<p>Hedera Hashgraph is a cryptocurrency network designed to enable  secure transactions and deploy applications, but with a twist — it&#39;s  governed by a consortium of businesses that manage the software.</p><p>To achieve this, Hedera makes some deliberate choices that set it  apart from other platforms. For instance, while it boasts fast  transaction speeds for its HBAR cryptocurrency, it limits which nodes  can participate in validating transactions.</p><p>This controlled approach to essential tasks like timestamping and  ordering transactions allows Hedera Hashgraph to quickly finalize  operations, minimizing the risk of later changes to the transaction  record.</p><p>The Hedera team claims this structure offers businesses a level of  certainty, as they can rely on the data to make informed decisions.</p><p>The concept seems to be gaining traction, with many large  companies, including LG, IBM, and Boeing, joining as nodes within the  network.</p><h2 id="header-0">How Does Hedera Hashgraph Work?</h2><p>Hedera Hashgraph operates on a technology called directed acyclic  graphs, a concept from graph theory. These structures represent data and  flows without looping back, which is crucial in a distributed open  ledger, as it ensures that once transactions are added, they cannot be  altered.</p><p>This technology underpins Hedera&#39;s asynchronous byzantine  fault-tolerant consensus algorithm (ABFT). Unlike the slower and more  cumbersome cryptographic methods used in traditional blockchain systems,  Hedera&#39;s ABFT consensus offers greater efficiency and reduced costs in  both energy consumption and transaction fees. This consensus mechanism  contributes to the network&#39;s security.</p><p>Hedera does not group transactions into blocks; instead, it  employs a &#34;gossip about gossip&#34; protocol to ensure proper sequencing and  validity before adding transactions individually to the ledger. This  process is less energy-intensive and more efficient compared to  traditional blockchain approaches.</p><p>HBAR is the native cryptocurrency on the Hedera Hashgraph network,  much like Ether on Ethereum. The platform also supports smart  contracts, providing a base for distributed applications in various  industries, including finance. Smart contracts allow for direct  transactions without intermediaries, potentially reducing costs and  increasing security compared to traditional contracts.</p><h2 id="header-1">Who Founded Hedera Hashgraph?</h2><p>Leemon Baird, an American computer scientist and former professor  at the United States Air Force Academy, is the inventor of the hashgraph  consensus algorithm that drives Hedera Hashgraph. In 2015, Baird  co-founded Swirlds, a corporation holding patents for his hashgraph  innovations. Swirlds licenses this technology to various industries to  build customized applications.</p><p>Baird co-founded Hedera Hashgraph in 2017, assembling a management  team and key investors. The public launch occurred in March 2018 in New  York City, with a large live audience and tens of thousands of  livestream viewers. Hedera then introduced its website, cryptocurrency,  governing council, and whitepaper.</p><p>The governing council of Hedera Hashgraph includes major  corporations like Boeing, Google, IBM, and Deutsche Telekom, among  others.</p><h2 id="header-2">What Distinguishes Hedera Hashgraph?</h2><p>Hedera Hashgraph stands out as a public cryptocurrency platform  not based on blockchain technology, marking both its strength and its  weakness. Despite public source code, the underlying algorithms are  patented, and Hedera is the only licensed public ledger based on  hashgraph technology. The company&#39;s vision is to encourage developers to  create applications on the Hedera network, with fees and other charges  applied to their use.</p><p>Hedera&#39;s advantages are notable: the hashgraph structure does not  face the same scaling issues as blockchains, and there&#39;s no mining,  reducing environmental impact. According to Hedera, transactions on its  network are faster, more secure, and cheaper compared to  blockchain-based systems.</p><p>The Hedera Hashgraph mainnet currently handles over 4.5 million  transactions daily, with a throttle set at 10,000 transactions per  second. Hedera claims this capacity can be scaled infinitely through  sharding. The transaction fee is a nominal $0.0001, with validation  times of three to five seconds and a minimal energy requirement of  0.00017 kilowatt-hours per transaction. This contrasts significantly  with Bitcoin&#39;s 885 kWh and Ethereum&#39;s 102 kWh on average per  transaction.