Your step-by-step guide to buying and selling Horizon State (HST) in Australia.
Horizon State is a token-based blockchain voting and decision-making platform designed to provide efficient vote casting and decision-making processes. The secure digital ballot box uses blockchain technology to ensure that data is distributed and tamper-proof, and allows voting from mobiles and PCs.
The platform operates through the use of Decision Tokens (HST), which provide the “gas” for voting within the Horizon State ecosystem. If you’d like to buy HST, read on to find out how these tokens work and how you can purchase them.
Where to buy HST
You can buy and trade HST on a variety of cryptocurrency exchanges, such as:
How to buy HST: A step-by-step guide
If you want to buy HST in Australia, here’s an example of how to do it:
Step 1. Create an account at CoinSpot
CoinSpot is an Australian cryptocurrency exchange that allows you to buy HST directly with Australian dollars (AUD). The first step you’ll need to complete is to sign up for an account, which is free to do and simply requires you to provide your email address and create a password.
However, before you can deposit AUD into your account, your account will need to be verified. This can be carried out by providing your name, address, contact details and proof of ID.
Depending on how busy the exchange you choose is at the time, verification could take anywhere from a few hours to a few weeks.
Finally, make sure you turn on two-factor authentication (2FA) to provide extra security for your account.
Step 2. Deposit funds into your account
When you log into your account you’ll be taken to the dashboard screen. Click the “Deposit AUD” button and then enter the AUD amount you wish to transfer.
Step 3. Buy HST
Once the funds have cleared, click on the “Buy/Sell” link at the top of the dashboard page. Search for “HST” and click on the “Buy HST” button.
After reviewing the current price of HST, specify either the amount of AUD you want to spend or the amount of HST you want to buy. Once you click “Buy” you’ll be shown the amount of HST you’re buying, the token price and the total cost of the transaction. If you’re happy to proceed with the transaction, click “Confirm Buy”.
NB: Most cryptocurrency exchanges currently don’t offer the functionality for you to exchange fiat currency (ie AUD) for HST. If this is the case with your chosen exchange, you’ll need to own or purchase another cryptocurrency that’s available in an HST pairing, for example bitcoin (BTC) or Ethereum (ETH), and then exchange that currency for HST.
How to sell HST
On the flipside, if you’re looking to sell HST then you’ll generally need to follow similar steps to those outlined above. The key difference, of course, is that you’ll need to click on “Sell HST” and review current sell prices before completing your transaction. Other than that, the process is more or less the same.
HST is an ERC20 token based on the Ethereum blockchain. As a result, it can be stored in any Ethereum-compatible wallet that supports these types of tokens, including:
How Horizon State works
Based in Melbourne, Horizon State is an Australian start-up with the lofty vision of “redesigning democracy for the 21st century”. Looking beyond the marketing tagline, Horizon State offers a secure digital ballot box that it says can’t be hacked, protecting the identity of each voter.
How does it work? Horizon State takes advantage of the unforgeable attributes of distributed ledger technology to create a blockchain-based voting platform. This provides protection for voter identities and protects against outside interference, while also allowing voting transparency.
Horizon State also aims to make voting more convenient and affordable. By facilitating immediate digital votes through mobiles and PCs, the technology could potentially overcome many of the geographical constraints facing the voting process. The company also claims that its system allows for more cost-efficient voting, reducing the cost to taxpayers from between $7 and $25 per vote for traditional methods of voting to less than $0.50 per vote.
Horizon State’s initial coin offering (ICO) was held in October 2017 and raised $1.4 million.
What to consider when buying HST
Regardless of which cryptocurrency you’re thinking of purchasing, it’s essential to thoroughly research its background, stated goals and potential for growth before buying. Cryptocurrencies are complicated and speculative, so make sure you fully understand all the risks first.
If you’re thinking of buying HST, consider the following factors:
- Token use. HST Decision Tokens are the “gas” used to run the voting and decision processes within the Horizon State ecosystem. The aim is for everyone from governments and large corporations to unions and non-profit organisations to utilise these tokens for polling and voting processes, driving up their value.
- Real-world use. Consider the potential real-world applications for Horizon State technology when determining the value of the token. For example, Horizon State has already partnered with not-for-profit democratic platform MiVote in a move that secured a partnership with the United Nations, and has also announced a partnership with software corporation SAP.
- Potential. The value of the HST token will depend on the demand for Horizon State’s technology. The more organisations using the ecosystem, the greater the potential for growth in value.
- Future developments. Check out the Horizon State Roadmap, available on the company’s website, for details of its timeline for future technological developments and releases. You can also sign up to the Horizon State mailing list to receive regular updates.