Hedera (HBAR)

Hedera

What is the cryptocurrency Hedera? | Wikipedia-style Summary

Hedera: Hello future

Stablecoin Studio for

An open-source, all-in-one SDK that makes it easy to build stablecoin applications using Hedera network services. It is open-sourced under an apache 2.0 license by Hedera, Swirlds Labs, The HBAR Foundation, and IOBuilders.

A responsibly governed decentralized network

Hedera is an open-source, public network governed by leading organizations around the world. Its governing body, known as the Hedera Governing Council, is fully decentralized and transparent, consisting of independent global organizations including enterprises, web3 projects, and prestigious universities.

The Hedera codebase and ecosystem standards are open source and contributed by the community through Hedera Improvement Proposals (HIPs). The community consists of Hedera application and ecosystem developers, node operators, and peripheral organizations.

What is Hedera?

Hedera is a decentralized, open-source, proof-of-stake public ledger that utilizes the leaderless, asynchronous Byzantine Fault Tolerance (aBFT) hashgraph consensus algorithm. It is governed by a collusion-resistant, decentralized council of leading enterprises, universities, and web3 projects from around the world.

Hedera's performance-optimized Ethereum Virtual Machine (EVM) smart contracts, along with its easy-to-use native tokenization and consensus service APIs, enable developers to create real-time web3 applications and ecosystems that will drive the future of the internet.

Hedera is built differently from other blockchains. It has high throughput with fast finality, low, predictable fees, fair transaction ordering with consensus timestamps, and a robust codebase that ensures scalability and reliability at every layer of its network infrastructure. Hedera is governed responsibly by the world's leading organizations to ensure that the network is collusion-resistant.

Hashgraph

Hashgraph is a distributed ledger technology that has been described as an alternative to blockchains. It was created by Leemon Baird in July 2017.

HBAR

HBAR is the native, energy-efficient cryptocurrency of the public Hedera network. Hbars are used to pay application transaction fees and protect the network.

What is Hedera Hashgraph (HBAR) and how does it work?

Hedera Hashgraph is a decentralized distributed network that is structurally quite different from the Bitcoin and Ethereum blockchains, but which performs equivalent functions. It is based on security and validation algorithms that are more efficient than those used on blockchain networks.

Hedera Hashgraph implements its distributed open ledger on hashgraph technology instead of blockchains. Hashgraph technology has several important benefits compared with blockchains, such as no mining, faster speed, greater decentralization, reduced costs, and improved scalability to meet real-world demands.

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Where can you buy the cryptocurrency Hedera?

Binance

Binance is a centralized exchange where you can buy several cryptocurrencies including Hedera. Creating a free account on the Binance website or app would allow you to purchase Hedera and other cryptocurrencies with low fees and high security.

Coinbase

Coinbase allows you to buy Hedera (HBAR) by searching and selecting it on their website or mobile app. Simply click the Buy panel on Coinbase.com or search for Hedera in the app. Coinbase offers an easy way to purchase Hedera.

eToro USA LLC

eToro USA LLC offers cryptocurrency trading services, including the option to trade Hedera (HBAR) along with 79 other cryptos. They provide instant buy options with USD and advanced trading features. When signing up and buying $100 of crypto, you can get $15 (terms and conditions apply).

Securities.io

Securities.io provides a step-by-step guide on how to buy Hedera (HBAR). They list the top cryptocurrency exchanges that offer the ability to purchase Hedera and provide instructions on creating an account, making a deposit, and using your funds to buy HBAR.

MoonPay

MoonPay offers a fast and easy way to buy Hedera using a credit card. They support purchases in more than 150 countries using local currency and provide various payment methods, including credit and debit cards, bank transfers, Apple Pay, and Google Pay. After purchasing Hedera, you can store it in your preferred wallet, spend it on goods and services, send it to others, or even swap it for other cryptocurrencies.

Founders of Hedera

Hedera Hashgraph, a decentralized, open-source public ledger, was founded by two individuals:

  • Leemon Baird: Leemon Baird is one of the co-founders of Hedera Hashgraph.

He is also the winner of the 'Technology Inventor' award category.

  • Mance Harmon: Mance Harmon is the other co-founder of Hedera Hashgraph. He is also the CEO of Hedera Hashgraph and Swirlds Inc.

    • These two individuals have played a key role in the development and growth of Hedera Hashgraph.

    In addition to the founders, Dr.

    Pradeep Iyer serves as an executive board member of Hedera Hashgraph and represents Avery Dennison's interest as a council member.

