Binance Announces Harmony Protocol as the Next Initial Exchange Offering
The platform has selected the next project for its crowdsale, continuing the chain for the most high-profile IEOs.
Harmony Protocol was selected as the next initial exchange offering (IEO) on Binance Launchpad, the project announced through its social media channels.
Changpeng Zhao, the CEO of Binance, also confirmed the selection:
The project was selected for tackling the problem of scalability, pointed out Zhao in a recent blog posting outlining the token sale:
“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 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.”
The IEO is scheduled for this May 27, and the balance snapshot date will be May 19. As usual, there is a capped participation, with a minimum of 50 BNB and a maximum of 500 BNB for winning tickets. Winners will then be limited to buying $300 worth of the ONE token.
Harmony One aims to build a high-speed, high-throughput platform, capable of consensus and carrying the record for a distributed economy. The planned platform aims to onboard tens of millions of users in a decentralized economy.
“Harmony's mission is to scale trust for billions of people and create a radically fair economy," said Harmony CEO, Stephen Tse.
"Binance will bring our fast and secure blockchain for data sharing to business while preserving the consumer’s privacy.”
IEOs are one of the more attractive investments in the past months. However, trading those tokens on the secondary market is risky, and has led to significant losses after the initial hype wears out. IEOs have raised nearly $40 million in the year to date, but choosing the right token and the right platform are rather risky. Even tokens selected by Binance have been volatile.