Can $ 300 Million Really Help Harmony Crypto Become the Next Ethereum?

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The competition to become the most widely used blockchain network is incredibly tough. There are thousands and thousands of blockchain projects out there, and there are billions of dollars circulating among the best. Networks often use incentives to attract users and developers, and Harmony (CCC: ONE-USD) is no different. The network offers quite an incentive to bring developers to its platform.

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Harmony is a platform that seeks to compete directly with Ethereum (CCC: ETH-USD). It exists as an open platform for developers to build decentralized applications (DApps). It is currently the 67th largest cryptocurrency by market cap, with $ 1.7 billion in capital to work with.

As the fish in a whole sea of ​​DApp networks, Harmony wants to do something to stand out. Developers have endless options when it comes to moving a project to any given platform, so incentives are always helpful. As it appears today, Harmony strives to encourage users to make the network their home.

Harmony Crypto Network Offers Huge Financial Incentives For Developers

The company today announced its intention to invest $ 300 million in its ONE token to further develop the network and attract startups.

Harmony’s investment will be broken down into a number of financial incentives to encourage projects in the network. In total, the Harmony team hopes to develop a robust ecosystem of 10,000 projects on its platform.

The investment will take place over the next four years. However, $ 180 million of the investment is expected to be spent in the first year. The company claims that $ 50 million of the money will go to 100 different decentralized autonomous organizations (DAOs). These DAOs, which operate using democratic votes to decide community affairs, will be the bodies that decide how to allocate the remaining money.

The news shows Harmony’s desire to develop its network over the long term. However, today the Harmony crypto is declining. Prices deflate 10%, with the coin trading at around 17 cents. Trading volume, however, was up 108% on the day.

At the time of publication, Brenden Rearick had (directly or indirectly) no position in any of the stocks mentioned in this article. The opinions expressed in this article are those of the author, subject to the publication guidelines of InvestorPlace.com.

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