On Thursday (May 16), Binance announced that the fifth cryptoasset to go on sale this year on its initial exchange offering (IEO) platform, Binance Launchpad, would be the Harmony (ONE) token.
According to a FAQ-style blog post Harmony published on 23 April 2019, the blockchain startup "helps businesses build marketplaces of fungible tokens (energy credits, security offerings) and non-fungible assets (game collectibles, real estate)." Also, it is working on "zero-knowledge proofs for data sharing (ad exchanges, credit ratings) while preserving the consumer’s privacy."
Harmony hopes that its fast and secure blockchain architecture will eventually be able to support billions of users participate on decentralized marketplaces.
Harmony released its testnet (2.0) last month, and it is planning to launch its mainnet in late Q2 or early Q3 2019.
The Harmony token has various uses on the Harmony network:
- Staking so that you can become a validator in order to earn block rewards and transaction fees.
- Paying transaction, gas, and storage fees.
- Voting (on-chain governance of the protocol).
22.4% of the 12.6 billion token supply was sold in Harmony's seed round. Current investors include Blockchain Assets, Consensus Capital, Qtum, and Skunk Capital.
Binance says that the Harmony token sale will be using the lottery format (the recording of users' BNB balances starts on May 19 at 23:59:59 UTC), but with two changes:
- Binance is now calculating for each user account the average BNB holding over the holding period; this is calculated by taking the average of the BNB balance at 23:59:59 UTC on each day in the 7-day holding period.
- Users may now sign the token purchase agreement "any time up until the end of the ticket claim period."
Per Binance's blog post, here are some of the key details about this token sale:
- The Launchpad session starts on May 27 at 06:00 (UTC) and ends on May 29 at 08:00 (UTC).
- The hard cap is five million dollars.
- 12.5% of the total token supply (i.e. 1,575,000,000 ONE tokens) is on offer.
- The token price for this public sale will be $0.003175 (the BNB figure will be specified on the lottery draw date).
- The maximum number of winning lottery tickets is 16,666.
- The allocation per winning ticket is $300 (i.e. 94,488.18 ONE tokens).
- The ONE token will be a BEP2 token issued on Binance Chain