There are several cryptocurrencies in the market which rule the blockchain space. But these platforms are becoming congested, and high fees are becoming the challenge for users. There is an opportunity to find a solution for this. Hence many alternatives have been evolved. Hedera is one such solution.
Hedera brings a hashgraph consensus-based public ledger solution. It has proven to be a fast and secure solution, an alternative to blockchain consensus mechanisms.
What is Hedera Hashgraph (HBAR)?
Hedera is based on the public distributed ledger principle. It was founded by Leemon Baird, Mance Harmon, and Zenobia Godschalk in 2018. It works on the principle of using a distributed ledger, which collaborates quickly and inexpensively and helps build computational trust in its applications. Therefore, people can now trust each other without even knowing the other. This public ledger creates and exchanges value, verifies and authenticates important data, and does much more.
Mance Harmon, who is a tech executive and has entrepreneur experience of 20+ years, is the CEO and co-founder. Dr. Leemon Baird is the other co-founder who is a chief scientist of Hedera Hashgraph. He has built the public network based on the distributed consensus algorithm for Hedera Hashgraph.
Hedera Hashgraph is a good long-term investment opportunity. One of those few cryptocurrencies can generate profit on the face value during a bear market.
Hedera is also supported by some world’s largest corporations. It works on modified proof-of-stake consensus algorithms that use ‘approved nodes’ for transactions verifications, which speeds up the transactions and lowers the fee.
History of Hedera Hashgraph Price
The Hedera Token was launched in early 2021, post which users started to create coins over the platform. The tokens were launched at the initial price of USD 0.104. But it then increased to USD 0.210 within a month and touched the high peak of USD 0.452 during the year 2021. As of date, it is pegged at USD 0.252 in early 2022.
How Does Hedera Hashgraph (HBAR) Work?
Using the Hashgraph consensus algorithm for consensus, Hedera works as an alternative to the consensus algorithm for blockchain. Hedera issued a consensual timestamp (the time when the transacted is notified on the network) is issued by Hedera. Every node of the network has to participate in the consensus (called Asynchronous Byzantine Fault Tolerant (ABFT)).
The consensus of nodes gets stored over the Hedera public ledger. The ultimate goal is to make Hedera’s network permissionless so that any participant can run a consensus node. Once the network becomes permission free, nodal influence will account for an owned number of HBARs.
Things to Consider Before Investing in Hedera Hashgraph
A few things which should be considered before you start investing in Hedera Hashgraphs are:
· The currency uses the concept of “proof of stake” in place of “proof of work.” This helps the network to work on lower bandwidths and lesser consumption of energy.
· The unique selling proposition (USP) company is building is green, environment friendly currency which comes from lesser energy consumption.
· Hashgraph consensus is implemented for security. This allows faster transfer and transaction speeds. The claim is that Hedera Hashgraph can handle 10,000 transactions in a second. Not only this, even the average transaction fee is under one penny.
· There are several top companies whose owners are there in the governing body of Hedera Hashgraph. This speaks for the credibility of Hedera.
Future of Hedera Hashgraph Price
Hedera is building multiple projects which promises a strong future. You can get more details here about the future of HBAR. In addition, several upgrades on the Hashgraph mainnet are planned in the nearing months. The future roadmap plan also entails reducing the downtime required for the network during maintenance.
Because of such promising updates and projects, Hedera Hashgraph’s future price sounds promising. According to Coin Quora, HBAR is predicted to find a price increase of $0.57 by the end of 2022.
Digital coin price suggested that HBAR’s price might cross $0.43 by 2022 and $0.69 by 2025.
With the technology advancements in the blockchain, more traders are expected to dive into the crypto space, looking for credible alternative blockchain platforms. Hedera provides such a solution to investors, with additional benefits such as a faster and more secure platform.