What is Hedera (HBAR)
Hedera Hashgraph (HBAR) is a decentralized, public ledger technology and cryptocurrency. It aims to provide a fast, secure, and fair platform for applications to be built and run on, through a unique consensus algorithm that is based on the hashgraph data structure. This allows Hedera to achieve high performance and scale while maintaining decentralization and security, making it suitable for various use cases such as micropayments, decentralized exchanges, and digital identity management.
Hedera Hashgraph is a technology company that was founded in 2017 by Dr. Leemon Baird, Mance Harmon, and Tom Trowbridge. Hedera was created with the aim of building a decentralized platform that could address the limitations of existing blockchain technology, such as slow transaction speeds and high energy consumption.
The Hedera platform is based on a unique consensus mechanism called the hashgraph algorithm, which allows for fast, secure, and fair transactions. The Hedera network is governed by a council of 39 organizations from various industries, including technology, finance, and telecommunications, which helps ensure its stability and decentralization.
In September 2019, Hedera launched its mainnet and began distributing its native cryptocurrency, HBAR, through a series of token sales and airdrops. Since then, Hedera has continued to develop its platform and expand its ecosystem, partnering with several companies to build decentralized applications on the network.
As of February 2023, HBAR is listed on several cryptocurrency exchanges and has a market capitalization of over several billion dollars. Hedera continues to work on improving its technology and expanding its use cases, with a focus on providing a fast, secure, and fair platform for decentralized applications.
How Hedera (HBAR) works
Hedera Hashgraph is a decentralized platform that uses a consensus mechanism called the hashgraph algorithm to validate transactions and maintain the integrity of the network.
The hashgraph algorithm is based on a data structure called the hashgraph, which is a type of directed acyclic graph (DAG) that records the history of transactions in a distributed network. The hashgraph records information about each transaction, including its sender, receiver, and timestamp, and uses this information to determine the order of transactions.
Each node in the network maintains a copy of the hashgraph and uses it to determine the order of transactions and to reach consensus on the state of the network. The hashgraph algorithm uses a combination of gossip and virtual voting to reach consensus on the order of transactions in a fast and efficient manner.
To validate transactions, nodes in the network are randomly selected to create “votes” on the transaction. These votes are then broadcast to the network through a gossip protocol, allowing the network to reach consensus on the order of transactions. The final order of transactions is then recorded on the hashgraph, creating an immutable and verifiable record of all transactions on the network.
Once the order of transactions has been determined, nodes in the network can then validate and apply the transactions to the network state. The hashgraph algorithm also includes security features, such as mathematical proof of Byzantine fault tolerance, to ensure that the network remains secure even in the presence of malicious actors.
Overall, the hashgraph algorithm provides Hedera with a fast, secure, and fair way to validate transactions and maintain the integrity of the network, making it a suitable platform for decentralized applications and other use cases.
Can Hedera (HBAR) be trusted
Whether or not Hedera Hashgraph (HBAR) can be trusted is a subjective question and depends on a variety of factors. Here are some considerations that can influence trust in Hedera and its native cryptocurrency, HBAR:
- Decentralization: Hedera is designed to be a decentralized platform, meaning that it is not controlled by any central authority or organization. This can increase trust in the platform, as there is no single point of failure or control.
- Consensus mechanism: The hashgraph algorithm used by Hedera is a unique consensus mechanism that is designed to be fast, secure, and fair. The algorithm has been mathematically proven to provide Byzantine fault tolerance, which can increase trust in the network’s ability to remain secure even in the presence of malicious actors.
- Network governance: Hedera is governed by a council of 39 organizations from various industries, which helps to ensure stability and decentralization of the network. This council also helps to make decisions about the future development and direction of the network, which can increase trust in the platform’s long-term viability.
- Adoption and use cases: The more widely adopted and used a platform is, the more likely it is to be trusted. Hedera has partnerships with several companies to build decentralized applications on the network, and has also launched several products and services, such as its cryptocurrency exchange and wallet.
However, as with any decentralized platform, there is always some level of risk involved in using Hedera or holding HBAR. Before investing in HBAR, it is important to do your own research and consider your own risk tolerance.
In conclusion, trust in Hedera and HBAR can be influenced by several factors, including the platform’s decentralization, consensus mechanism, network governance, and adoption and use cases. Ultimately, whether or not Hedera and HBAR can be trusted is a decision that each individual must make for themselves.
What Hedera (HBAR) used for
Hedera Hashgraph (HBAR) can be used for a variety of purposes, including:
- Decentralized Applications (dApps): Hedera’s fast and secure platform can be used to build decentralized applications that run on the network. These applications can be used for a wide range of purposes, such as micropayments, supply chain management, digital identity management, and more.
- Cryptocurrency Trading: HBAR can be traded on cryptocurrency exchanges, allowing users to buy, sell, and trade the cryptocurrency.
- Digital Payments: HBAR can be used as a form of digital payment for goods and services, providing a fast and secure alternative to traditional payment methods.
- Store of Value: HBAR, like other cryptocurrencies, can be used as a store of value and a hedge against inflation.
- Decentralized Finance (DeFi): Hedera’s platform can be used to build decentralized finance applications, such as decentralized exchanges, lending and borrowing platforms, and more.
Overall, Hedera and HBAR are being developed and used for a wide range of purposes, from decentralized applications and cryptocurrency trading to digital payments and decentralized finance. As the platform continues to grow and evolve, it is likely that new use cases for Hedera and HBAR will emerge.
How to get Hedera (HBAR)
Here is a step-by-step guide on how to get Hedera Hashgraph (HBAR):
- Choose a cryptocurrency exchange: The first step to getting HBAR is to choose a cryptocurrency exchange that supports the currency. Some popular exchanges that offer HBAR include Binance, Huobi Global, and OKEx.
- Create an account: Once you have chosen an exchange, create an account by providing your personal information, such as your name and email address. You may also need to provide proof of identity to comply with KYC (know your customer) and AML (anti-money laundering) regulations.
- Enable 2-factor authentication: To enhance the security of your account, it is recommended to enable 2-factor authentication (2FA), which provides an extra layer of protection against unauthorized access.
- Add funds: Next, add funds to your account by making a bank transfer, using a debit/credit card, or using another cryptocurrency. This will be used to purchase HBAR.
- Buy HBAR: Once your account is funded, go to the exchange’s trading page and place an order to buy HBAR. You can choose to buy at the current market price or place a limit order to buy at a specific price.
- Store HBAR in a wallet: After you have purchased HBAR, it is recommended to store the currency in a secure wallet, such as a hardware wallet or a mobile wallet. This will provide an extra layer of security for your funds.
- Verify your account: Some exchanges may require you to verify your account before you can make a withdrawal. This may involve providing additional personal information and proof of identity.
Note that the process of buying HBAR may vary slightly from exchange to exchange, so it is important to carefully read the instructions provided by your chosen exchange. Additionally, the cryptocurrency market can be volatile, so it is important to consider the risks before investing in HBAR or any other cryptocurrency.
In conclusion, getting HBAR involves choosing a cryptocurrency exchange, creating an account, adding funds, buying HBAR, storing the currency in a secure wallet, and verifying your account (if required).
Remember, WELLCOINEX is the best way to buy or exchange cryptocurrency!