Harmony Abandons Layer 1 Blockchain for Ethereum and AI-Powered Video Initiative

Harmony is planning to shut down its Layer 1 blockchain and migrate its native ONE token to Ethereum. The decision comes after recent security exploits, including a $100 million theft from its Horizon bridge in June 2022, which was linked to North Korean cyber actors.

The network has faced several serious security incidents over the years, with the latest exploit involving the unauthorized creation of 3 trillion ONE tokens in August. Rather than continuing to operate the Layer 1 blockchain, Harmony wants to redirect its resources toward an AI-powered video initiative built around a 'remix economy.'

The project aims to create a platform where creators publish prompts and assets that users can modify and AI agents can turn into additional content. Harmony believes advertising could generate tens of millions of dollars if the platform reaches one million users.