Harmony Protocol Publishes Its Horizen Reimbursement Proposal

Twitter icon  •  Published 2 weeks ago  •  Hassan Maishera

Harmony Protocol published a proposal on Wednesday that seeks to reimburse the victims of the Horizen attack.

Harmony Protocol published a proposal on Wednesday that seeks to reimburse the victims of the Horizen attack. The team is seeking the community’s feedback regarding the proposal. 

According to the team, $99,340,030.00 worth of digital assets were lost across approximately 65,000 wallets and 14 different asset types. According to the Harmony Protocol, reimbursement will be in the form of ONE tokens and span a three-year period.

Furthermore, the proposal will require a hard fork of the Harmony blockchain as it will increase the supply of ONE tokens. Impacted wallets will have to claim their tokens across the three-year period. Distributions will be made on a monthly basis, and claims can be done at any time that tokens are available for the impacted wallets, the team added. 

Harmony is a fast and secure blockchain for decentralized applications. Harmony's main focus is on achieving scalability by dividing not only the network nodes but also the blockchain states into shards, "scaling linearly in all three aspects of machines, transactions and storage."

ONE, Harmony Protocol’s native token, is down by more than 4% in the past 24 hours and currently trades at $0.01951.

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.

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