    Hedera's Roadmap and Future Plans

    Prioritized Development

    • EVM 3RD PARTY TOOLING SUPPORT: Develop support for Hedera using popular EVM tools like Hardhat and Foundry.
    • TOKEN ASSOCIATION IMPROVEMENTS: Enhance the process for users to associate tokens with their accounts to support retail and business user experiences.
    • Enable Community Nodes: Introduce a set of permissioned, community-run mainnet nodes to continue decentralization.
    • Network Management Tooling Improvements: Improve Hedera's decentralization by introducing community-run nodes.
    • Smart Contract Verification: Allow Hedera mirror nodes to display verified source code for deployed smart contracts.
    • Mirror Node Explorer: EVM Developer Support: Improve open-source mirror node tooling for smart contract developers.
    • Modularization: Modularize Hedera services to enable easier development, troubleshooting, deployment, and enhancements.
    • Network Tooling and Automation: Improve the operation of Hedera consensus nodes to enhance network uptime and resilience.
    • EVM Archive Node (HIP-584): Query the state of smart contracts on Hedera using a mirror node.

    Stablecoin Studio

    Hedera also offers Stablecoin Studio, an open-source, all-in-one SDK that simplifies the development of stablecoin applications using Hedera network services.

    Governing Council and Community

    Hedera is governed by a decentralized council of leading organizations around the world.

    The Hedera codebase and ecosystem standards are open source and contributed by the community through Hedera Improvement Proposals (HIPs). The community consists of developers, node operators, and peripheral organizations.

    About Hedera

    Hedera is a decentralized, open-source, proof-of-stake public ledger that utilizes the hashgraph consensus algorithm.

    It aims to build a trusted, secure, and empowered digital future for all. Hedera offers high throughput, fast finality, low fees, fair transaction ordering, and a robust codebase.

    It is governed responsibly by leading organizations to ensure network security.

    What is Hedera?

    Hedera is a decentralized public network that enables individuals and businesses to create powerful decentralized applications (DApps). It was created in 2018 by Dr. Leemon Baird and Mance Harmon, the founders of the software company, Swirlds. The primary aim of creating Hedera was to provide a stable, secure, and swift platform for the development of DApps and the facilitation of cryptocurrency transactions.

    How does Hedera Work?

    Hedera works uniquely using a protocol known as Hashgraph. This protocol allows multiple transactions to take place in several branches of the network at the same time rather than following a linear model as seen in traditional blockchains. This technique known as 'gossip about gossip' dramatically increases the speed of transactions and reduces time delay.

    It possesses a unique feature known as 'Consensus'. This allows the network to agree on the order and timestamp of transactions. Unlike traditional blockchains where miners need to solve complex mathematical puzzles for example, Hedera uses virtual voting where nodes weigh their votes according to the size of their stakes.

    Who Created Hedera?

    As mentioned earlier, Hedera was founded by Dr. Leemon Baird and Mance Harmon. Dr. Baird is an accomplished computer scientist and holds a Ph.D. in Computer Science and Mance Harmon is a seasoned technology executive. They both envisioned a decentralized platform that addressed the limitations of conventional blockchain technology, which inspired them to create Hedera.

    What Makes Hedera Unique?

    Hedera stands out from other blockchain technologies for several reasons. Firstly, it uses the Hashgraph consensus algorithm, which is incredibly more efficient and faster than traditional blockchain design, thereby, processing hundreds of thousands of transactions per second. It also eliminates the need for miners, making it less resource-intensive and more cost-effective.

    Secondly, Hedera operates on a 'governing council' model. This consists of a group of global organizations across different industries that make decisions on software updates and oversee the network's operations. This council approach ensures broad-based governance, transparency, and stability.

    Thirdly, Hedera offers native support for smart contracts and file services, making it a suitable platform for developing and running DApps. These features, coupled with high-speed, secure and low-fee transactions, make Hedera an exceptional choice in the world of decentralized applications and cryptocurrency.

    Understanding the Basics of Cryptocurrency and Hedera

    Cryptocurrency is a form of digital or virtual currency that uses cryptography for security. This type of currency exists strictly in digital, and thus it's entirely decentralised. Decentralisation here means that the cryptocurrency operates independently of a central authority, like a government or financial institution.

    Bitcoin, the first and most well-known cryptocurrency, paved the way for the introduction of many others, one of which is Hedera. Hedera is a public network that uses a native cryptocurrency known as HBAR.

    One of the main distinctions of Cryptocurrency from traditional currencies is its decentralised nature. This aspect inherently makes it much harder for any party to manipulate the currency as there is no central authority.

    Additionally, cryptocurrencies use a technology known as blockchain. A blockchain is a type of decentralized database that keeps records of transactions. This technology ensures transparency and security.

