Harmony
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Information about Harmony (ONE)
Harmony is a P2P blockchain platform designed to facilitate the development and usage of decentralized applications. Harmony’s goal is to become a high-performance consensus platform to develop an open market and support a decentralized economy on a global scale. By using efficient proof-of-stake (EPoS) and zero-knowledge technology, Harmony can improve scalability and ultra-fast transaction speeds (10 million transactions per second) while ensuring decentralization and user privacy.
Harmony token (ONE) is a utility token belonging to the Harmony ecosystem and is used for the following purposes:
- Users stake ONE to become Validators in the network and receive rewards.
- Reward Validators who contribute to the network.
- Pay for gas fees, transaction fees, and storage fees within the network.
- Participate in governance activities and vote on platform decisions.
News
Mark Scott’s conviction for his involvement in the OneCoin cryptocurrency scam has been upheld by a federal appeals court. He was sentenced to 10 years in prison and ordered to forfeit over 392 million USD after being found guilty in 2019.
Despite Scott’s claims of an unfair trial, the court emphasized the evidence linking him to OneCoin creator Ruja Ignatova. Scott maintained he was unaware of any fraudulent activities while providing legal counsel to Ignatova.
Harmony blockchain updates the plan for recovering from the Horizon Bridge attack
Following the $100 million Horizon Bridge hack in June, the Harmony Blockchain team updated its community and partners on its asset-recovery proposal, which aims to protect Harmony’s blockchain without creating new tokens.
In the new proposal, announced today via a blog post, the Harmony team said that after listening to Harmony’s validators and community, it shared the goal of “preserving the foundation of the Harmony blockchain with 0% minting,” and now proposed to use the foundation treasury for recovery funds.
Backlash as Harmony proposes minting 4.97B tokens to reimburse victims
The team behind the Harmony blockchain project has proposed the minting of up to 4.97 billion worth of its native token ONE to compensate victims of the $100 million Horizon Bridge hack in June.
There would be either a 100% reimbursement via 4.97 billion new ONE tokens, or a 50% reimbursement with 2.48 billion ONE tokens. The proposal has been met with a significant amount of backlash from the community, with many highlighting concerns that such a large issuance of new tokens would result bring its value down.
Harmony hackers begin laundering Ethereum stolen from Horizon bridge
The hackers responsible for stealing $100 million in altcoins from Harmony Protocol’s Horizon bridge have begun to launder the funds, according to PeckShield.
The hackers sent three transactions from the address used in the June 23rd hack totaling around 30K ETH (around $36 million) to the mixing service Tornado Cash, with $64 million still in the hacker’s Ethereum wallet, according to blockchain analysis by the blockchain security company.
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