5 things you need to know about Hedera hashgraph and HBAR

Hedera is a potential project targeting to process more transactions in a short time than the existing blockchain with its unique Hedera Hashgraph. In this article, Tokenize Xchange would introduce you to 5 things you need to know about Hedera and its HBAR tokens. If you are considering investing in HBAR, this article is just for you!

1. What is the Hedera project?

Hedera is a public distributed ledger that aims to support new and existing applications on web scales. Hedera project team intends to combine a “path to permissionless” when mentioning network nodes and a “path to widespread coin distribution” when mentioning HBAR tokens to protect the network security. 

>>>Read more: 5 reasons to buy Tokenize Emblem TKX

Hedera distributed ledger allows individuals and businesses to quickly collaborate though they might not know each other by creating, exchanging value, verifying, proving identity, and authentication data while achieving decentralization. Hedera is special in the way it achieves the same result as blockchains like Bitcoin or Ethereum but much faster, environmentally friendly, stable, and secure. This prominence came from its underlying hashgraph consensus mechanism, which operates the Hedera project. 

2. Hedera hashgraph consensus

So, what is Hashgraph consensus?

Hashgraph consensus is the hashgraph distributed consensus algorithm invented by Dr. Leemon Baird, the Co-founder and Chief Scientist of Hedera project. 

Unlike the traditional proof-of-work mechanism, which selects one miner to choose the next block, the hashgraph consensus algorithm allows the community of nodes to choose which transactions to add to the ledger as a collective. If the transaction is valid and within the appropriate time, the ledger’s state would be updated with the transaction. 

Also, every transaction is included in the ledger, so it will be much more efficient than blockchains since no transaction is discarded. All the branches will keep existing forever, and work together as a whole. Moreover, blockchains may fail if new containers of transactions arrive too fast since new branches sprout faster than they can be eliminated. That’s the reason why blockchain needs the proof-of-work mechanism to slow down the growth, which is different from the hashgraph. 

The hashgraph provides high efficiency in bandwidth usage by processing hundreds of thousands of transactions per second in a single shard (a peer-to-peer mesh of nodes in a network). 

3. The governance of Hedera

The Hedera public network is governed by the Hedera Governing Council which consists of 39 top global entrepreneurs and non-profit organizations from 11 different industries. Each member is required to run a network node. Board members are committed to managing software updates, network pricing while bringing stability and continued decentralization to the public network. 

4. HBAR token

HBAR token is the native token of the Hedera public network. HBAR aims to power decentralized applications and secures the Hedera network platform from cyber attacks. Furthermore, HBAR tokens allow developers to pay for network service, such as HBAR exchange, manage fungible and non-fungible tokens, and data logging. HBARs are used to compensate network nodes for bandwidth, computation, and storage for each transaction sent to the network. Also, HBAR can be used to pay network fees incurred when using services like smart contracts or money transfers. 

HBAR token key metrics:

• Token name: HBAR
• Blockchain: Hedera Hashgraph
• Token type: Utility and Governance
• Total supply: 50,000,000,000 HBAR
• Max supply: 50,000,000,000 HBAR
• Circulating supply: 15.018.941.582 HBAR

5. How to buy HBAR token in Singpore

If you are wondering how to buy HBAR in Singapore, Tokenize Xchange would be the answer. Investors can easily sell and buy HBAR on Tokenize Xchange with just a click. Don’t forget to finish KYC and start your investment journey with HBAR.

>>>Read more: How to buy crypto with credit and debit cards in Singapore<<<

Above are the 5 things to know about Hedera and HBAR tokens! Keep following Tokenize Blog for more market news and cryptocurrency information!

***Be kindly noted that the article is the personal opinion of the writer, not Tokenize Xchange’s investment advice.