Ecosystem Partners: Honest Mining to offer FREE Service Fee for Staking Harmony (ONE)- Live AMA turnouts a great success with more than 1000 participants!
On September 5th, we organized an exciting Ask Me Anything (AMA) event with one of our ecosystem partners and the turnout from our community was overwhelming- exceeding any previous participation.
A shout out to all those who participated, we know you still have more questions, kindly engage with us here, and we’ll do our best to answer them all. You can address any questions either as a comment in this post or post them in our Reddit community.
Honest Mining to celebrate Harmony One listing has announced the offering of FREE service fee from Harmony staking services from the period of 5 Sept, 2 AM UTC — 6 Nov, 2 AM UTC!
A short brief about Honest Mining platform:
Honest Mining touts itself as ‘Everyone’s Crypto Mining Partner’ as it offers Staking-as-a-Service (SaaS) solution that allows staking in Proof-of-Stake protocols easy and accessible for everybody. Their business is about enabling people to grow their crypto-asset over time by distributing staking yield starting 7% up to 80% annually.
This AMA session underscores Honest Mining’s role in providing Staking services on Harmony’s high-throughput, open-source blockchain.
The following is a brief from the discussions that took place during the first session at the Harmony Telegram group (9:00–9:30 am GMT+7 Timezone).
(Please note some texts may have been slightly edited for clarity)
Participants:
Guests: Lawrence Samantha (CEO & founder of Honest Mining)
Harmony Moderator: Li Jiang (Harmony Head of Business Development)
Harmony Co-Moderator: Nikolaos Kostopoulos (Harmony Business and Ecosystem Manager)
The Harmony community: Over 1000 online members.
Li Jiang | Harmony:
Hello everyone, thank you for joining today’s AMA with Honest Mining. We have Lawrence Samantha (@Lawrence), CEO of Honest Mining here with us. He’ll be answering all the questions during the AMA.
This is the first of two parts of our AMA sessions with the Honest Mining team, the second session will take place at the Honest Mining telegram group (@HonestMiningEN) right after we conclude this session (in about 30 minutes).
Lawrence Samantha | Honest Mining:
Hello Li Jiang (@lijiang2087)! Thank you, Harmony for having me!
Li Jiang | Harmony:
Welcome!!!
Lawrence Samantha | Honest Mining:
Wow! Lots of people coming.
Li Jiang | Harmony:
Here are the guidelines for this AMA session:
The chat will be muted during the course of the AMA so we could better organize the flow of questions for a smooth session. So, no cause for alarm if you are unable to type during the mute. Meanwhile, in the course of our dialogue with the Honest Mining team, please jot down your questions so you don’t forget them.
First off, we’ll give Lawrence Samantha an opportunity to introduce himself and Honest Mining to us. Then we’ll be asking Lawrence some questions about Honest Mining and finally, the group will be unmuted so the community members can ask their questions.
And don’t forget! We have special rewards for 5 lucky community members who ask questions.
Also, we have a special offering at the end of the session, so stay tuned with us until the end of the session.
Lawrence Samantha | Honest Mining:
Cool! So maybe I can start with a quick introduction and an overview of Honest Mining?
Nikolaos Kost | Harmony:
Absolutely go for it @Lawrence
Lawrence Samantha | Honest Mining:
Awesome! Hi everyone, my name is Lawrence Samantha, the founder & CEO of Honest Mining. I’ve been a crypto believer since 2011, started BTC mining as a hobby and finally turned it into a profession in 2017. Later on, I believe that PoS is a good alternative and so I founded Honest Mining with my cofounders
Li Jiang | Harmony:
Early in the industry! Absolutely, we would love to learn more about Honest Mining and how the partnership will evolve so we have collected a few questions for you Lawrence! Thanks for the short intro!
Lawrence Samantha | Honest Mining:
Likewise! We believe that Harmony is a great project with a clear long term goal which is important for the good of the blockchain ecosystem.
Lawrence Samantha | Honest Mining:
Honest Mining is staking as a service company that helps both retail & institutional clients. We help people who want to grow their crypto but do not necessarily want to do it by themselves.
Our self-service staking platform is up & running — check it out at honestmining.com 🙂
Li Jiang | Harmony:
How long have you been in the Staking-as-a-Service business and what other projects are you currently offering such services to.
Lawrence Samantha | Honest Mining:
We started the company back in 2018. The self-service for retail client launch last March. Harmony is the 7th blockchain project that we support after DASH, XZC, SMART, PIVX, FBN & RPD!
Li Jiang | Harmony:
That’s great 🙂 What are the uses of HNST tokens? Do I need to hold HNST if I want to stake $ONE?
Lawrence Samantha | Honest Mining:
HNST is our utility token, great for service discount! If you don’t like a 40% discount, you don’t need HNST 😄 You can get HNST at Binance DEX & Tokenomy Exchange, but not to worry — when you register you’ll get 5 HNST to get you familiar.
Li Jiang | Harmony:
Are the rewards in HNST or in ONE tokens?
Lawrence Samantha | Honest Mining:
The rewards are in the native coin, $ONE.
Li Jiang | Harmony:
Harmony $ONE has no Masternodes, and has a maximum of 2 nodes for any external node stakeholder for now. How will Honest Mining sustain rewards with minimum investment? And if oversubscribed, what strategy will be employed?
Lawrence Samantha | Honest Mining:
We are partnering with Harmony to run nodes on behalf of other $ONE stakeholders, that’s why we have higher limits than others.
Rewards will be given proportionately to the amount of $ONE seats someone holds on our node 🙂
Li Jiang | Harmony:
What’s the incentive to hold a ‘seat’ via shared Masternodes and the expected benefits/ROI?
