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What is Hedera (HBAR)?

Hedera is a public network that enables individuals and businesses to create powerful decentralized applications (dApps). This network is built using a distributed ledger type, namely Hashgraph.

Using Hashgraph can improve the Hedera network's performance, cost, and stability. For example, the average transaction fee is under US$0.0001, the network confirmation time is under five seconds, and the throughput is 10 thousand TPS (transactions per second). That way, this network can be a way out of the obstacles that are often faced by various blockchain-based platforms.

Hedera also owns a native cryptocurrency, HBAR. The HBAR token serves two essential purposes in the network. First, secure the network with a proof-of-stake consensus mechanism. Second, as a provider that drives Hedera's services, such as smart contracts, file storage, and regular transactions.

This token has a total maximum supply of 50 billion units, of which nearly seven billion or 14 percent of the total tokens have been in circulation as of January 2021.

Who is behind Hedera (HBAR)?

The founders of Hedera (HBAR) are Leemon Baird and Mance Harmon. Before founding and serving as Hedera's Chief Scientist, Leemon Baird was a computer scientist with more than a decade of experience.

Meanwhile, Mance Harmon, who serves as CEO of Hedera, was previously an executive at a leading company, many of whom are in the IT security industry.

What is the purpose of Hedera (HBAR)?

The purpose of creating Hedera (HBAR) is to become a more practical and fair network by reducing the limitations of blockchain-based platforms. In particular, the constraints related to slow performance and network instability.