Binance Launchpad recently announced the next Initial Exchange Offering (IEO) that will be taking place on May 28th. The project is Harmony Protocol, and it attempts to solve one of the most pressing issues which are riddling the industry today – scaling.
Cryptopotato was able to get in touch with Nick White, Harmony Protocol’s Co-Founder, who shared some invaluable information on the project, as well as the upcoming IEO on Binance Launchpad.
Entering a Competitive Field
One of the topics which were discussed was the fact that Harmony is entering a relatively competitive field which is flooded with solid and well-established projects trying to solve the scalability problem. Namely, these include projects such as EOS, Zilliqa, Algorand, and others. As such, it was interesting to explore Harmony’s go-to-market strategy and how they attempt to handle the competition.
Speaking on the matter, White noted that “Neither of the projects mentioned above has a blockchain which will be performant, scalable, and as low cost as the Harmony blockchain will be.”
According to him, Harmony will improve user experience, reduce the costs, and support more massive user bases for Decentralized Applications (DApps), while bringing more developers and projects to their platform.
Moreover, Harmony will also be launching an ecosystem fund with investors from the project’s seed round. This fund will give out seed capital to projects which build on the Harmony blockchain and ship a product. According to White, “Harmony can add incentives so that applications which drive further transactions and engagement to the network will be rewarded with Harmony tokens in proportion to the overall value and the traction that they bring to the network.”
Besides, Harmony doesn’t just target developers of DApps but also existing companies with large user bases who want to apply blockchain technology into their product. “These kinds of apps have been previously held back because the existing networks were too slow and too expensive, whereas Harmony makes it entirely possible,” White added.
Attracting New Nodes: A Challenge to Consider
In regards to how the project will be attracting new nodes to the network, White outlined that “Harmony is building a robust ecosystem and we are in talks with every major staking as a service company to bring them on board and help grow Harmony’s validator ecosystem.”
In order to further facilitate this, the project had significantly lowered the barrier to entry for those who want to participate in the network, putting intentionally lower resource requirements for nodes (4GB memory). Additionally, Harmony intends to write scripts to make the initial setup as easy as possible and also implement motivating block rewards for staking. While the economic model for that is yet to be established, stakers will be rewarded for their participation.
Harmony’s Partnership with Binance Launchpad
Binance Launchpad has so far proven to be a major catalyst for projects featured on it.
“Working with the world’s leading cryptocurrency exchange will help Harmony reach more users throughout the entire world and get them closer to the realization of their vision which is to scale trust to billions of people.”, White cited.
In particular, White said that “the team is very motivated by the global outlook of Binance, especially when it comes to applying blockchain technology to developing regions such as Latin America and Africa. Harmony will find truly impactful use cases in places of the kind.”
Harmony’s IEO on Binance Launchpad will take place on May 28th and it will be held under the new lottery format of the platform. The hard cap of the IEO is $5 million, and the public sale token price is set to $0.003175 for one Harmony (ONE) token.
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* Featured image by Binance.