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Frequently Asked Questions
- How does Harmony differ from other blockchain platforms?Harmony differentiates itself through its deep sharding technology, which divides not only the network nodes but also the blockchain states into shards, scaling linearly in all three aspects of machines, transactions, and storage.
- How secure is Harmony?Harmony uses a Proof-of-Stake (PoS) consensus algorithm, which incentivizes participants to act honestly. It also uses Verifiable Random Function for secure and random state sharding. These technologies ensure the security and integrity of transactions on the Harmony network.
- What is the utility of Harmony's native token, ONE?The native token, ONE, is used for various purposes within the Harmony ecosystem, including staking, transaction fees, voting on governance matters, and participating in network activities.
- How can I become a validator on Harmony?To become a validator, you need to run a full node and stake a certain amount of ONE tokens. Validators are chosen based on the amount of ONE tokens staked and their network performance.
- Is Harmony compatible with Ethereum?Yes, Harmony is Ethereum compatible. This means you can run Ethereum smart contracts on Harmony with increased speed and reduced cost.
- How fast are transactions on Harmony?Harmony aims to have a block time of 2 seconds and a transaction finality time of 2 blocks. This makes transactions on Harmony significantly faster than on many other blockchain platforms.
- Where can I buy Harmony's native token, ONE?ONE tokens can be purchased on several cryptocurrency exchanges including Binance, KuCoin, and Huobi. Always ensure you are using a reputable exchange.
- Is Harmony open-source?Yes, Harmony is open-source. This means that anyone can contribute to its development and review its code for security.
- Can I build my own decentralized application (DApp) on Harmony?Yes, developers can build their own DApps on Harmony. Its compatibility with Ethereum makes it an attractive platform for developers looking for faster and cheaper alternatives for their DApps.