Coinbase, one of the largest Bitcoin and altcoin exchanges, made a new announcement. According to the announcement, the exchange added Hedera (HBAR) to its roadmap. After this announcement, the price of HBAR rose by around 5 percent. Here are the details…
Coinbase adds HBAR to its roadmap
Coinbase first shares the cryptocurrencies that are planned to be listed on the exchange in a blog post. They made an addition to this post, which they described as a road map, at night. According to the exchange’s share on Twitter, Hedera (HBAR) was added to the roadmap. However, it is worth noting that this coin is not definitively listed.
Asset added to the roadmap today: Hedera (HBAR) https://t.co/zu1IBdsaXv
— Coinbase Assets (@CoinbaseAssets) August 25, 2022
HBAR price jumped and then fell
Following Coinbase’s announcement, HBAR surged around 5 percent. It jumped from $ 0.06716 to $ 0.06971. However, it is changing hands at $0.06752 at the time of writing and has not been able to sustain its upward momentum. cryptocoin.com As we reported earlier, Coinbase’s listing announcements resulted in 20-30 percent increase in the value of cryptocurrencies. Recently, with the influence of the bear market, such a price movement is rare.
Brief information about Hedera
So what is the HBAR that Coinbase is planning to add? Hedera is defined as a platform that can offer an alternative to traditional Blockchain technology. Hedera (HBAR) is the native cryptocurrency of the Hedera Hashgraph system, a uniquely structured technology that is expected to be faster, more efficient and more secure than Blockchain technology. Hedera uses the revolutionary “Gossip” protocol. Here, each node in the network communicates with all other nodes in the network to record and verify transactions.
This leads to a serious communication speed. A network of individual transaction data, each dependent on all other data, forms the Directed Acyclic Graph (DAG), the backbone of the Hashgraph Consensus mechanism. The Hashgraph consensus mechanism creates a graph that maps each node’s communication to all its other nodes. Communication history continues to grow and this information is recorded in the form of a graph at every node in the network. When a node receives some communication, the sender and the time it was received are recorded. This huge graph of communication history is then stored on networked computers.
So the Hashgraph consensus mechanism is a network of nodes that mutually agree to add verified data in bulk to the block. The Hedera network processes more than 10,000 transactions per second (TPS), as opposed to the 5 TPS and 13 TPS on the Bitcoin and Ethereum Blockchains, respectively. This means that nodes only compare notes on the network instead of performing complex mathematical calculations. Hedera consumes only a fraction of the energy consumed by other Blockchains. Therefore, the transaction fees are only $0.00001. Currently, only 18.09 billion Hedera tokens are in circulation, with the limit fixed at 50 billion HBAR.
