Harmony Offers to Issue Billions of ONE Coins to Compensate Hacking Victims
The Harmony team proposed to conduct a hard fork and release billions of new Harmony (ONE) coins. This proposal is part of a plan to compensate the victims of the bridge break-in that happened last month.
Harmony is a PoS-blockchain, which is a faster and cheaper alternative to Ethereum. ONE is used as an asset to pay fees for network transactions. In June, a hacker stole $100 million worth of crypto assets locked in the Horizon Bridge and since then the victims have been demanding compensation.
The team invited the community to fork the Harmony network and issue an additional coin offering to launch the compensation payment process:
"This proposal will require a hard fork of the Harmony blockchain, as the supply of ONE coins will be increased"
Community members got two opportunities to decide how many coins to issue.
The first option is to issue 2.48 billion rubles (worth about $50 million) to compensate for 50% of the losses to the victims of hacking. The second option is to issue 4.97 billion rubles (worth $99 million), sufficient for full compensation.
The team does not want to spend the funds in reserve on compensation for hacking, stating that these assets should be used for the development of the ecosystem. However, the community is very unhappy with this proposal due to the inflationary impact of issuing new coins.
"Don't issue new coins. This will hit those who keep ONE in stacking. Have you not heard about inflation? With an increase in supply, the rate goes in the opposite direction," said one of the community members
Currently, the total supply of ONE is 13.1 billion coins. If the proposal is approved, over the next three years, the team will increase the volume of ONE by 19-38%, and affected wallets will receive their coins every month for a three-year period.
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