I have been making small investments in a variety of crypto since February 2021. And, one of the crypto tokens that I have always kept since I started is $ONE (Harmony). However, since I was a complete noob when I started, I have only staked my Harmony $ONE on Binance. I was not confident enough yet to use other apps outside the exchange that I am using.
But after some time, I have decided to give it a try and I installed the Harmony One Wallet on my Chrome browser.
By the way, before we continue, I just want to remind you guys that this is not financial advice. I’m just sharing on my blog my journey on crypto investing and trading. Always Do Your Own Research before making any financial decisions and take all information that you see online with a grain of salt (including this blog).
Keep in mind that crypto is a highly volatile market and you could easily lose your hard-earned money if you’re not careful.
Anyway, going back to the topic…
Important Update:
Harmony announced that they will be sunsetting their browser extension wallet and will be using Metamask for the meantime until the launch of 1Wallet. I will update this post once 1Wallet details become available.
1/ As @Harmonyprotocol works relentlessly to bring more features to the 1Wallet, we have decided to sunset the Harmony Wallet Chrome extension with an end-of-life date of April 15th.
More about the update 👇https://t.co/EkSxSPeF3v
— Harmony 💙 (@harmonyprotocol) February 28, 2022
Advantages of Using Harmony One Browser Wallet
There are various reasons why people use the native wallet instead of keeping their crypto in exchanges and some of these reasons include:
Not Your Keys, Not Your Coins
You probably have seen this phrase in various social media posts from crypto traders and investors alike. A lot of people feel that it’s safer to keep their crypto on a hardware wallet or on other non-custodial wallets especially if you have a lot of crypto.
One of the reasons why I was ok with keeping my crypto on an exchange (in my case – Binance) is because, to be honest, I only have a small holding.
But regardless of the amount of crypto that you have, if you think that you won’t be comfortable losing it, then I suggest that you consider storing those in a hardware wallet such as Ledger.
Higher Staking Rewards
My main reason for transferring my Harmony $ONE from Binance to the native wallet is because of higher staking rewards.
If you’re not familiar yet with staking, it’s like putting your assets in a Time Deposit account where it earns interest on a daily basis.
I did not transfer all tokens though out of Binance. I’ve kept some on the exchange and transferred some on Harmony One Wallet.
Ease of Interaction with Apps on the Ecosystem
Interacting with various apps in the Harmony ecosystem can be done easily through their browser-extension wallet. This is basically the same for a lot of crypto ecosystems in my observation just like Keplr Wallet for Cosmos.
It might change in the future though because I think it’s kind of inconvenient to use multiple wallets. Probably there would be one wallet in the future that can interact with any apps regardless of the ecosystem once the interoperability has been ironed out.
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How to Install Harmony One Wallet on Chrome
If you’re thinking of installing Harmony One Wallet on Chrome, the first thing that you have to do is to download it. You can get the link by going to the Staking Dashboard of the Harmony One website – https://staking.harmony.one/welcome and then click on “Create a New Address.”
Afterward, it will give you more options, and just click on ‘One Wallet.’ Please bear in mind that I don’t have a Ledger hardware wallet (yet). And, if you’re thinking of connecting your Ledger hardware wallet to the Harmony One browser-extension wallet, then the process might be a bit different.
Once you click on ‘One Wallet’ it will open the Chrome Store containing the download link. Just click on ‘Add to Chrome.’
And a pop-up will appear and just click on ‘Add Extension.’
It will start downloading afterward, and then a symbol of Harmony will appear on the right side of your address bar once the download is complete.
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How to Create an Account on Harmony One Wallet
As I have mentioned earlier, once the download is complete, a symbol of the Harmony One will appear on the right-hand side of Chrome’s address bar. Click on it and the account creation steps will appear.
The first thing that you will have to do is to type your desired account name and then click on ‘Create.’
The next step is to assign a password and copy your seed phrase. As I mentioned in a previous related article, always keep your seed phrase to yourself and it would be best if you write it down in a notebook.
Anyone that has access to it will have access to your wallet so keep it safe at all times.
Check ‘I Understand…’ and then click on ‘Next’ and then it will prompt you to click/enter the seed phrase in order. This is to ensure that you have copied the correct phrases.
Afterward, you will be prompted to create a four-digit pin and confirm it by re-entering it.
After re-entering the pin, a pop-up will appear saying that you have successfully created your account.
Just click on ‘Ok’ and that’s it. You have successfully installed and created an account on your Harmony One browser-extension wallet. Ain’t it easy!
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Final Thoughts
Now that you and I have created an account on Harmony One, you can now transfer $ONE token to your Harmony One Wallet (from your preferred exchange) to start interacting on various apps in the Harmony One Ecosystem.
I’m quite excited to learn more about the Harmony ecosystem and I’ll be writing about my experiences once I’ve tried some of these apps and I will link it here.
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