</p><h2 id="header-3">What Makes Hedera Hashgraph Valuable?</h2><p>Hedera Hashgraph attracts technology partners and investors  because it offers the benefits of blockchain technology while avoiding  some of its scaling issues. Traditional blockchains often struggle with  slow transaction times and high energy use, but Hedera&#39;s approach solves  these problems, allowing it to manage real-world transaction volumes  efficiently.</p><p>The HBAR token derives its value from several uses. As the utility  token for the Hedera network, it&#39;s earned by validating transactions as  a Proof of Stake (PoS) node, or by staking tokens to support network  operations. HBAR can be exchanged for other cryptocurrencies or  converted to fiat at exchanges like Kriptomat, giving it monetary value.</p><p>Investors are interested in HBAR because they anticipate its value  will increase as Hedera&#39;s network grows in popularity and use. The  presence of large companies like Boeing, Google, and IBM on Hedera&#39;s  governing council adds credibility and indicates Hedera&#39;s potential for  success. Additionally, if governments impose taxes or restrictions on  energy-intensive Proof of Work (PoW) cryptocurrencies, HBAR could gain a  competitive edge.</p><p><strong>How Many Hedera Hashgraph (HBAR) Coins Are in Circulation?</strong></p><p>The total supply of HBAR coins is capped at 50 billion, with  35,742,801,268 currently in circulation. Since creating HBARs doesn&#39;t  require complex cryptographic processing, Hedera minted all 50 billion  coins before launching its mainnet in 2018. Hedera&#39;s governing council  has a 15-year plan to release the coins gradually, maintaining stability  and predictability in the token&#39;s supply.</p><h2 id="header-4">How Is the Hedera Hashgraph Network Secured?</h2><p>Hedera Hashgraph uses an asynchronous byzantine fault-tolerant  (ABFT) consensus algorithm to secure its network. This algorithm has  been proven mathematically to offer optimal security in a distributed  system.</p><p>ABFT is based on a computer science problem known as the Byzantine  Generals Problem, where generals surrounding a city must communicate  and coordinate despite the risk of messages being intercepted or  tampered with by the enemy. The algorithm allows the network to reach a  reliable consensus, ensuring that transactions are valid even in the  presence of some faulty or malicious nodes.</p><h2 id="header-5">How to Use a Hedera Hashgraph?</h2><p>Hedera Hashgraph provides its mainnet for developers looking to  build decentralized applications (dApps). The network supports smart  contracts and offers the same speed, efficiency, and security benefits  as Hedera&#39;s cryptocurrency.</p><p>The Hedera network is ideal for dApps that involve payments,  identity verification, private token creation, healthcare data  protection, and many other applications. The Hedera Hashgraph website  offers case studies demonstrating how companies have successfully  implemented hashgraph-based solutions in various industries.</p><h2 id="header-6">How Does Hedera&#39;s Consensus Algorithm Work?</h2><p>Hedera Hashgraph uses an asynchronous byzantine fault-tolerant  (ABFT) consensus algorithm, which is a type of Proof of Stake (PoS)  system. This PoS framework relies on a &#34;gossip about gossip&#34; protocol  for transaction verification and timestamping. Though distinct from  Ethereum&#39;s PoS mechanism, Hedera&#39;s approach allows users to become  validators based on their HBAR token holdings.</p><p>Validators in Hedera earn fees through microtransactions by  participating in the validation process. These fees are distributed to  validators for confirming Hedera Hashgraph transactions. Users who don&#39;t  operate as validators can still earn from their HBAR holdings by  staking with a validator, entitling them to a proportional share of the  fees collected from the validation process. This system creates a  network where participation and rewards are linked to the amount of HBAR  staked or held.</p><p><img src="https://media.licdn.com/dms/image/D4E12AQHytDnlr2kxeA/article-inline_image-shrink_1500_2232/0/1714149218226?e&#61;1719446400&amp;v&#61;beta&amp;t&#61;NQ0ELRyQAijI-ohM6BktzdOV4MYyr2f-s0agczg-y_0" /></p><p>For more insights into the blockchain and cryptocurrency landscape, visit our blog at <a href="https://listing.help/blog" rel="noopener noreferrer nofollow">https://listing.help/blog</a>.</p>

What is Hedera Hashgraph? (HBAR)

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Sergei Khitrov

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