Harmony One Browser Extension Wallet — Buy, Create and Transfer
Harmony is a fast and open blockchain for decentralized applications. It’s native wallet — an extension supported by Google chrome is a fast and lightweight way to ensure the smooth movement and safe storage of your ONE coins.
It has the ability to securely hold your coins in a handy application and you can Delegate (Stake) coins with Harmony ONE via the staking website.
So what is Cryptocurrency Wallet?
A cryptocurrency wallet is a device, physical medium, program or a service which stores the public and/or private keys for cryptocurrency transactions.
The cryptocurrency itself is not in the wallet. In the case of bitcoin and cryptocurrencies derived from it, the cryptocurrency is decentrally stored and maintained in a publicly available distributed ledger called the blockchain.
This guide will take you through the process of:
- Purchasing ONE coins
- Creating a ONE address
- Transferring to the Harmony ONE Wallet
- Staking with Harmony ONE validators
- Collecting Rewards
- Sending ONE back to Exchanges and converting to Fiat
Purchasing ONE coins
First of all we need to purchase some Harmony ONE coins from an exchange. It is up to you whom you choose but I have been with Binance.com for 4 years now and find them to be ideal for buying, holding and transferring coins.
Binance offer multi-factor authentication for added security. I HIGHLY recommend you set this up.
For USA — Binance.us
Once you have purchased your Harmony ONE coins they will be held in the Binance wallet. We will return to Binance after we create our own wallet using the Harmony Wallet Extension.
Creating a ONE address with Harmony One Wallet
The Extension is available to install to Google Chrome
Download and installation is an easy process and once installed you will notified as such at the top-right corner of Chrome, displaying the Harmony Logo.
Open the extension from the menu
Once you have opened the App, the first screen you will see will prompt you to make a choice to CREATE a new wallet, IMPORT a wallet with an Mnemonic phrase /.Key(more about this below) or to CONNECT to a hardware wallet such as a Nano Ledger.
I chose CREATE wallet and entered a name to describe this wallet. You can have as many wallets as you wish.
Next we are prompted to enter a password to access the wallet. You must choose something you will remember but refrain from using something that can be guessed like a Date of Birth, License Plates, ID or Phone Number.
You will be given a 12 word “Seed Phrase”
A seed phrase, seed recovery phrase or backup seed phrase is a list of words which store all the information needed to recover Harmony ONE funds on-chain.
Basically, your 12-word phrase is a set of words that allows you to recover and use your private key. And if you can recover your private key, you can access your wallet from anywhere in the world without having to carry anything around. It’s a simple, user-friendly security measure which is very powerful.
Copy the seed phrase and write it down and store it somewhere very safe. If you lose the seed and the wallet — You lose the coins.
Check the “I understand that lost seeds cannot be recovered.” to confirm you understand and click ‘Next”.
You will then be asked to select the words for the phrase in order and then click Next.
Enter a Pin number for accessing the wallet.
And, just like that, we are done..
The Harmony ONE Wallet in setup and ready for action.
Transferring to the Harmony One Wallet
For the next steps, I will be using my own wallet to transfer from Binance to the the Harmony One Wallet.
Log back into Binance and goto Wallets -> Withdraw -> Crypto
Enter the amount you wish to withdraw. i am withdrawing 1000 ONE, which is the min amount you can delegate + a fraction of a ONE for fees.
Confirm the order
The request is submitted successfully. So we can head over back to the Harmony One Wallet to see out Coins and stake them to a validator.
Opening the Harmony Wallet, I can see straight away the coins I just sent.
Change money back to Fiat with Binance.
If you have received Harmony One coin to your wallet or have collected rewards from delegating, you will have to send the coins to an exchange like Binance to convert to Fiat and return to your bank account.
Go to Binance -> Wallets -> Deposit (Crypto) and copy the ONE wallet address.
In the Harmony Wallet, Click Send
Enter the Harmony ONE address copied from Binance and Enter the amount of tokens to send (I am sending my rewards earned from staking)
Approve the transaction
View this in the Harmony ONE explorer if we like.
You can now convert back to fiat in Binance and transfer back to your bank.
Stake with Maffaz ONE