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Ethereum Competitor Appears Ready for Major Rally As 2021 Comes to a Close, According to Coin Bureau

dailyhodl.com 23 November 2021 23:45, UTC
Reading time: ~2 m

The host of popular crypto channel Coin Bureau says that one mid-cap Ethereum competitor could spike before the year ends.

In a new video, the analyst known as Guy tells his 1.66 million YouTube subscribers that layer 2 protocol Harmony (ONE) could be the “one” coin to rule them all.

Harmony is a blockchain focused on powering decentralized economies by assisting users in building marketplaces for both fungible and non-fungible digital assets. Guy says that the project is reminiscent of Ethereum 2.0, and highlights the considerable speed of its network.

“Harmony looks like Ethereum 2.0 under the hood. This is because Harmony leverages the Ethereum Virtual Machine (EVM) for smart contracts and uses a sharded proof-of-stake blockchain consisting of four shards. Each shard can process up to 500 transactions per second, meaning Harmony can currently process around 2000 transactions per second, with a transaction finality of 2 seconds.”

The closely followed analyst also explains the deflationary nature of Harmony’s ONE coin.

“Apart from staking, the ONE coin is used for governance and to pay for transaction fees…When it comes to transaction fees, all ONE coins used to pay for transaction fees on the Harmony blockchain are burned. However, ONE is not deflationary. This is because a fixed supply of 441 million ONE coins are minted every year, and ONE coin transaction fee burns are designed so they only burn the ONE coins that would otherwise be minted.”

Due to solid fundamentals and tokenomics, the Coin Bureau host thinks ONE can reach easily reach new all-time highs in the coming months.

“… ONE coin should have an easier time reaching new all-time highs. And my long-term technical analysis suggests it could hit $0.50 later this year or early next year.”

While noting that Harmony is currently more centralized compared to other cryptos, Guy says that the project has been “dead set on decentralization since day one.”

Should it become more decentralized, Guy says that ONE may end up being listed on top US crypto exchange Coinbase, but end up facing stiff competition from other projects with more “manpower” like Ethereum (ETH), Solana (SOL) or Avalanche (AVAX).

“Even if [a Coinbase listing] happens, though, Harmony risks being crushed by competition simply because it lacks the manpower to meet its milestones. 

Despite Harmony’s uphill battle for smart contract platform dominance, Guy thinks ONE coin could one day be “a top contender” in the category.

“If Harmony can successfully attract the devs it needs to meet its milestones, the ONE coin could become a top contender for the king of smart contract cryptocurrencies.”

ONE is currently trading at $0.32, up 12% over the last day.

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