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In the updated economic model of our network, the total reward across the network (issuance plus transaction fees) will remain constant regardless of average block time and staking ratio. The goal of this change is to achieve a higher staking ratio, to simplify the model and to create a path to 0 issuance, all of which we believe will bring long term benefits for Harmony.
ONE is the native token for Harmony which supports the monetary flow of the entire Harmony economic system. ONE has 18 decimals.
The smallest unit of ONE is called Atto, which is 0.000000000000000001 ONE. (equivalent to Wei in Ethereum).
The second smallest unit of ONE is called Nano, which is 0.000000001 ONE (equivalent to Gwei in Ethereum)
ONE token has several important utilities that’s required for using the network and is essential to the security of the network.
ONE token is the native token for paying transaction fees. Users need to specify a certain amount of transaction fee in ONE so the transaction can be successfully processed and included in the blockchain.
Harmony is a Proof-of-Stake blockchain which means the security of the network is protected by staked tokens. ONE token is the native token that’s accepted for staking. Potential node runners need to stake a certain amount of ONE token to be elected as a validator. ONE token holders are also able to delegate their ONE tokens to existing validators to participate in the staking process. The more ONE token staked, the more secure the network becomes. Elected validators who successfully sign blocks will receive block rewards in ONE tokens as compensation for their services.
Harmony is a permission-less and decentralized network which is governed by the community. Any protocol level decisions or improvements will be put as a proposal which will go through the open governance process to finalize. ONE is the only accepted token used as the measure for voting in the governance process.