Why is Harmony (ONE) crypto migrating wallet to MetaMask?

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Why is Harmony (ONE) crypto migrating wallet to MetaMask?

 Why is Harmony (ONE) crypto migrating wallet to MetaMask?
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Highlights

  • The Harmony (ONE) crypto, founded in 2017, is migrating its wallet to Metamask as its “end-of-life” date lapses on March 15, 2022.

  • Its new 1wallet is in the final stage of development and has many new and exciting features. 

  • The Harmony (ONE) coin increased by 470% in one year, as per coinmarketcap.com. 

The Harmony (ONE) crypto is migrating its wallet to MetaMask from Chrome extension as its shelf life expires on March 15, 2022.

The token holders can migrate to the MetaMask wallet by following a simple process. 

Harmony has recommended users to use the MetaMask wallet to hold and stake coins until the new 1wallet is released for the public.

The migration process is easy. Users will need to import their private key from the Chrome extension to MetaMask.   

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Users first need to log out from the staking.harmony.one and then log in again using the MetaMask option to stake the coins on MetaMask.

After logging in, they will see the balance under the portfolio option. 

According to its blog post, once the balance is displayed, users will need to remove the Chrome extension from the browser by right-clicking and selecting the ‘Remove from Chrome’ option.

Harmony said its new 1wallet is under development with many new and exciting features.

The wallet will have security features like social recovery mechanisms, on-chain security with one-time password authentication, simple multi-sig wallet and DAO creation, and may offer up to 20% annual interest.

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(Why Harmony (ONE) crypto is migrating to MetaMask?)

Data Source: coinmarketcap.com

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What Is Harmony (ONE)?

Harmony is a layer-1 blockchain with EVM compatibility. It was founded by Stephen Tse in 2017. Tse is a PhD holder in cryptographic protocols and type theory from the University of Pennsylvania. He has worked with Microsoft and Google. In 2011, Apple bought his search-engine company ‘Spotsetter’. He served as Apple’s principal engineer in 2014.

The Harmony blockchain is an open platform for assets, collectibles, governance etc. It helps bridge the gap of switching between different chains.

Harmony aims to improve the processing speed and validation.

The blockchain offers cross-chain asset transfers such as Bitcoin, Ethereum, Binance, etc. Its mainnet runs applications with a 2-second transaction processing speed at the cost of US$0.0001.

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Harmony uses effective proof-of-stake (EPoS), a new version of the proof-of-stake (PoS) consensus where simultaneous staking is allowed from hundreds of validators. 

Harmony has seen considerable growth since the launch of open staking in 2020. Currently, it has more than 26,000 stakers, staking roughly 4.4 billion coins in the network’s validator pools.

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Price and performance:

Harmony is ranked 51st based on its market capitalization, as per coinmarketcap.com. Its current market cap is US$1.9 billion. The circulating supply is 11.81 billion, and its total supply is 13.368 billion.

On Tuesday, the ONE coin rose 15.52% to US$0.1641 at 7:16 am ET.

The coin can be purchased on Binance, Bybit, Mandala Exchange, OKX, and DigiFinex.

Bottomline 

The Harmony coin rose 470% in one year but fell 39% YTD amid a volatile market and geopolitical tensions. The crypto market is highly volatile. Investors should evaluate digital assets carefully before investing in the cryptocurrency market. 

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