Ethereum Competitor Is Ready For A Major Rally

It’s been reported that the host of crypto channel Coin Bureau said that one-mid cap Ethereum competitor could be spiking before 2021 comes to an end.

In a brand new video, the analyst who is known as Guy is saying that layer 2 protocol Harmony (ONE) could be the best coin out there.

As the online publication the Daily Hodl notes, Harmony is a blockchain-focused on powering decentralized economies by assisting users in building marketplaces for both fungible and non-fungible digital assets.

Guy said that the project is reminiscent of Ethereum 2.0, and he also addressed 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.”

He continued and said the following:

“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 analyst also made sure to explain 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.”

He also explained that the reason for this is the fact that a fixed supply of 441 million ONE coins are minted every year.

“ONE coin transaction fee burns are designed so they only burn the ONE coins that would otherwise be minted,” he continued and said.

The crypto market looks good today with the most important coins seemingly trying to recover following the price corrections.

Regarding the price of Bitcoin, at the moment of writing this article, BTC is trading in the red and the king coin is priced at $56,750.