    Hedera in Focus

    Hedera is an example of such a cryptocurrency. It differentiates itself from many other digital currencies by not relying on a conventional blockchain. Instead, it uses a technology called Hashgraph.

    Hashgraph, like blockchain, is a distributed ledger technology. It can securely record transactions or store data across different computers globally. The difference is that Hashgraph is faster and more secure than blockchain, promising an exceptional speed of thousands of transactions per second.

    The Transaction Process

    Lastly, to understand how cryptocurrency functions, it's crucial to grasp how its transactions work. In a cryptocurrency transaction, the transfer of funds between two digital wallets gets submitted to a public ledger

    In the case of Hedera, when a user signs a transaction, it vetted by the network's nodes before it's recorded on the Hashgraph. This process ensures the transaction's credibility and security. Because of this rapid and secure verification process, Hedera has one of the fastest transaction times in the crypto world.

    Cryptocurrency, such as Hedera, has the potential to revolutionize how we approach finance. With its secure, decentralized nature and intriguing technology like Hashgraph, it opens up a plethora of possibilities for our digital future.

    The Technology Behind Hedera

    The Hashgraph consensus algorithm is a cutting-edge technology that Hedera uses to operate. Unlike the blockchain technology that many other cryptocurrencies utilize, the Hashgraph consensus algorithm offers freedom from the issues of speed, fairness, and security that typical blockchain technology can often confront.

    Firstly, let's take a look at how Hashgraph makes Hedera faster. In typical blockchain technology, transactions need to be grouped in blocks and then added to the chain sequentially. This method can slow down the process significantly. The Hashgraph algorithm, on the other hand, allows for transactions to be processed in parallel. This 'gossip about gossip' protocol creates a 'graph' of transaction information, which accelerates the transaction speed immensely, enabling Hedera to process thousands of transactions per second.

    When it comes to fairness, the Hashgraph algorithm shines again. In some blockchain-based cryptocurrencies, miners, who verify new transactions, can influence which transactions get recorded first. This means that someone can pay to have their transaction prioritized. But with Hashgraph, the order of transactions is decided by a timestamp, making it hard for anyone to influence or manipulate the order of transactions. This guarantees fairness as the transaction order is determined purely by the time it arrives, not by any individual's decisions or resources.

    How about security? Data alteration or manipulation is a common concern in the world of cryptocurrencies. Blockchain technology is generally secure due to its decentralized nature—there's no central server to hack. However, it is vulnerable to certain attacks, like the '51% attack,' where if a user or group of users controls over 51% of the computational power, they can control and manipulate the blockchain. In contrast, Hashgraph uses the Byzantine Fault Tolerance mechanism—the strongest level of security in distributed systems—to ensure members reach consensus, even if some of them are malicious or faulty. Thus, Hedera's use of Hashgraph provides robust security that is immune to such attacks.

    In a nutshell, the Hashgraph consensus algorithm, which is the backbone of Hedera, provides a faster, fairer, and more secure alternative to traditional blockchain technology. It holds the potential to revolutionize the way we conduct transactions and bridge the gap between the digital world and the real world in many respects.

    How to Invest in Hedera

    HBAR, the cryptocurrency of the Hedera network, can be bought and traded on various cryptocurrency exchanges. Some of the popular exchanges where you can find HBAR are Binance, OKEx, and Huobi Global. It's important to consider factors like security, transaction fees, and user interface when choosing an exchange.

    Purchasing HBAR

    Once you've chosen your preferred exchange, you need to create an account. This process typically requires an email address, and in most cases, you'll also need to complete a verification process for security purposes. Upon completing your registration, you can deposit funds into your account. Many exchanges accept deposits in popular cryptocurrencies like Bitcoin and Ethereum, or through traditional fiat currencies like USD or EUR depending on the exchange.

    With funds in your account, you can now proceed to purchase HBAR. Check the current market price, decide the amount you wish to buy depending on your budget, and confirm your transaction. Remember, it is wise to start small if you're a beginner in order to understand dynamics of the market.

    Storing HBAR

    Keeping your HBAR tokens on an exchange is convenient for trading purposes, but it may not be the safest option for long-term storage. Exchanges are often targeted by hackers, and they can also shut down without warning.

    For long-term storage of HBAR, consider transferring your tokens to a private wallet. Hardware wallets, such as Ledger or Trezor, provide a secure offline storage solution. You can also use software wallets which are apps installed on your smartphone or desktop, providing a balance between usability and security.

