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

Holders of the ONE token from the staff at Harmony ought to make plans to swap their ERC-20 (ethereum) or BEP-2 (binance chain) tokens for the coin on Harmony’s blockchain if they need to have the ability to take part in staking and different community actions. 

According to a weblog submit shared Thursday, Harmon’s token swap is able to begin, permitting present holders to modify to the corporate’s native asset.

“The ONE token swap is the first of many steps we will take in 2020 towards a fully fledged Harmony platform. Mainnet ONE holders will soon be able to stake their coins to earn rewards and gain access to our secure, fast and low-cost blockchain,” Nick White, a Harmony co-founder, informed CoinDesk by way of e mail.

Harmony is a proof-of-stake blockchain that makes use of sharding with the goal 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 12 months, adopted by an preliminary alternate providing on the Binance Launchpad in May, promoting an extra $5 million price of tokens. 

For customers of sure exchanges, this swap will likely be computerized. According to a supply aware of the matter, most ONE tokens already sit on exchanges.

Unlike some prior token swaps, corresponding to EOS, there’s not a manner for customers to manually conduct the swap. Holders of both of the tokens might want to load them onto an alternate taking part in a bridge with Harmony. Once on such an alternate, the tokens can then be withdrawn, however they’ll solely return because the ONE native coin. 

Token swaps have been a significant theme of 2019 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. 

According to a Harmony spokesperson, solely Bitmax at present has the swap reside 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 will be capable to earn further ONE cash by staking, however they’ll want the native model to take action.

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

The Harmony community is reside now, although not all of the options are. For instance, validating nodes stay permissioned, however this can ultimately turn out to be open. Validators will likely be rewarded with new ONE tokens in reward for securing the community, below 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 % of which was offered within the seed and launchpad sale. 

The firm has not but introduced whether or not or not there will likely be a deadline to make the swap.

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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 impartial working subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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