Hedera Hashgraph is a Hashgraph Platform, which bases on the Hashgraph data structure and consensus algorithm to provide a new foundation for distributed consensus. In this article, VakaFx gives to every one all information about Hedera Hashgraph and HBAR token
What is Hedera Hashgraph?
Hedera Hashgraph (HBAR) as a platform Blockchain similar to Ethereum, which has a Smart Contract and allows to build dApps on it. Team dev's goal is to rely on a distributed consensus algorithm architecture to create a trustworthy system that helps users to perform transactions without having to know each other.
This project differs from other blockchains in how it works. It allows developers and users to perform transactions without having to know about the other person or relying on third parties for verification.
What does Hedera Hashgraph (HBAR) solve?
The dev team of Hedera Hashgraph (HBAR) gave many problems facing distributed ledger technology - Distributed Ledger Technologies DLT, which are:
- Performance issue
Current usage is requiring hundreds of transactions per second and low latency of just seconds. However, the current DLT platforms are not nearly as responsive.
- Security issue
To improve performance, existing DLT platforms easily lose decentralization. This leads to a security problem. The problem now is the balance between security and performance?
Besides, there are issues of Governance, Stability, and Legislation.
How will Hedera Hashgraph (HBAR) solve the above problems?
On the project home page, the dev team also emphasized how they created Hedera Hashgraph - the network for the enterprise level.
In particular, Hashgraph - Hash function is the core factor that creates high performance, fairness, and security for this network.
The technologies within that network include Sharding, Staking, and Smart Contracts.
- Sharding: After the Mainnet has enough nodes, Hedera will run Multiple Shards mode.
At this time, the consensus is carried out in parallel, helping to improve the performance of nodes.
- Staking: Token Holders can stake to become Nodes to directly process transactions.
If they do not want to be Node, they can still delegate their HBAR Token to those who do Nodes. Both ways help them earn HBAR Token.
Hedera's Smart Contracts also use the Solity language.
What is Hedera (HBAR) Token?
HBAR is the Utility Token of Hedera Hashgraph. The HBAR Token is the driving force behind Hedera Hashgraph's network to function and contribute.
What is HBAR Token used for?
Below are the uses of the HBAR Token:
- Use HBAR Token to pay a service fee when having transactions on Hedera's network.
- Use HBAR Token to gain access to dApps issued on Hedera Hashgraph.
- Use HBAR Token to staking and become transaction processing nodes.
- Use HBAR Token to use services within Hebera's network.
HBAR Token is used to pay rewards to participate nodes based on their contributions and the amount of HBAR Token they are holding.
HBAR Token transaction fee
Fees will be charged for HBAR Token transactions, including:
- Transaction fees on the Blockchain network of Hedera Hashgraph.
- Transaction fees on exchanges, collected by the exchange.
- Deposit withdrawal fee on the floor (if any).
How to earn and own HBAR Token
- Buy directly on exchanges like Binance
- Become nodes that contribute to transaction processing and receive HBAR Token as rewards.
How to mine HBAR Token?
You cannot mine HBAR Token with miners like with BTC, ETH.
However, if you want to earn HBAR and contribute and develop the network, you can stake HBAT Token and become a Nodes.
HBAR Token storage wallet
Hedera Hashgraph has a separate storage wallet for the HBAR Token at the Hedera Wallet.
HBAR Token exchange
HBAR Token is currently traded on several major exchanges like Binance.
The Future of HBAR Token
Based on the purpose of using HBAR Token, we see that the demand for buying HBAR Token comes from users of dApps, Nodes, Stakers, developers, users of Hedera's services.
From there, it is possible to make predictions of the majority of HBAR Tokens used and bought for accumulation when the above participants increase.
Hopefully, through the above article, you have got an overview of the Hedera Hashgraph project as well as the HBAR Token. VakaFx will continue to update more information about this token.
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