The first HRC20 is live on Harmony — SEED
We are pleased to announce that the first HRC20 token is now live on Harmony and you can find the smart contract for the appropriately named SEED on the Harmony Explorer here.
The token just within the first day of it’s circulation already has over 100 token holders!
The SEED token is be the first utility token issued on Harmony and will represent a value pegged to the staking rewards produced by the delegators of the Sesameseed community (sesameseed.org). Sesameseed has used the Token Standard Protocol HRC-20, which is the most simple method of issuing a token on Harmony. For a detailed look at issuing your own token , please do watch the video tutorial, available on Youtube.
Sesameseed operates a Harmony node and following its partnership as a staking provider with Harmony the companyhas issued Harmony-SEED as the newest addition to the multichain SEED reward token economy. The easiest way to create a Harmony wallet and interact with HRC20 SEED is to use their native wallet Sprout, which is the first wallet to extend support for HRC20 tokens.
Since launch more than 3 Billion $ONE have been locked in Harmony’s OpenStaking platform with 1200 unique delegators and thousands of users represented by Binance & Bitmax, the first two exchange partners to support Harmony’s Open Staking.
Harmony-SEED has the following utilities:
Precision — HRC20 SEED is divisible down to 6 decimal places.
Mint — There is no pre-minted reserve of SEED tokens created on the Harmony Network. New SEED will be minted by the smart contract as they are required. This will most commonly be as part of the daily rewards process, or as a result of SEED tokens being swapped to Harmony from another blockchain. Minting SEED this way allows for transparency as the amount of SEED minted is viewable on-chain.
Burn — Burning SEED is the act of permanently removing a SEED from existence. This can occur when SEED is redeemed through Sprout, for the various blockchain node rewards that make up the redeem value. HRC20 SEED will also be burned when that SEED is swapped to another blockchain. The total amount of SEED burned is always viewable on chain.
Vote — HRC20 SEED will have a vote feature allowing SEED holders to participate in polls conducted via Sprout. This voting will happen within the HRC20 smart contract on the Harmony network. More information about this feature will be released in the future.
Adaptability — HRC20 SEED was created with the ability to adapt and incorporate utilities that will expand the future functionality of the token.
Like SEED on other blockchains, HRC20 Harmony-SEED also has these core utilities:
Swap — Harmony-SEED can be swapped to any other Sesameseed represented blockchain using Sprout, Sesameseed’s staking wallet and SEED utility.
Automatic Staking — SEED automatically stakes for SEED nodes and earns maximum rewards on multiple blockchains, no matter which blockchain SEED is held on. SEED can be held in any wallet
Multichain staking rewards — SEED is designed to be the easiest way to earn the best staking rewards from multiple blockchains at once. SEED automatically earns daily rewards from every blockchain where Sesameseed operates a SEED node.
Daily Compounding — SEED earns more SEED daily as a result of automatic staking. This is another way holding SEED over time ensures the best staking rewards.
SEED rewards bonus — (also known as participation power) SEED earns staking rewards at a higher rate than the amount of native coins in the redeem value.
Redeem Value — SEED can be redeemed for its multichain redemption value through Sprout, Sesameseed’s staking wallet and SEED utility. SEED’s redeem value increases over time, so the longer SEED is held, the higher its redeem value. Sprout allows for the creation of wallets on multiple chains as well as linking of existing wallets. This ensures SEED can be redeemed for its full multichain value on each blockchain.
SEED can be earned just by staking — SEED rewards tokens can be earned by staking to a Sesameseed SEED node on any blockchain.
Community Membership — Holding SEED is how Sesameseed identifies blockchain addresses as members of the Sesameseed community. This allows SEED holders to benefit exclusively from any additional rewards periodically distributed by Sesameseed.
Create a wallet via Sprout. https://sprout.sesameseed.org
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