Hedera Hashgraph is a decentralized cryptocurrency network designed at the request of users in the digital world. HBAR is used as the token of this network.
What is Hedera Hashgraph and How Does It Work?
Offering similar functionality to Bitcoin and Ethereum, Hedera Hashgraph is a decentralized network. However, it is structurally different from Bitcoin and Ethereum. It aims to transform traditional blockchain structures into next-generation solutions. It applies its distributed public ledger to Hasgraph technology instead of blockchains.
Hedera Hashgraph does not add bulk transactions to the network in blocks. Instead, it uses a protocol called “gossip about gossip” to verify the time order and validity before adding transactions one by one.
Hedera Hashgraph offers suitable solutions that will benefit both individual developers and entrepreneurs. Going beyond traditional blockchain structures, Hedera Hashgraph eliminates low-performance, unstable systems. In addition, Hedera Hashgraph aims to overcome the problems faced by obsolete blockchain-based platforms.
Having a Hashgraph-based network, an open ledger implementation, and supporting cryptocurrencies, it offers a practical alternative to blockchains. As an alternative to blockchains, Hedera Hashgraph has significant advantages compared to other chains. An example of these is the absence of mining. The absence of mining results in a significant reduction in environmental impact and lower transaction costs in implementing the technology.
It is claimed to be able to process over 10 thousand cryptocurrencies per second with a cost of approximately 0.0001 per transaction. The Hashgraph algorithm is defined as the third generation distributed ledger technology (DLT). It allows the network to complete transactions and work much faster and more effectively than blockchain. In addition, Hedera Hashgraph states that transactions will be completed in three to five seconds.
Is Hedera Hashgraph Network Secure?
Hedera Hashgraph uses an algorithm called Hashgraph Consensus to secure the network. The governing council at Hasgraph consists of 39 organizations that change regularly. This council votes on changes and new decisions to the Hedera Hashgraph code structure and is responsible for running the nodes in the public network.
The proof-of-stake algorithm allows users to stake their assets to protect the integrity of the network. Even if some data is missing, transactions complete correctly. This is because Hedera Hashgraph prefers a Byzantine fault tolerance algorithm that does not work synchronously in its security infrastructure.
What is HBAR Coin?
Hedera Hashgraph’s native cryptocurrency is HBAR Coin. HBAR aims to develop decentralized applications, create payment models between people and take the security of the network to the next level. Funding was provided in the initial phase of the Hedera Hashgraph Protocol, thanks to the ICO held as of August 2018.
In September 2019, the mainnet became operational. The native token of the platform, HBAR Coin, was offered to investors at an affordable price during the ICO process. HBAR Coin is both a general purpose cryptocurrency and a service token of the network. It is used on the network to pay transaction fees.
In addition, HBAR Coin is used for services such as smart contract, file storage and regular transaction in the protocol. HBAR Coin users also help secure the network by staking their tokens.
Where to Buy HBAR Coin?
The value of HBAR Coin is expected to increase as the Hedera Hashgraph network acquires more users and more transactions are made. For investors who want to buy HBAR Coin, Binance, PayBito, Upbit, Mandala Exchange and OKEx are examples of crypto exchanges with trading volume.
