HBAR is the native token of Hedera, a public, open-source, proof-of-stake network. HBARs can be used to pay transaction fees on the Hedera network and to help protect the blockchain through Proof of Stake. Developers can use HBARS to pay network fees, mint NFTs, or log unique data on the chain. Validators get compensated in HBARs for every transaction that gets submitted on the network.
Network validators and other stakeholders can help protect the Hedera network by staking their HBARs on the chain. When HBARs are staked, they add weight to the chain’s validation algorithm, making transaction verifications easier and more accurate.
Hedera was co-founded by Leemon Baird, the inventor of the Hashgraph consensus algorithm, and his business partner Mance Harmon. The project, founded in Dallas in 2018, is governed by a consortium of leading global companies, including Google, Chainlink Labs, planemaker Boeing, and Indian IT services major Wipro.
HBAR has several functional use-cases:
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