Hello, reader! DeFi Kingdoms for Commoners series is written for audience who have little to no experience in the world of cryptocurrency. My main goal in writing this is to provide in-depth information about DeFi Kingdoms in simpler terms. This is the third installment of this series, feel free to click this link to access the previous articles. Happy learning!What is DeFi Kingdoms?
DeFi Kingdoms is a game, a DEX, a liquidity pool opportunity, a market of rare utility driven NFTs, and it all plays out seamlessly in the incredibly nostalgic form of fantasy pixel art. It is launched on Harmony Network.
In this article, we are answering one question: What is Harmony Network?
Harmony Network
Harmony is a fast and secure blockchain for decentralized applications. It was released as part of initial exchange offering (IEO) on the Binance Launchpad in May 2019. Prior to the IEO, Harmony started out as a startup in 2018. Its fundraising project managed to raise 18 million USD in April 2019, drawing attention from multiple investors such as Silicon Valley’s Consensus Capital, Hong Kong’s Lemniscap VC and others. More than 2.8 billion of its ONE tokens were purchased by investors, with 12.6 billion of them set aside for pre-mining.
Its development went under the motto of “decentralization at scale” with the focus on data sharing and the creation of marketplaces of for fungible and non-fungible cryptocurrency assets. They are also known for two things: low latency and minimal fees (like really low).
There are actually more to it than this, and you can read more here:
— https://docs.harmony.one/home/general/introduction/what-is-harmony
— https://kriptomat.io/cryptocurrencies/harmony/what-is-harmony/
— https://cryptonews.com/coins/harmony_one/
We are going to be focusing on how it is related to DeFi Kingdoms.
How is Harmony related to DeFi Kingdoms?
DeFi Kingdoms is using the Harmony Protocol blockchain with its native token ONE. This token is used for transactions, and is the currency used for gas fees. If you don’t know, gas fees are payments made by users to compensate for the computing energy required to process and validate transactions on the blockchain, in this case, the Harmony Blockchain. The fees are different per network, but in Harmony, a normal transfer usually costs only about 0.000021 ONE. In general, transactions in Harmony network cost around $0.000001 gas fee.
Most of the time, you will also use ONE to buy JEWELs. Here are some of the major exchanges that support buying ONE from your local currency:
Kucoin: https://trade.kucoin.com/trade/ONE-USDT
Crypto.com: https://crypto.com/exchange/trade/spot/ONE_USDT
Binance: https://www.binance.com/en/trade/ONE_USDT
I am a crypto noob but I am interested. How do I start?
You have now learned where to buy Harmony ONE tokens. On the next installment, you will learn how to create a MetaMask wallet.
