Hedera

What is Hedera (HBAR)?

KHBAR is the native token of Hedera, a decentralized public network developed on top of Hashgraph. This allows users create decentralized applications (dApps).

Be sure to check the Hedera price chart above if you want to see the current price of HBAR.

Hedera is an improved alternative to legacy blockchains. It solves the problems faced by older blockchains as it is built to be a fairer and more efficient system, eliminating the problems of poor performance and instability.

Additionally, Hedera, unlike most other crypto platforms, not based on traditional blockchain. Instead he enters Hashgraphwhich is a completely new species distributed ledger technology (DTL) developed by the Hedera team.

Hashgraph provides the Hedera network with several benefits, including faster transaction speeds, lower fees, and scalability. Transactions on this network typically take up to 5 seconds and have an average cost of $0.0001.

In total Hedera is capable of processing more than 10,000 transactions per second (TPS). The network is capable of this because it executes transactions in parallel rather than linearly.

In addition to allowing developers to create dApps using smart contract tools, Hedera also offers some other useful features. This includes a token service, a consensus service, and decentralized file storage.

Talking about token serviceits users can quickly set up and issue fungible or non-fungible tokens (NFTs) on Hedera, even if they have no coding experience. Consensus serviceOn the other hand, it is a level of trust for any network or dApp that requires secure and independent recording of events.

Finally, decentralized file storage service allows users to store different types of data. The service has features such as deletion confirmation, limited modification ability, and time-based file expiration. Additionally, the Mirror Node software developed by the Hedera team makes storing public ledger data resource-efficient and cost-effective.

Founders of Hedera

The Hedera crypto project was developed Dr. Lemon Baird and Mance Harmon.

Dr. Lemon Baird is Hedera’s chief scientist. He developed the hashgraph distributed consensus algorithm. Prior to founding Hedera, Dr. Braid was a senior scientist at the Academic Center for Cyberspace Research.

Mance Harmon is the CEO of Hedera. Has extensive experience in the field of IT security. For example, before founding Hedera, Harmon worked on a missile defense software project for the US government.

Additionally, in 2015, Dr. Lemon Baird and Mance Harmon founded a company called Swirls. Essentially, it allows developers to create private blockchains for large corporations. The company contributed greatly to the creation of Hedera.

Although Swirlds is just one of 39 prominent companies, including banks, healthcare providers, law firms and others, that have contributed to Hedera’s development. Each of these companies contributed equally to the project. However, each company only owns 2.6% of Hedera.

Hashgraph Consensus Mechanism

The Hedera cryptocurrency project uses a unique Hashgraph Consensus Mechanism which is a type Proof of Stake algorithm. Essentially, HBAR owners can put their assets on the line to protect the network.

A rotating board of up to 39 diverse organizations. serves as the governing body for the Hashgraph consensus algorithm. The responsibilities of organizations include:

• Hedera codebase management
• Voting in decision-making processes
• Launching initial nodes of the Hedera network

Hedera’s security configuration ensures that it reaches asynchronous byzantine fault tolerance (ABFT). ABFT is the property Byzantine fault tolerance consensus algorithms. Using ABFT, trusted network nodes can ensure that they agree on the timing and order of executing a set of transactions in a fair and secure manner.

Additionally, based on the Hashgraph consensus mechanism, Hedera uses proprietary code base. This allows developers to build license-free dApps on top of the network. As a result, Hedera is open to the public and protected by patent. The patent prohibits other developers from using the same code to create competing dApps.

Purpose of HBAR coins

HBAR coins have two main purposes – they govern the network and protect it.

Regarding network management, main source of energy for Hedera services these are HBAR tokens. HBARs are used by developers to pay for network services such as token transfer, management of fungible and non-fungible tokens, and data logging. In addition, HBAR tokens are used to pay network nodes for storage, computation, and bandwidth for each transaction sent to the network.

Secondly, HBAR tokens serve to strengthen network security. HBAR holders can stake their tokens to maintain the reliability of the platform and protect the network from DDoS attacks or other malicious attacks.

In addition, HBAR placed a bet to weigh votes on transactions when reaching consensus. It is difficult and expensive for an attacker to deliberately influence consensus when using weighted voting using HBAR coins. They will have to own and stake more than a third of all HBAR supply on the network.

Be sure to take a look at the Hedera price chart where you can find current and previous HBAR prices.

Tokenomics of HBAR coins

The maximum supply of HBAR coins is 50 billion. Since its supply is limited, HBAR coins are deflationary. However, not all of the stock is actually in circulation. Hedera regularly publishes reports indicating when the next wave of HBAR tokens will become available.

Hedera’s pre-issued Treasuries receive the majority (32.4%) of HBAR’s supply. A similar percentage (24%) is dedicated to network growth. The remaining balance is divided between the purchase and sale agreements, the founders and senior managers, employees and service providers, and Swirlds.

In 2018 initial coin offering (ICO) HBAR tokens. During the ICO, the price of HBAR was $0.12. However, the cryptocurrency market is known for its volatility, so it tends to influence the prices of almost all crypto assets, including the price of Hedera.