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Cryptocurrency

Binance Announces Another IEO Less than a Week After It Was Hacked. Are Investors Confident?

Binance has announced through a tweet the next project to conduct an Initial Exchange Offering IEO on its Launchpad, Harmony Protocol. As typical of Binance gracing the ever-prowling media, it was recently in the news for a cyber attack which it reported over 7000 bitcoin stolen worth $40m.

https://twitter.com/binance/status/1127234485416685568

The project named Harmony Protocol which Binance via the tweet described as “innovative high-throughput, low latency, and low-fee consensus platform”.

According to its website, Harmony boasts of a consensus protocol that uses design principles such as sharding and pipelining to parallelize transactions processing. Harmony project believes it allows for effective handling of connection latency and throughput to scale with the size of the network.

Harmony Protocol went further to state that various types of decentralized applications and marketplaces, that need high throughput and decentralization which can be built upon it. And this ranges from Games, to Decentralized Exchanges (DEX), to powering AI Data Marketplaces.

As flamboyantly displayed on the Harmony Protocol website, it describes how its system in which it is developing ranks high.

“….. a lean, mission specific kernel to run our protocol with increased CPU performance and security. This will also allow a broader set of devices to participate in consensus for a more decentralized network”.

Though the clarity of the method the hackers used in penetrating the exchange is still yet to be disclosed, Binance announced Phishing, Viruses, etc as devices employed to stage the heist.

Although much data on the IEO is yet to be released, Binance announced that details will be published on the 15th of May, 2019.

This comes alongside the Lottery Schedule which it has adopted to help as many investors as possible to participate in its IEO following the outcry of investors after the third IEO on its Launchpad of their inability to participate.

CryptoTwitter is already expressing positive to the news of this IEO as IEO has come to be the salvation of investors after the disappointing end to the ICO Era.

In spite of The Hack, and subsequent backlash over the idea of the Bitcoin Blockchain reorganization, Binance through CZ, as it appears has cemented its’ place as industry giant that cannot be ignored.

More details of the IEO will follow in due course.

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