Harmony’s 4-Shard Network Upgrades to Support Staking, Allowing Users to Earn ONE Tokens

  • Harmony extends staking options to users with a number of staking companies already expressing interest to partner with Harmony.
  • They will issue around 441 Million ONE tokens annually to go directly to stakers to incentive staking.

News has surfaced that Harmony has revealed they are extending staking options for their Mainnet users. They will reward users with extra tokens for locking their ONE token.

According to Harmony cofounder Nick White, this sort of arrangement would build trust levels with their client base without actually identifying them. Harmony’s top brass with a couple of trusted partners consists of the Blockchain’s oversight committee with the staking option to welcome more parties on board.

Their Token, ONE trading at $0.003407 has a market cap of $15.6 Million and registering trading volumes just shy above the $3 million mark. There are currently 4,596,807,869 ONE tokens in circulation as per this writing.

The base layer Blockchain in April 2019 disclosed that they had sourced around $18 million from their completed token presale. They were bankrolled by a variety of investors including the Consensus Capital Group of Silicon Valley, Bank Central Asia (BCA) Australia, Lemniscap VC of Hong Kong, and UniValues Associates from Singapore. The funds were injected into the development of their sharded Blockchain.

Already some staking companies: Staked, Stake.fish, Blockdaemon, Everstake, InfStones have expressed their interests in collaborating with Harmony to manage their nodes. They have advised those who want to stake, to partner with their staking partners’. Although they have left space for individual investors by designing a protocol that is pocket friendly (doesn’t require High computing power) increasing its accessibility.

“A computer with two cores, 2GB of memory and 30GB of storage”

They have offered incentives to encourage staking committing to issue 441 Million ONE annually to the stakers’. This would translate to high yields for the stakers: 164% (at 5% staked) to 9% (at 95% staked) in just the first year.

According to their blog, White believes that high staking (above 60%) would ensure the Network isn’t vulnerable to 33% attack. This would ease their minds knowing that majority of the tokens are locked in. He also highlighted that staking would create an organic demand for the ONE token. The unstaking process only takes 10 days once it is initiated by the staker.

They highlighted that creating a malicious fork in their network was grounds for contract termination. An additional 1000 slots would be availed to accommodate more validators on Harmony later on.

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Author: Lujan Odera

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