    Managing HBAR

    The value of HBAR, like many cryptocurrencies, can be quite volatile. So, it’s a good idea to regularly monitor the price and news about Hedera. You may also need to manage your HBAR balance - selling when the price is high and potentially buying more when the prices dip.

    Remember, investing in cryptocurrencies is risky and it's possible to lose your entire investment. Always do your own research and consider seeking advice from financial professionals before investing in cryptocurrencies like HBAR.


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    Real World Applications of Hedera

    Known for being a secure, fast, and eco-friendly distributed ledger, Hedera Hashgraph is empowering a new age of financial services. Institutions are leveraging its unique technological benefits to enhance back-office operations, cross-border payments, and to cut down on fraud. For instance, banks use Hedera to enable faster interbank transactions. In contrast to traditional finance systems, Hedera's smart contracts and near-instant consensus model allow financial organizations to execute and validate transactions in seconds rather than days.

    Hedera in the Healthcare Industry

    Healthcare organizations are not left behind in harnessing the potential of Hedera Hashgraph. In an industry where secure data management is paramount, Hedera’s tamper-proof system provides an ideal solution. Patient data, treatment records, prescriptions, and research data can be securely stored and managed on the Hedera network, especially with the application of decentralized identifiers (DIDs). Moreover, Hedera also facilitates real-time updates and access from any location, thus enhancing collaboration and efficiency between healthcare providers. Considering the ongoing pandemic, Hedera is being used in creating digital health passes, enabling a secure and verifiable record of an individual's virus tests and vaccination status.

    Hedera in Supply Chain Management

    In supply chain management, traceability, transparency, and efficiency are key. Hedera Hashgraph is being utilized to reshape supply chain processes, making them more transparent and trustworthy. For example, companies can use Hedera network to track the journey of a product, from the raw material to the final delivery, on a shared, immutable ledger. This not only enables real-time tracking but also prevents counterfeits and assures consumers of product authenticity. In agriculture, Hedera is used to record farm data such as planting, harvesting, and distribution, ensuring food safety and reducing food fraud. Additionally, with smart contract functionality, automated payments can be triggered when a good reaches a specific location, enhancing the efficiency of the whole process.

    Hedera in Other Industires

    While finance, healthcare, and supply chain are notable highlights, there are numerous other industries where Hedera Hashgraph's potential is being harnessed. This includes entertainment where it is being used for digital ticketing to prevent fraud and ensure a fair marketplace, and in media for rights management and royalty payment using transparent and verifiable transaction records. In the public sector, various government departments are also eyeing Hedera for secure record keeping, fair voting systems and more.

    The Future Of Hedera

    Hedera's Network and It's Unique Selling Proposition

    In the global cryptocurrency market, there are a few names that typically dominate the conversation - Bitcoin and Ethereum, for instance, generally steal the spotlight. However, there is an array of other promising digital currencies that often get overlooked. One such budding cryptocurrency is Hedera Hashgraph (HBAR). Hedera, unlike most cryptocurrencies that use the traditional blockchain technology, employs the revolutionary Hashgraph tech for its working model. This distributed ledger technology is typically admired for its speedy transaction times, security, and low fees. These attributes play a major role in Hedera's potential for growth.

    Expert Opinions

    Many financial and cryptocurrency experts believe that Hedera has untapped potential. According to coin analysts at FXStreet, with its unique tech and solid use-cases, HBAR has the power to hit new price highs in the coming years. Additionally, crypto influencer and analyst Sheldon Evans has praised Hedera's eco-friendly approach and use of 'gossip about gossip protocol', which aids in swift, low-cost transactions.

    Growth Potential

    As of now, Hedera has a valuable proposition, backed by big corporates like Google, IBM, and Boeing due to its Corporate Governing Council model. Hence, it is thought by many that just as Ethereum has smart contracts, Hedera’s high-speed transactions and impressive partnerships, combined with a unique tech base, could propel it to become one of the next big movers in cryptocurrency.

    Predictions for the Future

    Looking toward the future, analysts from Wallet Investor predict a steady growth for HBAR, forecasting a long-term increase from the current price. Based on their one-year forecast, HBAR might reach prices of around $0.60 - a significant rise. Coin price forecasting firm, DigitalCoin, predicts a similar upward trend, estimating that HBAR price might almost double by the end of 2022. While it is important to note that cryptocurrency investments always carry a degree of risk and depend heavily on market movements, the unique selling propositions of Hedera, its influential partnerships, seamless transactions, and positive forecast indicate a promising future. To conclude, even with Bitcoin and Ethereum occupying center-stage, cryptocurrencies like Hedera are making their presence felt, and it would be no surprise if they become significant players in the global cryptocurrency market in the years to come.