What is Hedera Hashgraph (HBAR)?
Hedera Hashgraph (HBAR) is a distributed ledger technology project (DLT). It can be said that Hedera is an innovative variant of the standard Blockchain based on technology called DAG. Basically, activities on a distributed ledger will be recorded, not through the chain (like in the Blockchain), but through the DAG.
Hedera supports decentralized applications (DApps) and it is built on the consensus mechanism asynchronous Byzantine Fault Tolerance (aBFT). In this protocol, the network will keep the consensus honest (as long as there are fewer than 1/3 of the malicious nodes), which helps the system to resist attacks and more secure.
What is HBAR coin?
HBAR coin is the base currency of the Hedera Hashgraph blockchain. It plays a key role in maintaining stability, security, and creating economic incentives for network participants.
Hedera Hashgraph has completed the mainnet and HBAR coin is operating on Hedera Hashgraph’s own Blockchain.
What is HBAR coin used for?
As the base currency of Hedera Hashgraph blockchain, HBAR coin is used for the following purposes:
- HBAR is used to pay transaction fees on Hedera Hashgraph.
- HBAR is used to gain access to the dApps published on Hedera Hashgraph.
- HBAR is used to staking and become transaction processing nodes.
- HBAR is used to use services within Hebera’s network.
- When participating in processing nodes will receive a reward. And this reward is HBAR coin.
The problems that Blockchain is facing and Hedera’s solution
Performance: The TPS (number of transactions per second) of most blockchains is not sufficient for mass deployment, because over time, when blockchains are applied in mass, the number of transactions that must be processed will increase exponentially and current blockchains cannot be met. But Hedera can improve this with 10,000+ TPS performance.
Security: Once Blockchain is widely adopted, there will be billions of transactions on the network, and if we expect the value of transactions to increase exponentially, more security measures need to be taken. Hedera provides the aBFT consensus mechanism, which they believe is extremely secure.
Governance: Hedera’s development team believes that a distributed ledger system will be more reliable if it is run by highly regarded representatives from different sectors. In particular, a small group of final developers will make decisions when there are not enough administrators.
Stability: The system needs to be stable by using a combination of technical and legal mechanisms to enforce decisions. Many public blockchains today do not have the ability to control the legal or technical to make decisions, which can cause problems when the system crashes.
Regulatory compliance: Compliance with regulatory applications (including KYC and ALM) is a huge barrier to getting closer to mass adoption.
Leemon Baird (Co-Founder and Chief scientist)
He is the inventor of the hashgraph distribution consensus algorithm, and is the co-founder and leading scientist of Hedera. He has more than 20 years of experience in technology and startups, and he has been a Professor of Computer Science at the US Air Force Academy. Leemon received his PhD in Computer Science from Carnegie Mellon University,…
Mance Harmon (Co-founder and CEO)
He is the CEO and entrepreneur with more than 20 years of strategic leadership experience in multinational corporations, government agencies and high-tech startups, and is the co-founder and CEO of Hedera. Previously he was Head of Architecture and Laboratory at Ping Identity, Founder and CEO of two technology startups, ..
Natalie Grunfeld Furman (General Counsel)
She was formerly a senior associate at Paul Hastings LLP – where she works focusing on intellectual property, unfair competition, and privacy and currently works as a general counsel of Hedera. Before studying Law, she started a startup in Silicon Valley, giving advice to tech startups, ..
Christian Hasker (Chief Marketing Officer)
He has 20 years of experience in enterprise software in various roles at startups and large companies, including marketing, product management, product marketing and sales management. He is currently the Chief Marketing Officer for Hedera. Previously he was Vice President of Marketing at DataStax; he earned a degree at the University of Manchester.
The project has a good development team; the idea of the project wants to improve and support Blockchain is quite good. This project is considered a potential long-term investment, Hashgraph technology may be new technology. IOTA has increased many times with the new technology Tangle, believing that Hashgraph will also grow extremely strongly if it does what it is ambitious.
You can check HBAR price here.