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|Market Cap Rank
|Price Change 24H
|Price Change Percentage 24H
|Market Cap Change 24H
|Market Cap Change Percentage 24H
|All Time High
September 15, 2021
|All Time Low
January 2, 2020 -
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Hedera Hashgraph is a blockchain project for developers to launch decentralized applications. This is a product of some big centralized organizations, including Google, IBM, and Boeing. They built a blockchain to be fast, fair, and secure.
However, these organizations own Hedera. Additionally, they govern the operations of the blockchain through a governing council. Participants can apply to join the council. The council determines who gets to join them.
The developers believe that this is the best governance model for the blockchain. This is because it promotes the long-term stability and decentralization of the network. However, this model is highly centralized. This centralization goes against the original vision for blockchains. There are better models adopted by other blockchains.
One of the blockchains with better governance is Ethereum. Additionally, it is better-established. It is the biggest competitor of Hedera Hashgraph. Many developers will opt to develop on Ethereum. It is now the standard blockchain for launching decentralized applications.
How Hedera Hashgraph Works
The operation of Hedera depends on three main features. These include the Hashgraph consensus, the public ledger, and smart contracts. The Hashgraph consensus is a new consensus mechanism introduced by this blockchain. It is currently the only blockchain that uses Hashgraph. The Hashgraph consensus focuses on making the blockchain efficient and fast. Its design allows the network to achieve a throughput of over 10,000 transactions per second.
Once the blockchain achieves a consensus, mainnet nodes record transactions on the public ledger. The ledger has a distributed architecture, and anyone can view it. However, not anyone can generate new blocks for the ledger.
Further, this blockchain allows users to develop smart contracts for their applications. These smart contracts use the solidarity language to create and exchange assets. Therefore, there is no need for central institutions to process transactions. Users can depend on the autonomous and immutable nature of smart contracts.
However, developers can issue tokens on this blockchain without using smart contracts. This is possible due to the Hedera Token Service. It powers the configuring, minting, and management of digital tokens. Developers can launch any kind of tokens, both fungible and non-fungible. In this process, they are not required to set-up and deploy smart contracts.
Can Investors Mine on Hedera Hashgraph?
No, it is not possible to mine on this blockchain. This is because it does not run a consensus mechanism that supports mining. So then, you must be asking yourself how the blockchain validates transactions. Well, here is how that works.
In this consensus, the mainnet nodes verify transactions. These mainnet nodes store the public ledger and edit it. They only provide an updated copy to other network nodes. The Hedera Governing Council runs and manages the mainnet nodes. In the future, the network will allow anyone to run mainnet nodes and validate transactions.
However, as it stands, this is a very centralized process. It goes against the original vision for cryptocurrencies. Therefore, it will be unappealing to cryptocurrency enthusiasts. This may slow down its adoption and overall success.
The Team behind Hedera Hashgraph
Hedera Hashgraph has a great team of professionals behind it. The team remains committed to building a trusted and secure online world. They want to empower users. The two founders of this blockchain project include Mance Harmon and Dr. Leemon Baird.
Dr. Baird serves as the Chief Scientist of the project. He has over 20 years of experience in technology and startups. Previously, Dr. Baird was a Computer Science professor at the US Air Force Academy. Additionally, he co-founded several technology startups. Further, he has a Ph.D. in Computer Science from Carnegie Mellon University.
On the other hand, Mance Harmon serves as the CEO of Hedera. He is an experienced serial entrepreneur with over 20 years of experience in Strategic Leadership. Previously, he worked with multinational corporations, government agencies, and tech-startups.
These two individuals have the necessary experience to spearhead this project into the future. Therefore, we can say that Hedera is in safe hands.
As mentioned, this blockchain has a centralized governance model. The operations of the blockchain are in the hands of the Hedera Governing Council. They decide the direction the codebase takes until the testing is over. They have in place a no-forking policy.
However, they want to encourage fairness and decentralization. Hence, there is a 3-year maximum term limit. There can only be up to two consecutive terms. The creator of the Hashgraph algorithm, Swirlds, has a permanent seat on the Council. Further, the blockchain has an equal vote policy.
Privacy and Security
Hedera is one of the most secure blockchains that exist. The fast transaction times on the blockchain help in preventing malicious attacks. Further, it has one of the safest consensus mechanisms. The Hashgraph consensus is immune to most attacks that face blockchains. There is no possibility of 51% attacks as only mainnet nodes validate nodes.
Moreover, this also prevents double-spending and Sybil attacks. The nodes in the network only keep a copy of the ledger. Only the mainnet nodes have access to the Ledger. Therefore, there is no way for attackers to access and falsify Ledger records.
Further, the developers regularly audit the network to ensure there are no vulnerabilities. Auditing is one of the most reliable security features. It allows developers to catch vulnerabilities before any damage. Moreover, Hedera has a great bug bounty program.
In terms of privacy, Hedera encourages transparency. The network provides all nodes with a copy of the ledger. They can view transaction details but not edit the entries.
Our Take on Hedera Hashgraph
Hedera Hashgraph is a great environment to launch decentralized applications. It is very secure and fast. However, it is heavily centralized. This is not appealing to the cryptocurrency community. That is why this blockchain does not have more success in the market. It currently ranks 74th in market cap share, which is very impressive by its standards. Moreover, it faces stiff competition from the better-established Ethereum project.
How To Trade and Store Hedera Coins
The native coins of Hedera are HBAR coins. If you like what it has to offer, then you can buy the coins. Luckily, several exchanges support the trading of HBAR coins. These include Bitfinex, OKEx, Huobi Global, and VCC Exchange. The current price of one HBAR coin is $0.035787.
Further, it is easy to store this coin. You can use some of the best crypto wallets that exist. These include Ledger, Atomic Wallet, BRD Wallet, and Exodus Wallet. This is very convenient because you get all types of wallets.
There is no denying the benefits that come with using hedera. It is a fast and highly scalable network. Additionally, it is very secure and robust. Further, it has a great development team behind it.
However, it is highly centralized. This could significantly affect the adoption and success of the network. Many people will opt for the better-established Ethereum. Moreover, Ethereum has a better level of decentralization. Nonetheless, its native coin HBAR is holding its value in the market.
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