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

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

In response to a weblog put up shared Thursday, Harmon’s token swap is able to begin, permitting present holders to change to the corporate’s native asset.

“The native ONE token of Concord blockchain will function the bridge for constructing an open platform with out sacrificing efficiency, decentralization, community-based governance, and verifiable safety,” the weblog put up stated.

Concord is a proof-of-stake blockchain that makes use of sharding with the purpose of reaching extraordinarily quick, large-scale settlement for hundreds of thousands of customers. It raised $18 million in a token sale to strategic buyers final 12 months, adopted by an preliminary alternate providing on the Binance Launchpad in Could, promoting an extra $5 million price of tokens. 

For customers of sure exchanges, this swap will probably be automated. In response to a supply accustomed to the matter, most ONE tokens already sit on exchanges.

Not like some prior token swaps, similar to EOS, there’s not a approach for customers to manually conduct the swap. Holders of both of the tokens might want to load them onto an alternate collaborating in a bridge with Concord. As soon as on such an alternate, the tokens can then be withdrawn, however they are going to solely return because the ONE native coin. 

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

In response to a Concord spokesperson, solely Bitmax at the moment has the swap dwell as of this writing. Binance ought 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 have the ability to earn extra ONE cash by staking, however they are going to want the native model to take action.

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

The Concord community is dwell now, although not all of the options are. For instance, validating nodes stay permissioned, however it will ultimately change into open. Validators will probably be rewarded with new ONE tokens in reward for securing the community, underneath Concord’s proof-of-stake system. 

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

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