HBAR Crypto Explained
HBAR crypto, or Hedera, is the native token of Hedera Hashgraph, a public decentralised distributed network where anyone can transact in crypto and develop dApps.
Hedera Hashgraph stands out as a distributed network that functions without the limitations of blockchains networks. The security and validation algorithms it is based on are more efficient than those used on blockchain networks.
Founded in 2017, Hedera Hashgraph is a unique type of blockchain that powers cryptocurrencies, smart contracts, and dApps. The network is faster and more energy-efficient than regular blockchain networks.
Its speed and energy efficiencies are attributed to its underlying hashgraph consensus mechanism and the global enterprise governing body that owns and operates it. Hedera Hashgraph’s governing council includes multinational corporations like Boeing, TATA, IBM, Telekom, Google, LG, Magalu, and Swirlds.
How Hedera works
The Hedera distributed ledger is run on a group of nodes that is operated by the Hedera governing council. In the future, the mainnet nodes will be permissionless and run by anyone without informing Hedera.
The nodes use a “gossip protocol” algorithm to verify time sequence and validate transactions. The algorithm enables Hedera to execute fast and low-cost transactions while ensuring the highest security standard to prevent malicious attacks.
Hedera claims that its network can handle more than 10,000 transactions per second with a three-to-five-second settlement and confirmation time. The average cost of a transaction on the network is $0.0001.
Leemon Baird, a computer scientist, and Mance Harmon, a tech executive, are the founders of Hedera. It was Baird who invented the hashgraph distributed consensus algorithm that serves as the heart of Hedera Hashgraph.
In 2015, Baird and Harmon founded the corporation Swirlds, which holds the patents to Hashgraph innovations. In 2017 Baird co-founded Hedera Hashgraph. The company launched the website, cryptocurrency, governing council, and whitepaper in 2018.
HBAR crypto is a utility token of the Hedera network. It has several use-cases. Token holders can make use of them to pay for transaction fees and in-app payments and micro-payments. The tokens can also be used to secure the Hedera network.
HBAR entered the crypto market in August 2018 through an Initial Coin Offering (ICO). At the time, each coin sold for $0.12, with 14,400,400 coins being sold for $120 million. As of writing (17/6/2022), according to Coinmarketcap, HBAR tokens are worth $0.0684. They are currently the 34th largest cryptocurrency with a live market cap of $1,420,427,584.
HBAR crypto can be bought on various crypto exchanges where they are listed. They can also be earned by participating in securing the Hedera network. Staking HBAR coins can result in more coins.
HBAR tokens have a max supply cap of 50,000,000,000 HBAR coins. There are currently 21,084,776,584 HBAR coins in public circulation. The tokens are to be released over a period of 15 years.
Where to Buy HBRA Crypto
Several crypto exchanges, including Binance, Kucoin, Huobi Global, Uphold, and Bitstamp, list HBAR crypto. If you are already a Binance user, for example, you can add HBAR crypto to your crypto portfolio by buying them with your credit or debit card.
Besides using fiat money, you can also use other cryptocurrencies to buy HBAR. If you have crypto in another wallet, you can transfer the crypto to your Binance wallet and purchase your preferred amount of HBAR coins.
Unlike other cryptocurrencies, you don’t have to buy other cryptocurrencies to buy HBAR crypto. The coins can be purchased directly with fiat currency. You'll have to do your research to ensure you use the right crypto exchange for HBAR crypto purchases.
Where to Store HBAR Crypto
HBAR crypto can be stored on crypto exchanges, soft wallets, and hard wallets. Some of the recommended places to store your HBAR coins include;
• BitGo, Fireblocks, Hex Trust, and Kingdom Trust: They provide custodial crypto storage services • D’CENT, Ledger: They are hardware wallets, best for storing large amounts of HBAR coins • Abra, Atomic, Coinomi, Edge, and Exodus: They are software wallets, great for convenience
The best place to store your purchased HBAR crypto depends on your crypto storage needs. Custodial, non-custodial, software, and hardware wallets have pros and cons.
Custodial wallets are, however, a great place to start for beginner crypto investors.
Hedera Hashgraph is not a truly decentralised blockchain network to many crypto enthusiasts. Considering its design, however, it stands out as revolutionary technology that can help with blockchain adoption.
HBAR, the Hedera Hashgraph native cryptocurrency, also stands out as a promising cryptocurrency. The token is more than a buy-and-hold cryptocurrency. Its several uses make it a worth considering investment option.
Considering the huge corporations backing the coin and the technology behind it, HBAR crypto can be a great long-term investment option, especially for beginners.
Author: Jay Jackson
Jay Jackson is a crypto trader, researcher and freelance writer. He works closely with people and businesses in the crypto sphere, writing blog posts, guides, press releases, reviews and ebooks.