Harmony is about to take the cryptocurrency ecosystem by storm with its impressive technological advancements. Aside from conquering cryptocurrency circles, the project has set its sights on new frontiers.
A hackathon is already in the works to introduce the benefits of blockchain technology and DeFi to the world of traditional finance. This has the potential to trigger increased crypto adoption by traditional financial institutions.
The $1 Million Hackathon
Traditional financial institutions have always viewed DeFi, and its underlying blockchain technology, with skepticism. However, Harmony is set to change the narrative in a gallant attempt to merge the old systems with the innovative DeFi.
It intends to achieve this collaboration through the use of a hackathon that will make DeFi more appealing to traditional finance.
Titled “Bridging TradFi to DeFi,” the hackathon will see the building of projects around three categories. The categories in focus are: social wallets with keyless security, fintech integrations, and cross chains with trustless bridges.
Winners of the hackathon will go home with prizes of up to $1 million and Harmony has already received $280,000 for the prize pool from Messari, DappRadar, and Terra.
Judges of the Hackathon include Bill Tanona of SOFI, Imran Khan of DeFi Alliance, and Robin Schmidt of The Defiant amongst others.
Harmony’s Development
Aside from partnerships and events, at Harmony’s core is a solid technological infrastructure that distinguishes it from other blockchains in the space. Harmony offers a 2-second transaction finality, and 100 times lower fees than other blockchains.
It solves the scalability problem that plagues blockchains with the use of sharding, without compromising security. It maintains its superior status by assigning 250 nodes to each shard, and the use of the Proof of Stake consensus mechanism ensures that the network is energy efficient.
The network launched Crazy.ONE in May, which offers users a customizable sub-domain that can be linked to their ONE wallet and is also an NFT. In keeping with the ethos of decentralization, Harmony also launched the Validator DAO in May.
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