Hedera – HBAR
Hedera is a decentralised alternative to blockchains that proclaims to be “The Trust Layer of the Internet”.
Let’s find out how.
This is a Project Review on HBAR.
Hedera is a decentralised distributed ledger and Proof-of-Stake network that was founded by Leemon Baird in 2017. Later, in 2018 Hedera Hashgraph managed to raise a whopping $120 million in its initial token sale which was dedicated specifically to providing cryptocurrency as a service to support micropayments.
In 2019, the launch of the Hedera mainnet went live with the mission to create the most energy-efficient and secure network, without using the power of the blockchain.
The network is built from scratch and completely unique as it uses its very own consensus mechanism called Hedera Hashgraph. Blockchains like Bitcoin, Ethereum, BNBChain use the Proof-of-Work/Proof-of-State consensus mechanisms.
As mentioned above, Hedera does NOT use blockchain technology whatsoever and instead uses a technology called Directed Acyclic Graph, also known as a DAG.
Well, what is a DAG and how does it work?
A DAG can be very confusing to understand, so I will break it down in the simplest way possible.
It is simply a data structure, different to blockchain technology but is another form of Distributed Ledger Technology (DLT). There are no blocks in a DAG structure, instead, a DAG is a network of individual transactions linked to multiple other transactions and for new transactions to be added, they must be placed on top of the older ones.
In some ways, a DAG is far more superior to blockchain technology as it is more efficient at processing transactions and storing data. There are now many protocols starting to utilise the power of DAG technology.
Hedera’s Hashgraph is capable of achieving the same or even better results than major blockchains. Not only that, earlier this year Hedera announced that their mainnet will become EVM compatible.
The upgrade to integrate Ethereum Virtual Machine (EVM) is a huge move for Hedera and will definitely see an increase in users and developers choosing to build on their network.
EVM compatibility allows existing solidity code to be ported from other blockchains and will optimise it for the Hashgraph technology.
Here are a few reasons:
It is clear that even though the Hedera public ledger network is proven successful, they still want the network to have full access to the largest EVM-compatible blockchains and protocols.
It may surprise you to know that the Hedera network is run and fully governed by some of the largest corporations in the world, such as Google, LG, Ubisoft Boeing and many others!
The 39 corporations/organisations that own and govern the network own nodes that run and facilitate the network. For example, LG’s nodes have processed over 1.5M transactions!
The Hedera governance council runs the network in a completely decentralised manner, with nodes set up all around the world, and are all dedicated to innovating and securing Hedera’s future.
Similar to other decentralised governance blockchains or protocols, Hedera will raise proposals that would improve the network and each member of the governing council will vote and give their input.
Hedera is made up of five sections that communicate with each other to allow transfers of value, creation/bridging of smart contracts, data transfers and much more!
Hedera is capable of facilitating over 10,000 transactions per second, which is incredible. Let’s compare Visa which is capable of processing 1,700 TPS or #Bitcoin which can handle just over 3TPS…
Users can expect ultra-cheap transaction costs, roughly costing $0.0001 worth of the Hedera native token, $HBAR. The transactions will also be processed in 3-5 seconds, whereas Ethereum transactions will cost roughly $20 and take 5x longer to process!
The ecosystem is vast and forever growing. There are currently over 137 deployed applications and over 110 different cryptocurrencies! Here are some that we know of or have caught our attention:
Check out the full ecosystem, here – https://hedera.com/ecosystem
You can currently buy/trade the $HBAR token on these Centralised Exchanges (CEX):
ByBit – We have a current promotion which gives you 0 Fees on Spot Trading and could grant you up to $30,030 in Deposit Bonuses! – https://partner.bybit.com/b/ACGYoutube
Binance – The number 1 CEX in the world – https://accounts.binance.com/en/register?ref=11206113
Coinbase – Spend $100 and Get $10 back! – https://coinbase.com/join/oedwvf?src=ios-link
To simply get started on your Hedera journey and join a constantly evolving ecosystem, you will first need to obtain $HBAR tokens from one of the Centralised Exchanges (CEX) listed above.
Next, you will need to set up a wallet compatible with the network. You can check the full list by visiting this link – https://hedera.com/ecosystem/wallets-custody
Once you have your $HBAR tokens in your CEX and you have a decentralised wallet set up, then you must send your $HBAR tokens from the CEX to your Hedera wallet.
After you have your $HBAR tokens in your DeFi wallet, you are then ready to explore and interact with any application on the network!
In conclusion, Hedera is clearly designed to be globally adopted as it proves to be able to facilitate inferior amounts of transactions per second with such low costs and has the backing of many industry leaders.
The network processes over 920K transactions per day with over 1.36 million users already connected to the network and to be honest, with the backing it has, Hedera has serious potential of attracting millions of new users to Crypto!
At the time of writing, the $HBAR token is hovering at a price of $0.03718 with an incredible market cap of $937M, which ranks $HBAR as the 39th largest cryptocurrency by market cap. Hedera has seen an ATH of $0.57 and reached a market cap of $6.8B.
Hedera has the ability to be a Top 10 token and the next bull run could send $HBAR up the ladder, very quickly…
Twitter – @Hedera
Website – hedera.com
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