Harmony Kicks Off Migration From Ethereum and Binance Chains to Its Own

By March 6, 2020Ethereum
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In accordance to a weblog publish shared Thursday, Harmon’s token swap is prepared to begin, permitting present holders to swap to the corporate’s native asset.

“The ONE token swap is the primary of many steps we’ll soak up 2020 in direction of a completely fledged Harmony platform. Mainnet ONE holders will quickly have the ability to stake their cash to earn rewards and acquire entry to our safe, quick and low-cost blockchain,” Nick White, a Harmony co-founder, informed CoinDesk by way of electronic mail.

Harmony is a proof-of-stake blockchain that makes use of sharding with the intention of reaching extraordinarily quick, large-scale settlement for thousands and thousands of customers. It raised $18 million in a token sale to strategic traders final yr, adopted by an preliminary change providing on the Binance Launchpad in Might, promoting a further $5 million price of tokens.

In contrast to some prior token swaps, reminiscent of EOS, there’s not a approach for customers to manually conduct the swap. Holders of both of the tokens will want to load them onto an change collaborating in a bridge with Harmony. As soon as on such an change, the tokens can then be withdrawn, however they’ll solely return because the ONE native coin.

Token swaps have been a serious theme of 2018 popping out the preliminary coin providing growth, however they have been much less widespread as extra corporations have shied away from promoting cryptocurrency forward of their performance.

In accordance to a Harmony spokesperson, solely Bitmax presently has the swap dwell as of this writing. Binance needs to be working the swap as of Feb. 3.

The announcement additionally signifies different companions will allow the swap quickly, together with HonestMining (a staking service), and exchanges together with Huobi, Gate.io and Kucoin. Holders might be in a position to earn further ONE cash by staking, however they’ll want the native model to accomplish that.

Harmony has additionally built-in with a number of {hardware} wallets for storage offline, reminiscent of Ledger and SafePal.

The Harmony community is dwell now, although not all of the options are. For instance, validating nodes stay permissioned, however this can ultimately develop into open. Validators might be rewarded with new ONE tokens in reward for securing the community, beneath Harmony’s proof-of-stake system.

Harmony had a pre-mine of 12.6 billion ONE tokens issued on the ethereum and binance chains, 36.9 p.c of which was bought within the seed and launchpad sale.

The corporate has not but introduced whether or not or not there might be a deadline to make the swap.

The chief in blockchain information, CoinDesk is a media outlet that strives for the best journalistic requirements and abides by a strict set of editorial insurance policies. CoinDesk is an unbiased working subsidiary of Digital Foreign money Group, which invests in cryptocurrencies and blockchain startups.

“The ONE token swap is […]

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