Following a very eventful past few weeks, which notably included a hack that resulted in the loss of 7,000 BTC, leading crypto exchange Binance has announced the details of its next Launchpad token sale.
— Binance (@binance) May 16, 2019
According to the announcement, the Binance Launchpad offering for Harmony (ONE), a Cupertino-based project building a fully scalable and secure blockchain, will start on May 28. Like the last IEO, Harmony’s token sale will follow a lottery format and begin at 2:00 AM (EDT). Harmony plans to raise $5 million by selling 1,575,000,000 ONE (12.5% of the total token supply) at $0.003175 per token. This implies a valuation of $40 million based on ONE’s total supply — roughly half of the seed sale valuation from May 2018.
In anticipation of the upcoming exchange offering, Binance Research has published a full breakdown on Harmony’s specs, including token sale details and economics. According to the report, Harmony’s applications include marketplaces for both fungible tokens (the examples given are energy credits and loyalty points) and non-fungible assets (like game collectibles and real estate). The project is also “applying zero-knowledge proofs for data sharing,” with potential applications in ad exchanges, credit ratings and other B2B settings.
“Scaling is still one of the key problems of the blockchain industry, which we as an industry should aim to solve in the most effective way possible,” said Binance CEO Changpeng “CZ” Zhao. “The ambitious team behind the Harmony project proposes to solve this problem using sharding to parallelize transaction processing. I believe the team’s commitment to opening up blockchain technologies for billions of people will allow them to make a significant contribution to addressing the issue of scaling.”
This news follows Wednesday’s announcement by CZ that Binance will be giving away 50,000 Binance Coin (BNB) as a thank you to the Binance community and an apology for the recent downtime.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.