The Hedera Hashgraph cryptocurrency is an decentralized public network that makes the digital world exactly as it should be. The native cryptocurrency of the Hedera public network is HBAR.
Hedera Hashgraph is a platform that presents itself as a faster and safer alternative to the blockchain.
It avoids energy-intensive mining by using a technology called Directed Acyclic Graph.
What is Hedera Hashgraph(HBAR) Token?
The Hedera token is designed for fast, fair and secure applications to leverage the efficiency of Hashgraph on a decentralized public network that everyone can trust. Unlike DLTs based on blockchain , Hashgraph has a high throughput of tens of thousands of transactions per second.
It can be used in decentralized systems that require high performance and security, such as auctions, online games and micropayments. In fact, Hedera is a decentralized public network where anyone can open a piece of cyberspace to transact, play games and socialize in a safe and reliable environment.
Hashgraph is not a blockchain in the sense that it is built on a chain of blocks. It is better to imagine it as a graph, where the speed of verifying transactions increases as more transactions are added to the network. The name of the technology on which it is based is actually known as DAG, short for Directed Acyclic Graph.
This technology is designed to help Hedera Hashgraph achieve over 100.000 transactions per second, making it a true competitor to Visa and other mass-market payment systems.
The Hedera network currently performs 6,5 million transactions per day with an average transaction time of 5 seconds – easily surpassing Ethereum’s 1,2 million and Bitcoin’s 300.000 transactions combined.
History of Cryptocurrency Hedera Hashgraph(HBAR)
The Hedera Hashgraph coin was developed by Dr. Leemon Baird in 2016, who is the co-founder, CTO and CSO (Chief Science Officer). He holds a Ph.D. in Computer Science and is the author of several junior academic publications. Baird is also founder and CEO of Swirlds , a limited liability company designed to build fully distributed applications that harness the power of the serverless cloud.
The other co-founder of the Hedera Hashgraph cryptocurrency is Mance Harmon, who is currently the CEO, covering operations and management.
Both Baird and Harmon worked together on Trio Security and later BlueWave Security.
What is the meaning behind the Hedera Hashgraph(HBAR) token names
Hashgraph refers to a distributed consensus algorithm and Hedera refers to the distributed ledger that will implement Hashgraph technology. Overall, it’s a distributed reason platform similar to Ethereum , which can run DApps and support smart contracts.
How does the Hedera Hashgraph token work?
A board of 19 multinational corporations from around the world governs the platform and software that will run on millions of us globally. To reach a consensus, rather than mining, we in the Hashgraph “talk” to each other, comparing notes on the network’s transaction history.
As the nodes talk, they select some “famous witnesses”. Each witness is an event or a transaction and they become famous because they are communicated to us at the beginning of the process. The chosen nodes then compare and converse about these famous witnesses in most nodes.
The goal is to reach a point known as “strong vision,” whereby two nodes could confidently predict the decision – or outcome of a vote – by a third node, because they reach the same conclusion at various stages of the process.
In the future, Hedera hopes to make the nodes of the main network unauthorized, allowing more people to participate in the transaction verification process and protect the network from attacks.
Main services of Hedera cryptocurrency?
The Hedera Hashgraph network is made up of four main components or services, which work together to enable value transfers, creation and execution of smart contracts, file transfers and much more. These are:
- Smart Contracts: Used to run logic automatically and build decentralized applications targeting various possible use cases.
- File service: for network file storage
undant and distributed with granular controls such as append and delete.
- Consensus Service: For fast, fair and secure consensus on any application that requires trust
What is the difference between Hedera Hashgraph and blockchain?
The main difference between Hedera Hashgraph and some blockchain based platforms is that it doesn’t require proof of heavy computing work.
The advantages of cryptomeda Hedera Hashgraph
Hedera Hashgraph claims to achieve the highest level of security possible, even when malicious agents are present on the network, through a system called aBFT (Asynchronous Byzantine Fault Tolerance) that is employed by the nodes.
