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
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.
Based on a weblog publish shared Thursday, Harmon’s token swap is able to begin, permitting present holders to modify 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 publish stated.
Concord is a proof-of-stake blockchain that makes use of sharding with the purpose of reaching extraordinarily quick, large-scale settlement for tens of millions of customers. It raised $18 million in a token sale to strategic traders final yr, adopted by an initial exchange offering on the Binance Launchpad in Could, promoting an extra $5 million value of tokens.
For customers of sure exchanges, this swap will probably be automated. Based on a supply accustomed to the matter, most ONE tokens already sit on exchanges.
In contrast to some prior token swaps, akin to EOS, there’s not a manner for customers to manually conduct the swap. Holders of both of the tokens might want to load them onto an change collaborating in a bridge with Concord. As soon as on such an change, the tokens can then be withdrawn, however they may solely return because the ONE native coin.
Token swaps had been a major theme of 2018 popping out the preliminary coin providing growth, however they have been much less widespread as extra corporations have shied away from promoting cryptocurrency forward of their performance.
Based on a Concord spokesperson, solely Bitmax at the moment has the swap dwell as of this writing. Binance needs 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 further ONE cash by staking, however they may want the native model to take action.
Concord has additionally built-in with a number of {hardware} wallets for storage offline, akin to Ledger and SafePal.
The Concord community is dwell now, although not all of the options are. For instance, validating nodes stay permissioned, however this can finally develop into open. Validators will probably be rewarded with new ONE tokens in reward for securing the community, beneath 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 offered 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.
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