In our commitment to continually broaden our offerings, we are introducing a new project addition - Hedera. This article provides a comprehensive overview of the project, its native token HBAR, tokenomics, functionalities, and its potential impact on the DeFi ecosystem.
TLDR:
- Hedera uses a hashgraph rather than a blockchain.
- Hedera has formed business relationships with some of the most successful corporations in the world, including Boeing, Google, and IBM, all of which are represented on the Hedera Governing Council.
- It is available to the public and uses open-source software.
- Developers can use HBAR to pay for various network services.
- Developers can build their crypto projects on the Hedera network as it provides developers with detailed guidelines and source code illustrations.
Overview of HBAR
Hedera is a distributed ledger technology (DLT) network. It serves the same functions as Ethereum and Bitcoin. It does this using security and validation techniques that are more effective than those used on blockchain networks. The Hedera network uses its native currency, HBAR.
Hashgraphs
Hedera uses a hashgraph rather than a blockchain. Blockchain technology presents a potentially more useful alternative in the form of hashgraph technology, which may be used to leverage open ledger systems. In comparison to blockchains, this technology offers several significant advantages.
For instance, there is no mining, which indicates that the impact on the environment caused by its use is greatly reduced, and in the case of Hedera, it has a carbon-negative effect. It also offers reduced set transaction fees of $0.0001 for each transaction, unlike HBAR's fees, which are not tied to the price of HBAR and hence do not fluctuate.
Additionally, hash graph-based networking can be used to create a DLT with the same level of confidentiality and anonymity as blockchain-based ledgers, in addition to providing additional benefits such as increased processing capacity and enhanced performance.
It offers the benefits of blockchain-based ledgers while bypassing the technical problems that have hindered it from scaling up to accommodate enormous transaction volumes. Hedera is attracting the interest of major technology businesses and investors.
Hedera has formed business relationships with some of the most successful corporations in the world, including Boeing, Google, and IBM, all of which are represented on the Hedera Governing Council.
Features
Project Development
At this time, the Hedera network is the only distributed ledger technology (DLT) implementation that is based on the hashgraph algorithm. Developers can build their crypto projects on the Hedera network because the Hedera project provides developers with detailed guidelines and source code illustrations for application programming interface (API) calls.
Network Protection
Hedera is a proof-of-stake network that is available to the public and uses open-source software. If HBAR is staked to network nodes, those nodes will have a weighted influence on the consensus used to validate transactions.
Because of weighted voting, it is difficult and expensive for hackers to alter consensus maliciously. To do so, a centralized authority would need to hold and stake over one-third of the network's supply of HBAR. Weighted voting also makes it more difficult for the network as a whole.
Network Payments
HBAR is the currency used by developers to pay for various network services. These services include transferring HBARs, minting fungible and non-fungible tokens, calling smart contracts, and logging data. When a transaction is sent to the network, HBARs are used to pay fees that compensate validator nodes for their bandwidth, computing, and storage needs.
Tokenomics
How to Buy HBAR Coins?
CoinEx is a global cryptocurrency exchange trusted by 5+ million users worldwide with 100% reserve. Users can now trade quickly and seamlessly with its 700+ tokens supported, including HBAR. To purchase HBAR tokens on CoinEx, follow the steps below:
- Create an Account: Start by signing up for a CoinEx account. CoinEx allows users to deposit or swap without completing KYC, but verification offers more features.
- Deposit Funds: After logging in, deposit funds into your CoinEx account using any supported cryptocurrencies or deposit methods available on the exchange. Having funds in your account enables you to execute trades seamlessly.
- Navigate to HBAR Trading Page: Once your account is funded, go to the dedicated HBAR trading page on CoinEx. You can find a search box and enter the term HBAR to swiftly locate the trading pair associated with HBAR tokens.
- Choose a Trading Pair: Select the desired trading pair that matches HBAR with another cryptocurrency. For instance, you may choose HBAR/USDT to trade HBAR against USDT (Tether).
- Specify the Purchase Amount: Determine the quantity of HBAR tokens you want to purchase. Input the amount in the trading interface, which will calculate the corresponding cost based on the current market price.
- Execute the Trade: Execute the trade with the specified amount. Confirm the details, and if you are satisfied, submit the order.
Following these comprehensive steps, you can easily trade HBAR tokens on CoinEx using the available trading pairs.
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