Hedera is a decentralized network built on a different type of ledger known as a Hashgraph.
What is Hedera?
- Hedera is a decentralized network built upon a completely different type of distributed ledger, known as a Hashgraph.
- The network allows individuals and businesses to create powerful decentralized applications (DApps).
- HBAR’s use of a Hashgraph allows it to significantly improve the speed, cost and scalability of its network. As an example, transactions have an average fee of under $0.0001USD, network confirmation times of under five seconds, and throughput for 10,000 transactions per second.
- There are two primary uses of the HBAR asset within the Hedera public network: firstly, HBAR is used to power Hedera services such as conventional transactions, smart contracts, or to store files. Secondly, HBAR is used to secure the network through its consensus mechanism.
|Token Type/Protocol||Hedera hashgraph|
|Current Circulating Supply||See Coinmarketcap|
|Market Capitalisation||See Coinmarketcap|
|Token Creation Date||September 2019|
|Can it be mined?||No|
Who is behind Hedera?
Hedera was founded by Dr. Leemon Baird, Hedera’s chief scientist and Mance Harmon, Hedera’s CEO and an experienced technology executive and entrepreneur.
Like Dr. Leemon Baird, Mance Harmon also holds a second position at Swirlds Inc., as its co-founder and CEO.
What is the purpose of Hedera?
Hedera Hashgraph is designed to be a fairer, more efficient system that alleviates the limitations of older blockchain platforms – particularly slow performance and instability.
- HBAR uses a novel variation of proof-of-stake (PoS) where HBAR users can stake their resources to protect the network. Currently, Hedera nodes are managed by Hedera and governing council members, but there are plans to switch to a permissionless system in the future.
- HBAR’s speed and security allow applications and services that use a public ledger greater transparency and trust. This opens up new frontiers, such as a media consumption service paying artists directly, or an ad network without intermediaries.
- Hedera is the only public ledger that uses hashgraph consensus, a faster, more secure alternative to blockchain consensus mechanisms. Hashgraph works efficiently to verify transactions while ensuring the highest standard of security to prevent malicious attacks.
- With the use of smart contracts which is similar to Ethereum, the Hedera network still has a limitation over its ability to handle ten transactions/second for transactions.
- Hedera Hashgraph’s system currently does not have an active node reward system which means there is no immediate incentive for good performing nodes.
News and Updates
- DBS, Singapore’s oldest bank, joined the Hedera governing blockchain council alongside 39 other leading technology, corporate and nonprofit leaders such as Google, IBM, Deutsche Telekom, Boeing, Dentons, and LG Electronics on October 27 2021.
- USDC stablecoin has been issued on the Hedera Hashgraph blockchain network by Circle as the coin’s support expansion resulting in USDC to be the first stablecoin available on Hedera.
- Hedera announced the launch of a special fund worth over $4.5 billion, which was 20% of the total token supply to strengthen the development of its ecosystem including expanding the network across products like DeFi, NFTs, CBDCs, and iGaming.
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