Hi Guys, welcome back to Crypto Insights Journal, I’m your host Jason, in this episode was to talk about Hedera Hashgraph and the HBAR token. This video is a companion to an article I wrote for Wendys Whitepaper, a free newsletter from Crypto Wendy O, Ill put a link in the description so you can check it out.
Hedera Hashgraph is a proof of stake public and decentralized network protocol that sees itself as the next generation of distributed ledger technology, and calls itself, the 3rd generation public ledger, Bitcoin and Ethereum being 1st and 2nd generation. According to the team, the vision of Hedera is to build a trusted, secure and empowered digital future for all. Hedera Hashgraph is described as a successor to blockchain technology.
But where the image of blockchain technology is of a series of blocks linked together, Hedera Hashgraph is more like a graph. Directed Acyclic Graph or DAG is the technology that unpins Hedera Hashgraph and is designed to process transactions (6.5 million) much faster than its competitors, in this case, Bitcoin (300,000) and Ethereum (1.2 million).
Developers can use Hedera to build secure decentralized applications (dAPPS). According to Hedera, by being built on Hedera, dAPPS achieves a consensus in almost real-time. Hedera Hashgraph was launched in July 2017 by Dr. Leemon Baird and Mance Harmon, who acts as Chief Scientist and CEO, respectively.
With Hedera Hashgraph, the speed that transactions are verified goes up as more transactions are added to the network. Hedera is governed by a group of companies that make up the Hedera Governing Council, including Avery Dennison, Boeing, Chainlink Labs, IBM, Google, LG, and more. In May 2021, SUKU partnered with Hedera to create an environmentally friendly NFT platform called INFINITE.
INFINITE, using Hedera Hashgraph, says it is a carbon-negative NFT platform as it uses the Hashgraph Proof of Stake consensus mechanism instead of a Proof of Work (POW) consensus mechanism currently used by Ethereum. The native token of Hedera Hashgraph is HBAR which has a current market capitalization of $1.667 billion and, at the time of this video, is trading at $0.17 according to CoinMarketCap.com.
Hedera uses HBAR for use in staking on a network node, and to vote on transactions during consensus. HBAR is listed on several cryptocurrency exchanges, including Binance, Binance.us, Bittrex, Okcoin, OKEx, HitBTC, and more. Wallets that support HBAR include BitGo, Exodus, Guarda, Atomic Wallet, Ledger, BRD, and Coinomi. Hedera Hashgraph shows that the push for adoption is not just amongst currencies but also the underlying technology.
Also with the push to make cryptocurrency more environmentally friendly, starting off as a Proof of Stake consensus, may just give Hedera the edge. I’ll put links to Hedera Hashgraph and Wendys Whitepaper in the description below. I hope you found this video informative, and if you did please share it with your friends and subscribe to the channel. Until next time, I’m Jason, this is Crypto Insights Journal, thank you for watching.
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