What is Hedera Hashgraph (HBAR)? Details of HBAR Coin

What is Hedera Hashgraph?

Hedera Hashgraph is a public, governing body distributed ledger that supports decentralized applications that run on a web scale. Data on Hedera will be recorded on the DAG (Directed Acyclic Graph), instead of on the chain like today’s popular Blockchain platforms.

With unique technology, the platform creates a trusted ecosystem; allowing individuals and businesses to interact with peace of mind without having to meet first; Transactions are cheap, fast, and without the need for a third party.

A special feature of the platform is to achieve the same results as of today’s popular public blockchains (Bitcoin, Ethereum …) but with a faster speed, more fairness, energy-saving, and safety.

What is HBAR?

HBAR is a utility token and it is also the native token of the Hedera ecosystem. This coin is mainly used to maintain the network.

What is the problem that Hedera Hashgraph solves?

According to the development team, Bitcoin pioneered the introduction of decentralized infrastructure and Ethereum brought the ability to build platforms.

However, blockchains using the previous PoW protocol need a large amount of energy to operate but the transaction speed is low with an acceptable level of security. Because of that, it makes blockchain expensive, even for a simple cryptocurrency transaction.

So, Hedera Hashgraph thinks that performance and security are what the platform needs to improve on.

Hedera Hashgraph’s Workaround

In their docs, the development team insists on creating the Hedera Hashgraph as an enterprise-grade network.

And to do that they need Hashgraph, an algorithm that plays a core role. With it, Hedera Hashgraph can both create high performance and create fairness and security for the network.

The technologies considered as solutions inside Hedera Hashgraph include Sharding, Staking, and Smart Contracts.

Sharding: After Mainnet has enough nodes, Hedera will run Multiple Shards mode. At this point, the consensus is conducted in parallel, which improves the performance of the nodes.
Staking: Token Holders can be staked to become Nodes to directly process transactions. If they don’t want to do Node, they can still delegate their HBAR Token to people doing Nodes. Both of these ways help them earn HBAR coins.
Hedera’s Smart Contracts also use the Solity language.

Overview of HBAR Coin

What is the HBAR coin used for?

As the base currency of the Hedera Hashgraph blockchain, the HBAR coin is used for the following purposes:

HBAR is used to pay transaction fees on Hedera Hashgraph.
Use HBAR to gain access to dApps published on Hedera Hashgraph.
HBAR is used for staking and becomes transaction processing nodes.
HBAR is used to use services within the Hebera network.
When participating in the processing of nodes, they will receive rewards. And this reward is an HBAR coin.

Basic information on HBAR coin

Token symbol	HBAR
Blockchain	Hedera Hashgraph
Protocol consensus	aBFT
Total token supply	50,000,000,000 HBAR
Total tokens are storing information	4,404,608,640 HBAR

How to own an HBAR token?

Currently, you can buy directly on exchanges that have listed this token including Binance, OKEx, Bittrex, CoinEx, etc.

In addition, you can contribute to the Hedera network by becoming a node to get rewarded in HBAR.

Recommended Hedera Hashgraph Wallet

Depending on your need to use HBAR, you will choose the appropriate wallet.

Cold wallet:
Suitable for those who want to store HBAR coins for a long time and with few transactions.
The advantage of a cold wallet is that it is safe and optimal for storage. Cold wallets you can refer to choose from are Ledger Nano S, and Ledger Nano X.

Software wallet:
The best choice for this wallet is Trust Wallet, with a friendly and easy-to-use interface.

Exchange wallet:
This wallet is suitable for those who regularly trade.
Some reputable exchanges that you can refer to are Bitmoon exchange, Binance exchange…

Development team