Hedera Hashgraph is faster than Bitcoin or Ethereum blockchains because transactions can be processed in parallel, not serial, and has fast latency – it only takes a few seconds for a transaction to be submitted and committed (100 percent certainty) over the network.
The Hedera Hashgraph platform supports the same object-oriented programming language that Ethereum uses, known as Solidity, which is commonly used for smart contracts. By enabling smart contracts, the platform can be used to build decentralized applications (dapps), which can be used for a variety of use cases, including games, decentralized financial products (DeFi), digital identity and more.
It also benefits from extremely low fees and fast transactions, with transactions reaching absolute purpose in just seconds and transaction fees of less than 1 cent. By comparison, Bitcoin transactions can take more than 10 minutes to commit and have maintained an average transaction fee of over $1 for much of 2020. By early 2021, fees had risen to over $10, coming in at $30 per transaction.
What are the disadvantages of the Hedera Hashgraph token?
Unlike many cryptocurrencies, Hedera Hashgraph is not open source. Instead, the technology is patented, preventing developers from forking the protocol to create their own public versions – similar to how Bitcoin (BTC) was forked into Bitcoin Cash (BCH) and Bitcoin Cash was forked into Bitcoin SV (BSV).
Swirlds, the company behind the platform, argues that the algorithm is patented to prevent loss of network effects, which sees the value of the hashgraph soar with a growing user base. Since forks can split communities and user bases, this can pose a risk for companies that use fork chains – which Hedera has eliminated with his patents.
Furthermore, with just 19 governors, it is questionable whether Hedera Hashgraph offers the decentralized solution that blockchain purists claim. However, as each governor is an industry-leading and highly trusted organization, they are unlikely to do anything that is not in the best interests of a network in which they have a considerable interest in seeing success.
What are the goals of the Hedera Hashgraphs cryptocurrency?
In 2018, Hedera Hashgraph raised $120 million on its symbolic sale. The money will be used to provide cryptocurrency as a service to support micropayments; to develop storage in the form of a distributed file service that applications can use and to enable contracts – including smart contracts – on your platform.
Since launching its mainnet in 2019, Hedera Hashgraph has grown stronger, and its claims of being able to handle over 10.000 transactions per second (tps) have so far proven accurate for standard hbar token transfers. However, the network is currently limited to 10 tps for transactions that invoke a smart contract. This is almost on par with Ethereum and other blockchains capable of smart contracts.
The company behind the platform said the drowning will gradually ease over time. Until then, it’s not clear whether Hedera Hashgraph can be used to handle the massive load that popular dapps on other networks have seen, which sometimes hurt networks like Ethereum and EOS .
However, Hedera’s achievements took a while to be reflected in their symbolic price. Hbar launched with a price tag of $0,36, but quickly dropped to $0,03, less than a tenth of its original value, where it has mostly remained throughout 2019 and 2020. That changed in 2021 , however, as the price skyrocketed to a new high of $0,42 – in line with the overall market rally.
How to Buy Hedera Coin (HBAR)
Buying Hedera (HBAR) cryptocurrency is a simple and straightforward process. One of the most popular platforms for this is Binance.
Step by step guide to purchasing:
- Create an account:
- Go to the Binance website and click “Register”.
- Fill in the requested personal data and follow the identity verification.
- Deposit funds:
- After creating your account, make a deposit in reais (BRL) or another cryptocurrency.
- Use the transfer option available on the platform.
- Find HBAR:
- Navigate to the markets section and search for HBAR.
- Binance offers several trading pairs, for example, HBAR/BRL or HBAR/BTC.
- Make the purchase:
- Select the desired pair.
- Enter the amount of HBAR you wish to purchase and confirm the transaction.
- Store HBAR:
- After purchasing, transfer your HBAR to a secure wallet if you do not plan to trade frequently.
- Binance also offers an internal wallet, but it may be better to store in an external wallet for added security.
Final tips:
- Always check transaction fees before finalizing your purchase.
- Keep an eye on the real-time HBAR price to take advantage of better buying opportunities.
By following these steps, purchasing Hedera (HBAR) will be a smooth and efficient experience.
