Hedera Hashgraph (HBAR)
About Hedera Hashgraph
What is Hedera Hashgraph?
Hedera Hashgraph is a public ledger and cryptocurrency payment solution that presents itself as a faster, more secure alternative to blockchain technology. It claims to scale up to speeds of up to 100,000 transactions per second, which would rival Visa. HBAR tokens are the platform’s currency, allowing fast, secure and customisable transactions via Hedera.
The platform requires minimal computational power to keep it secure because its distributed ledger technology (DLT) is more efficient than a traditional decentralised ledger, which could be crucial to its adoption.
The project was created by Dr Leemon Baird and launched in 2016 by a company called Swirlds that he co-founded, and it now has a patent on the Hashgraph technology to prevent other developers from creating fork-offs.
How does Hedera Hashgraph work?
Hedera Hashgraph runs on a distributed ledger like a blockchain, but it is fundamentally different. Whereas most blockchains, like Bitcoin, use miners to validate transactions, Hedera Hashgraph doesn’t. Instead, it uses something called directed acyclic graphs, so transactions don’t need to be put into traditional blocks.
HBAR tokens are used to pay for all the fees on the platform, such as the computational power required to run a smart contract and store files or transfer some cryptocurrency. It is just like the way gas works on Ethereum and Neo.
How is the Hedera Hashgraph network secured?
Each node (computer connected to Hedera Hashgraph) validates transactions on the public ledger with a signature and then ‘gossips’ to each other about it. This system is similar to the one used by both IOTA and Tron. Once a consensus is reached, this cannot be compromised, and transactions are executed. Anyone can run a node and be rewarded.
What is Hedera Hashgraph used for?
Hedera Hashgraph utilises a unique consensus algorithm called “Hashgraph” to provide faster and more secure alternatives to traditional blockchain technology. The platform aims to be a decentralised solution for various use cases such as digital currency transactions, supply chain management, smart contracts, and decentralised applications (dApps).
It uses its own cryptocurrency, the HBAR token, for fast, secure and customisable transactions. It also allows for the creation of smart contracts and dApps using a programming language called Solidity, similar to Ethereum.
Why does HBAR have value?
HBAR has value because it is used as a medium of exchange for various transactions on the network, such as sending and receiving payments, creating and executing smart contracts, and participating in decentralised applications (dApps).
The Hedera Hashgraph network utilises a consensus mechanism that requires nodes to hold and stake HBAR to participate in the consensus process and validate transactions. This creates a demand for the token as it is necessary for the functioning of the network.
Who created Hedera Hashgraph?
Hedera Hashgraph was founded by Dr Leemon Baird and Mance Harmon. Leemon Baird is the creator of the Hashgraph consensus algorithm and serves as its Chief Scientist. Harmon is the CEO of Hedera, a technology executive and entrepreneur with over 20 years of experience. The Hedera leadership team is also composed of accomplished individuals.
Where can I buy Hedera Hashgraph?
You can deposit money into a broker or exchange account by bank transfer or card payment. However, if you prefer to use a different payment method, like PayPal, then your options may be more limited.
Are there any other ways to invest in Hedera Hashgraph?
The simplest way to invest in Hedera Hashgraph is to buy it outright. However, another option is to simply open a crypto account. Crypto accounts are like regular bank accounts and allow you to store a variety of currencies, send and receive payments, earn interest on savings, and spend freely with a credit card.
You can also invest in crypto more generally through a crypto ETF or a crypto fund. These are financial instruments that give you exposure to a group of leading cryptocurrencies, more suited to high net worth individuals.
More about the HBAR price
What is the Hedera Hashgraph price today?
The HBAR price is currently $0.06868, as of 23 January, 2023. The price of Hedera Hashgraph is up 85% in 2023. You can use the live Hedera Hashgraph chart to track the HBAR/USD price in real time above, or compare the Hedera Hashgraph value today to its past performance using the Hedera Hashgraph price history tab at the top of this page.
What is the price prediction for Hedera Hashgraph?
The average Hedera Hashgraph price prediction values the coin at $0.10 by the end of 2023. Things like the economic climate, establishment support and acceptance, and the crypto market as a whole can all have an impact on the price.
It’s best to take predictions with a grain of salt but you can use expert estimates to help you understand the weight of opinion about a coin.
What is the total supply of HBAR?
The circulating supply is 25,321,887,297 HBAR, out of a total maximum supply of 50,000,000,000 HBAR.
Are there any Hedera Hashgraph alternatives?
There are several crypto projects that offer something similar to Hedera with some being more established than others. Here’s a brief selection of a few Hedera Hashgraph alternatives for you to consider.
- Binance coin. Binance coin (BNB) is the native token of the Binance exchange.
- Bitcoin. Bitcoin is the original crypto and the largest in the world.
- Ethereum. Ethereum is the second largest crypto and a smart contract blockchain.
More crypto guides
Yes, Hedera Hashgraph is considered a safe and secure platform because it utilises a unique consensus algorithm called “Hashgraph”, which is resistant to Sybil attacks and other types of malicious activities on the network.
Hedera Hashgraph is considered a secure platform, and as of yet, it has not reported any hacks. However, it’s worth noting that the crypto industry as a whole has seen several high-profile hacks in the past.
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