Ethereum rival is ready for year-end rally, according to Coin Bureau
Coin Bureau, host of the channel, says a mid-cap Ethereum competitor could skyrocket before the end of the year.
In a new video, Analyst Guy says the Harmony (ONE) Layer 2 protocol could be the coin to rule them all.
Harmony is a blockchain that is focused on promoting decentralized economies by helping users build markets for both fungible and non-fungible digital assets. Guy says the project is reminiscent of Ethereum 2.0 and highlights the remarkable speed of the network.
“Harmony looks like Ethereum 2.0. This is because Harmony leverages the Ethereum Virtual Machine (EVM) for smart contracts and uses a fractional proof-of-stake blockchain made up of four shards. Each shard can process up to 500 transactions per second, which means that Harmony can currently process around 2000 transactions per second with a final transaction time of 2 seconds. ”
The analyst also explains the deflationary nature of Harmony.
“Aside from staking, ONE is used to manage and pay transaction fees … Everything ONE uses to pay transaction fees on the Harmony blockchain is burned. ONE is not a deflationary coin, however. This is due to a fixed supply of 441 million tokens minted annually, and the transaction fee incineration feature is designed to only burn ONE when another token is minted.
With solid fundamentals and tokenomics, Guy believes ONE could easily hit a new all-time high in the coming months.
“… ONE will easily reach a new all-time high. And my long-term technical analysis suggests it could hit $ 0.50 by the end of this year or early next year. ”
While noting that Harmony is currently more centralized than other cryptocurrencies, Guy said the project “couldn’t be decentralized since day one.”
If it becomes more decentralized, ONE will probably be listed on the leading US exchange Coinbase, but will eventually face strong competition from other projects with a lot of “manpower” such as Ethereum (ETH), Solana (SOL) or Avalanche (AVAX).
Despite Harmony’s tough battle for the supremacy of the smart contract platform, Guy believes that ONE could one day become a “top contender” in this category.
“If Harmony can successfully attract the developers it needs to reach the milestones, ONE could become a leading contender for the throne in the smart contract category.”
ONE is currently trading at $ 0.31, up 10% over the past 24 hours.
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