What is ONE?
ONE is the native token of the Harmony network. Harmony is a sharded, smart contract compatible blockchain that consists of four shards that utilise a delegated Proof-of-Stake consensus mechanism called Effective Proof-of-Stake (EPOS). In this system, validator nodes are randomly assigned to one of the four shards every Epoch (approximately every 21 hours). The randomness of this system is guaranteed by a verifiable randomness function. A verifiable delay function ensures validators cannot front-run the random assignment of the network. Harmony is the first successful project to implement Proof-of-Stake on a sharded blockchain. ONE is used for staking and paying network fees. Harmony’s staking system breaks up large stakes to prevent validators with large stakes from corrupting the shards on the network. Harmony plans to allow ONE to be used for on-chain governance in the future.