Hedera (HBAR)

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What is Hedera Hashgraph (HBAR)?

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.

More about Hedera Hashgraph

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.

Salient features of Hedera Hashgraph

• The Hedera network achieves the highest grade of security possible—asynchronous Byzantine Fault Tolerance (aBFT)—compared to other blockchains.
• The Hedera network can process up to 10,000 HBAR crypto transactions per second.
• Hashgraph consensus algorithm is also cost-efficient as the cost per HBAR transaction is minimal—around $0.0001.

Who are the founders of Hedera Hashgraph?

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. 

How to use Hedera Hashgraph?

HBAR has several functional use-cases:

• Payments: Users can make secure, real-time payments using HBARs directly or using their own stablecoins or crypto on the Hedera network.

• Healthcare: Hedera has partnered with leading healthcare platform Safe Health Systems, Inc. to convert digital patient information and identifiers into blockchain data, while maintaining patient privacy. Safe Health counts Delta Airlines and Mayo Clinic among its users.

• Gaming: Hedera has also made much headway in the online gaming industry. The network transfers digital assets to the blockchain, bringing speed, trust, and fairness into in-game events.
• Earn staking revenue: Hedera is a PoS network, which means that HBARs can be used to generate passive revenue by staking.

Pros of HBAR

• HBAR is a very efficient network, which can process up to 10,000 HBAR crypto transactions per second without compromising network security or stability.
• HBAR transactions can be confirmed with the concerned parties within three to five seconds.
• The network records upwards of 1.1 million transactions every day.
• There are more than 1.2 million registered accounts on the Hedera mainnet.

Cons of HBAR

• There are only 19 governors involved in the network, which has raised questions about its decentralization credentials.

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Now you can use the CoinSwitch app to trade HBAR with hundreds of other crypto. Visit our website to download the app and start trading today!

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