Harmony One Browser Extension Wallet — Buy, Stake & Claim Rewards Guide
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.
Staking with Harmony ONE Validators
Now we will Stake our Harmony One coins and earn rewards at an average rate of 10-12% APR.
Head on over to staking.harmony.one
Before you delegate, you will have to sign in using the Harmony Wallet.
Success, we are logged in and taken to the Validators page.
You will see a list of ELECTED validators and their corresponding fees.
It is encouraged to delegate coins to many validators. This is is crucial for the decentralisation and security of the Harmony Protocol.
Click ALL to delegate and support new validators — You only receive rewards if the validator is elected but it is encouraged, if you have enough ONE, to stake 10–20% to new validators.
Fees are a % of the rewards you receive so if you earn 100 ONE and the fee is 5% — You receive 95 ONE and the Validator receives 5%.
Follow the instructions below for each validator you wish to delegeate coins to.
You can undelegate and change validator at any time but if you wish to undelegate back to your wallet, you must wait 7 Epochs (~5 Days) for them to be disconnected from the chain.
Select a validator from the list and click Delegate to stake your ONE
Enter the amount to delegate — Don’t forget to have 0.000025 ONE extra — you need to pay the the Fee as well.
In this instance, I wish to delegate 1000 ONE (min amount) and the fee will be 0.000025 ONE
Total = 1000.000025 ONE — Cheap!
Click Confirm and sign to open the Wallet and sign for the transaction.
Enter Password to confirm payment.
Wait 2 seconds for the transaction to complete.
And it is done!
Go back to your Portfolio to see your stats
If you wish to claim rewards, click the Claim Rewards button and enter your Password to claim the ONE
Success — We have claimed our ONE and they are now available for immediate use.
Convert back to Fiat ← Or save up 1000 ONE and compound them?
Auto Compounding of rewards is not a feature of delegation because Harmony gives YOU the freedom to decide.
If you decide that you wish to delegate rewards back to a validator then 1000 ONE is required as a minimum stake.
Wait until 1000+ ONE is available in rewards before claiming and then repeat the steps above to delegate the gained rewards back to the validator.
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
Transaction Succeeded!
View this in the Harmony ONE explorer if we like.
LINKS
Harmony One Wallet Chrome Extension
Stake with Maffaz ONE
