaptive proof-of-stakes, with a combination of Security, scalability and simple and easy verification. Lastly, Harmony uses Fast Byzantine Fault Tolerance, which improves speed and efficiency. Meanwhile, it allows more than 250 validators to reach a consensus in a time of fewer than two seconds. 

Solana – A long term player

Despite the crypto community’s anticipation, it’s also an undeniable fact that Solana (SOL) has its indisputable place in the crypto space. It has the capabilities that make it among the contenders to be called an Ethereum killer. It possesses high speed, low fees and Security while transactions and is considered far more suitable than others for developing projects or deploying smart contracts on the blockchain. 

However, Harmony (ONE) and Solana (SOL) market capitalization has a huge gap. The former stands at only about $1.64 billion, while the latter accounts for about $51.89 billion. Still, room for possibilities is there, especially in the crypto market. 

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing

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