Hedera’s hashgraph consensus is unique and faster than other blockchain mechanisms
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Ethereum is the market leader in the world of blockchain platforms. However, congestion and fees have been an ongoing challenge for users. A solution was needed in the market, and many alternatives such as Hedera appeared. Hedera has introduced a unique blockchain – a public ledger solution that is based on the “hashgraph” consensus. This is a faster and secure alternative to the blockchain consensus mechanisms. In this platform, we delve into the platform.
Dr. Lemon Baird, Hedera co-founder and chief scientist, invented the distributed consensus algorithm hashgraph, which underpins Hedera’s public network. Since the hash consensus algorithm is nearly perfect in terms of bandwidth efficiency, it can process hundreds of thousands of transactions per second in a single bit. On the Hedera network, 10,000 transactions can be made every second. Furthermore, the transaction fee is as low as $0.0001. HBAR, Hedera’s original cryptocurrency, is currently ranked 35th among the cryptocurrencies.
Hedera is backed by some of the world’s largest companies, and relies on a modified version of the Proof of Stake consensus algorithm that uses “certified nodes” to verify transactions. This is a great incentive for companies to use HBAR, as it speeds up transaction times and reduces fees. Transaction auditors are compensated with the HBAR cryptocurrency.
The premier engineering institute, IIT Madras, joined Hedera’s board of directors this year to advance research and development of blockchain use cases.
HBAR tokens serve three primary purposes:
1. Fuel network
HBARs are used as “fuel” to pay for network services. They are also used to incentivize nodes and contribute to the computing resources of the network. End users have to pay certain fees to use the network.
2. Security network
Hedera is progressing towards the unauthorized contract. This allows HBARs to protect the network from cyberattacks through a currency-weighted consensus mechanism to prove the stake is coming to the network.
3. Treasury management
About 46% of the HBAR 50 billion was allocated to the network, with the remaining 54% held in Hedera Treasury when HBAR first appeared.
HBAR: Technical Analysis for the Short Term
Despite the market crash, HBAR had a relatively good month in December. While it collapsed from the falling wedge in November to the downside, it quickly regained its value and is currently at the 0.236 retracement support of the December Fibonacci pullback at $0.312.
Source: TradingView, Binance
HBAR has already rejected from the month high at $0.3435, but if this support level holds, it could reclaim this rally and push towards the key resistances at $0.37 and $0.42. But a drop to the gold pocket at $0.26 before rebounding would signal a healthy move and give HBAR plenty of fuel to move forward, making its moves more bullish in the long-term.
As blockchain technology improves and more traders dive into the crypto verse, investors are actively looking for reliable alternative blockchain platforms. Hedera with its native cryptocurrency HBAR provides investors with a faster and more secure platform to continue their crypto journey.
Disclaimer:This article was written by Giottus Cryptocurrency Exchange as part of a paid partnership with The News Minute. Crypto-asset or crypto-currency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your research before investing and seek independent legal/financial advice if you are unsure about investments.