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

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The competition to become the most highly utilized blockchain network is incredibly stiff. There are thousands upon thousands of blockchain projects, and there are billion of dollars floating around among just the top handful. Networks often use incentives to draw in users and developers, and Harmony (CCC:ONE-USD) is no different. The network is offering quite the incentive to bring developers to its platform.

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Harmony is a platform looking to compete directly with Ethereum (CCC:ETH-USD). It exists as an open platform for developers to create decentralized applications (DApps). Currently it is the 67th-largest cryptocurrency in terms of market capitalization, with $1.7 billion in capital to work with.

As one fish in a whole sea of DApp networks, Harmony wants to do something to stand out. Developers have endless options when it comes to taking a project to a given platform, and so incentives are always helpful. As it appears today, Harmony is taking great pains to incentivize users to make the network their homes.

Harmony Crypto Network Offers Huge Financial Incentives to Developers

The company is announcing today their intention to invest $300 million into its ONE token in order to further develop the network and to attract startups.

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

The investment will be taking place over the course of the next four years. However, $180 million of the investment is set to be spent over the first year. The company says $50 million of the money will go to 100 different decentralized autonomous organizations (DAOs). These DAOs, who operate using democratic votes to decide community matters, will be the bodies who decide how to allot the remaining money.

The news shows Harmony’s intention to develop its network for the long term. However, today, the Harmony crypto is moving down. Prices are deflating by 10%, with the coin trading at about 17 cents. Trading volume, though, is up 108% on the day.

On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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