What is Hedera (HBAR) ?

Hedera Hashgraph (HBAR) is a distributed ledger technology that aims to provide a secure, efficient, and scalable platform for developing decentralized applications (Dapps) and enterprise solutions. Unlike traditional blockchain platforms, Hedera Hashgraph uses a unique consensus algorithm called Hashgraph to enable fast, secure, and fair transactions. Hashgraph technology has a high throughput, low latency, and a fair and transparent consensus process. It has the potential to be transformative in a variety of industries, including finance, supply chain management, healthcare, and more. Hedera Hashgraph's ecosystem also supports smart contract development, is scalable and environmentally friendly, and is therefore considered an eco-friendly cryptocurrency.

History of Hedera (HBAR)

Who are the Hedera founders?

The founders of Hedera Hashgraph are Leemon Baird and Mance Harmon. They co-founded Swirlds and Hedera Hashgraph in 2017 to build Hedera Hashgraph using the Hashgraph consensus algorithm.

History

• July 2017: Hedera Hashgraph mainnet launched.
• December 2018: Hedera Hashgraph conducted a closed-door test.
• February 3, 2019: Hedera underwent a network upgrade to convert Ethereum Virtual Machine (EVM)-compatible smart contract codes to Hedera Token Service (HTS).
• August 5, 2022: The Hashgraph platform and Hashgraph consensus algorithm enter open source under the Apache 2.0 license.
• March 9, 2023: The Hedera mainnet reaches 5 billion transactions.
• July 5, 2023: The trading volume of the Hedera network exceeded 13 billion

How Does Hedera (HBAR) Work?

The Hedera Network, represented by its native token HBAR, operates on a unique consensus mechanism called hashgraph, which differs from traditional blockchain systems. Here's how the Hedera Network and HBAR work:

Consensus Mechanism: Hedera uses a directed acyclic graph (DAG) structure to store and manage transactions, allowing for parallel processing and achieving high throughput and fast confirmation times.HBAR Utility: HBAR serves as the native cryptocurrency within the Hedera Network, facilitating transactions, securing the network, and participating in consensus.Governance: HBAR holders may have the opportunity to participate in the network's governance and decision-making processes, including voting on proposals and protocol upgrades.Security Features: HBAR plays a crucial role in the consensus mechanism, with validators staking HBAR as collateral to participate in the consensus process, incentivizing honest behavior and maintaining the network's security.Token Services: Hedera provides two core network services, the Hedera Consensus Service (HCS) and the Hedera Token Service (HTS), both offering distinct functionalities that play significant roles in asset tokenization and decentralized applications.In summary, the Hedera Network leverages hashgraph consensus, with HBAR serving as the utility token for transactions, network security, and governance, while also supporting token services for asset tokenization and decentralized applications.

Tokenomics

What is Hedera(HBAR) used for？

Hedera Hashgraph (HBAR) is the native cryptocurrency of the Hedera network, with multiple uses and distribution mechanisms.

• HBAR serves as fuel for the Hedera network, which is used to pay for network services, transaction fees, in-app payments, and micropayments.
• Holders can participate in the network consensus mechanism by staking HBAR, thereby enhancing network security and obtaining staking rewards.
• HBAR is also used for governance impact, and holders can participate in the network governance and decision-making process.

Overall, HBAR plays a critical role in payments, security, and governance within the Hedera network.

Token Distribution

The Hedera network has a total supply of 5 billion HBARs.

The distribution of these tokens involves an initial coin offering (ICO) and multiple rounds of investment, including investments from well-known entities such as IBM, Boeing HorizonX Ventures, and Tata Consultancy Services.

Highlights

• 2022: Hedera Hashgraph's Hashgraph consensus algorithm goes open source as an Apache 2.0 license, including service code and developer tools2.
• 2022: Hedera Governing Council further decentralizes the Hedera network by moving development and management teams to Swirlds Labs. Swirlds Labs' mission is to accelerate the future of building on Hedera3.
• 2023: Hedera launched the Ashfall NFT collection, a high-profile non-fungible token (NFT) collection4.
• 2023: Hedera enters into a partnership with Dell Technologies, and Dell will join the Hedera Governing Council with plans to operate its nodes, develop custom applications, and support distributed ledger technology automation.