Cryptocurrency Exchange Binance Shares Harmony (ONE) IEO Details
In a blog post published May 28, 2019, cryptocurrency exchange platform Binance gave details on the recently concluded initial exchange offering (IEO) of blockchain project Harmony (ONE) on Binance Launchpad.
1.58 Billion ONE Tokens Sold
The Binance Launchpad recently hosted its fifth IEO of 2019.
Harmony’s IEO went live on May 28, 2019, at 06:00 AM UTC and was fully subscribed within a short period. Notably, Harmony is the second project to launch its IEO on Binance Launchpad after it recently tweaked its lottery rules.
According to the blog post, all 1.58 billion ONE tokens were sold to Launchpad participants who drew and claimed winning lottery tickets. From a total of 54,076 tickets, 12,977 winners claimed 16,666 winning tickets, the blog post notes. Reportedly, lottery winners will receive 94,503.78 ONE tokens per winning ticket.
As previously reported by BTCManager on January 29, 2019, Binance Launchpad played host to the highly-anticipated IEO of BitTorrent (BTT) whose entire 59.4 billion tokens sold out within 18 minutes.
What Is the Harmony Protocol
With engineers from Google, Amazon, Apple, Harvard, and Stanford at its helm, the Harmony Protocol aims to develop a fast and secure blockchain platform to enable businesses abilities to build marketplaces for fungible and non-fungible digital tokens.
According to a report by independent research firm Picolo Research, Harmony is an open blockchain infrastructure that uses sharding technology to overcome distributed ledger technology’s (DLT) age-old nemesis: Scalability.
It’s also worth highlighting that unlike several public blockchains like Bitcoin and Ethereum that run on the Proof-of-Work (PoW) consensus protocol, Harmony is the world’s first sharding-based Proof-of-Stake (PoS) blockchain.
In its whitepaper, Harmony’s team highlights a number of challenges that it seeks to resolve including scalability, network-wide implementation of sharding technology, energy efficiency, security-proof PoS model, and consistency of cross-shards transactions, among others.
The project’s key focus points include an in-state sharding model and peer-to-peer (P2P) networking features to help developers build data-heavy dApps, and marketplaces for gaming, and exchanges, among other things.