Hedera
Hedera is a public network with its own cryptocurrency, but it does not use blockchain. It also supports non-fungible tokens (NFTs) but does not use smart contracts. It is “decentralized” like Bitcoin, but also has public governance bodies like Ethereum.
Hedera aims to be safe and grow while being fast, more powerful, and more economical than other solutions. Hedera is owned and operated by 25 companies, including Google, IBM, LG, and Deutsche Telekom. It is based on the ideas and technologies of these other systems and is referred to as the "third-generation public ledger," with its own characteristics.
Hedera Hashgraph is a distributed ledger of transactions, also known as Distributed Ledger Technology (DLT). While blockchain is the most commonly used DLT, Hedera is slightly different as it uses a new consensus algorithm known as a hashgraph. The hashgraph consensus algorithm aims to process and complete more transactions at scale than traditional PoW (Proof of Work) networks, which are characterized by high delays and low transactions per second (tps).
Dr. Leemon Baird is the inventor of the distributed hashgraph consensus algorithm, co-founder, and chief scientist at Hedera. Swirlds is a separate company that owns the intellectual property of the hashgraph consensus algorithm and is an equally weighted trustee. Swirlds licensed the technology to Hedera Hashgraph. Both organizations will use the associated patents to legally prevent anyone from forking the code and creating competing platforms and currencies.
To reach a consensus in a safe, fair, and fast way, Swirlds founder Lemon Baird invented an innovative hashgraph algorithm. The Hashgraph algorithm is a reliable platform as it is based on a virtual voting mechanism combined with the gossip protocol.
Hashgraph is a relatively new consensus protocol aimed at faster transaction processing than existing networks. On the Hedera network, 10,000 transactions per second can occur. Also, the transaction fee is $0.0001. Hedera Layers evidence Proof of compliance rating, payment model and prizes, cryptocurrency, and two key HCS and HTS services over the hashgraph, Hedera compliance algorithm. Because Hashgraph has the potential to process transactions at relatively efficient speeds, Hedera wants to become a platform that can support high-volume use cases such as micropayments, data integrity, and tokenization.
Staking: Staking involves purchasing cryptocurrencies and storing them in your account for a limited period of time. Users can deposit coins into their accounts and receive rewards for network management. To achieve the transparency and performance benefits of sharding, allowing individuals to become nodes in the network is critical. The Hedera registry uses Proof of Stake. When a node joins the network, it must declare which account it controls, and each account must have a unique private key.
Proxy Staking Mechanism: A method is known as proxy staking if any user owns coins but does not use a node. Therefore, a user can deposit those coins and earn interest by placing a representative in his or her account in one place. It means giving credit to another user's coin account and making the node use that item.
The use cases of Hedera’s network are:
· Payments: Provides secure, instant, and cost-effective peer-to-peer payments using HBAR, stablecoins, or native tokens.
· Content Authentication: Manage and publicly verify the authenticity of sensitive documents and other media.
· Decentralized Finance: Remove expensive contacts and build financial markets, loan agreements, forecasts, and more with Solidity-based smart contracts.
· Decentralization Identity: Manage decentralized identities in a secure, standards-based, private way.
· NFT: Build an NFT marketplace that issues unique tokens representing digital media, physical assets, and more.
DATE NEWS/EVENTS IMPACT 07/05/2022 TerraUSD and LUNA both collapsed, and as a result, a number of crypto platforms folded in the aftermath -32% Decrease 10/09/2021 FOBI integrates with Hedera Hashgraph, to provide the highest level of security and validation of the CheckVax digital vaccination verification service +60% Increase 20/05/2021 Chainlink Labs joins the Hedera Governing Council +24% Increase 19/09/2019 Hedera launches the main net public beta (or Open Access, as Hedera calls it). -50% Decrease
As blockchain technology improves and more traders involves in the cryptocurrency world, investors are actively looking for trusted alternative blockchain platforms. With its own HBAR cryptocurrency, Hedera offers investors a faster and more secure platform to continue their cryptocurrency journey. Hedera Hashgraph removes all major business hurdles from DLT, including performance, reliability, security, and governance. In the near future, Hashgraph will be able to perform hundreds of millions of transactions in a variety of use cases. It will be unlike anything no one has seen before.