Lawrence Samantha | Honest Mining:
Great question! A “seat” represents a share on the shared node. In the case of $ONE, at this moment we lock 1 million $ONE per node with 1 seat = 1000 $ONE.
For example:
10 seats = 10,000 $ONE (1% of staked rewards*)
100 seats = 100,000 $ONE (10% of staked rewards*)
1000 seats = 1,000,000 $ONE (100% of staked rewards*)
*minus the service fee
The staked rewards for $ONE at this moment is 30%-40% annually
Li Jiang | Harmony:
Okay, that’s great to know. And can you talk about what is needed for the KYC process?
Lawrence Samantha | Honest Mining:
KYC is not needed, but there is a daily limit of 30,000 HNST worth of coins.
As a shared node, you will be holding ONE seats for 30 daily distributions per period. You can hit exit any time before each period ends.
Li Jiang | Harmony:
How long does it take to withdrawal from staking? Can I do it immediately or do I need to wait for some confirmation period by the platform?
Lawrence Samantha | Honest Mining:
The rewards are distributed daily and can be withdrawn immediately — as long as the mainnet is already happening 😉
Li Jiang | Harmony:
What’s the security protocol for staking through your platform? How do you cover or prevent hacks from happening?
Lawrence Samantha | Honest Mining:
We have hot & cold wallet separation, in which all of the collateral wallets are not touching the internet. The balance from our deposit & withdrawal wallets are periodically moved to cold wallets. Even though this may cause a slight delay on our withdrawal process, we see security as our top priority.
Li Jiang | Harmony:
Okay cool, and last ONE from us: What can we expect in the future with Honest Mining?
Lawrence Samantha | Honest Mining:
We will be partnering with high-quality projects. Other than that we are working to have crypto-insurance & custodian license 🙂
Li Jiang | Harmony:
Alright — I think that’s enough question from us. I hope the audience is ready with their questions because we are going to open the chat for everyone.
Lawrence Samantha | Honest Mining:
Awesome 😄
Jim Nguyen (@jame_ng123) | Community Member:
What do you think is the biggest problem Honest (HNST) will solve that no other project is solving now, and why is the problem important to solve?
What is the HNST token used for? What gives it value? Why is it necessary, and why should one invest in it?
Lawrence Samantha | Honest Mining:
There are different staking-as-a-service companies. We came in quite early, but we have a very competitive landscape now with great demands. We focus on making the user experience really easy, even for someone who never do crypto trading previously.
S.A.M. Crypto Trader (@sam_cryptotrader) | Community Member:
Does Honest Mining support only PoS consensus coins or other consensus as well?
Is there any minimum or maximum limit of coins for staking on Honest Mining?
Lawrence Samantha | Honest Mining:
At this moment we focus on staking-based consensus (PoS, dPoS, ePos, etc) , but blockchain technology innovation never stop — so we are looking to grow more offering that can make great yield for crypto believers
Pantera world (@eoshodler) | Community Member:
In the future will stable coins like USDT etc. be staked too?? Is there a guarantee that there will always be staking rewards?
Lawrence Samantha | Honest Mining:
I don’t think that’s possible, USDT by definition is not stakeable. Maybe if we offer crypto lending in the future? 🙂
PHAM TAN (@phamtan310) | Community Member:
Where does Honest Mining’s revenue come from? Besides mining, does the Honest Mining Ecosystem invest in anything else?
Lawrence Samantha | Honest Mining:
We make money from the service fee, so when you make money — we make money!
Lan Huong (@Hg144) | Community Member:
What types of cryptocurrencies can I stake? What is the minimum staking level? Do I have to pay anything?
Lawrence Samantha | Honest Mining:
Besides $ONE we have 6 other coins that we offer. We’ll be listing more good quality projects in the near future.
Since we want to help retail, we keep the minimum coin requirement low & offer Instant Nodes for some of the coins 🙂
Tiep Pham (@tieppv) | Community Member:
Need to register with special link?
Lawrence Samantha | Honest Mining:
Nope! Just deposit & join the node!
Li Jiang | Harmony:
@Lawrence anything you’d like the community to be aware of that hasn’t been mentioned?
Lawrence Samantha | Honest Mining:
Thank you Harmony community for making this AMA possible! The more blockchain nodes, the stronger the blockchain becomes. Honest Mining wants to help to make Harmony chain bigger & better by helping everyone to run node together. I hope this can be a fruitful long term partnership.
Oh and $ONE more thing…
We’ll be doing a SPECIAL OFFER for HARMONY! Free $ONE staking service fee for everyone who stakes ONE from September 5 to November 6!
2 MONTHS STAKING with NO FEE!
Nikolaos Kost | Harmony:
EveryONE is waiting for this offering!
Lawrence Samantha | Honest Mining:
2 MONTHS STAKING with NO FEE!
Nikolaos Kost | Harmony:
The five winners from our chat are:
@jame_ng123 @sam_cryptotrader @eoshodler @phamtan310 @Hg144
Clarification in regard to Harmony ONE Coin Migration
Harmony (ONE) coin migration
Deposits for Harmony (ONE) have been enabled since Sept 4, 2019, and the deposited coin will be in BEP-2 based ONE. However, as Harmony is entering stage 2 of its main net launch, rewards distribution will be ONE coin. Do not worry as the Honest Mining team will help you with the migration of the ONE (BEP-2) coin into ONE coin.
You may withdraw ONE coin only through ONE wallet (second column of the picture). The withdraw button is not available currently, but it will be enabled after the migration process is done.
For mode details in regard to Honest Mining Community Offering and terms please consult this post.
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