Tech giants around the world are always looking for innovative ways to create a more secure, eco-friendly crypto marketplace. Founders at Hedera seemed to have done just that with the implementation of the Hedera hashgraph. A public network built from the ground up with a term-limited governing body that consists of the largest organizations in the world.
The Founder of Hedera, Dr. Leemon Baird, explained it better when he said, “The members of the governing council are the actual owners of the company. They aren’t just advisors. They are Hedera, hedera is an LLC that is split 39 ways; 39 companies own it, control it, and make all the decisions.”
Many crypto enthusiasts seem to believe that Hedera’s native token, HBAR has a promising future. Although that may be true, we’d like to tell you first about the technology behind the Hedera coin.
The Technology behind the Hedera Coin
Hedera is a decentralized public network, but unlike many commonly known networks in the crypto world, Hedera does not use blockchain. In fact, Hedera is a public distributed ledger. It’s the only public ledger to use hashgraph consensus. A proof-of-stake network which acts as an alternative to the proof-of-work networks typically found in blockchain. The hashgraph consensus algorithm was first created by Hedera’s Co-Founder and Chief Scientist, Dr. Leemon Baird. It is considered to be a highly secure distributed algorithm, and works in an efficient manner to verify transactions within the network. In addition to that, hashgraph can process up to 10,000 transactions per second with low-latency.
What makes hashgraphs a far better option than blockchains is the fact that they are validated as ABFT, (Asynchronous Byzantine Fault Tolerant). Which means unlike many blockchains, hashraph can finalize transactions within seconds. It can achieve finality due to the use of the gossip-about-gossip protocol.
“How fast does a juicy rumour spread through the grapevine in a typical office?” Dr Leemon Baird has said, “That’s the gossip protocol.”
In other words, the gossip-about-gossip protocol is an extremely fast and efficient method to carry out transactions. The hashraph network comes to an agreement about the validity of the transactions and the timestamps of said transactions. Once that has been done, the network updates the ledger to include the latest transactions. Hence why the hashgraph network can achieve 100% finality.
What’s Unique about the Hedera Coin
We know now that HBAR (Hedera coin) is the native token to the Hedera network. That being said, the Hedera coin has been gaining popularity for many aspects. One of which being, that HBAR is considered to be an energy efficient cryptocurrency. How is that possible you may wonder? By the use of the proof-of-stake consensus mechanism, the Hedera coin guarantees its investors the consumption of less fuel. Not only that, the proof-of-stake consensus also ensures the user of being protected against any malicious attacks.
On the other hand, the Hedera coin has been publicized by its founders for serving as a network fuel. Developers pay using HBARs to compensate for network services. An example of these services could be, carrying out transactions, managing crypto assets, and logging data within the network.
Hedera Coin Prediction 2022
In September of the year 2019, the Hedera coin had a value of $0.42 USD. By the end of that same year, the Hedera coin recorded a steeping value of $0.0131 USD. For the entirety of the year 2020, HBAR did not surpass the $0.1 dollar mark.
In 2021, the Hedera coin had done significantly better than the year before it. By March 16th, HBAR had a value of $0.40 USD. The all time high price record for the Hedera coin was set at a value of $0.57 on Semptember 16th, year 2021.
It’s been predicted that by the beginning of the new year, HBAR will be held at an average price of $0.39 USD. With the minimum price being $0.36 USD, and the maximum price being $0.40 USD.
By June of the year 2022, the Hedera coin is expected to have a minimum value of $0.45, and a maximum value of $0.50 USD.
Within the last month of the year 2022, it’s been forecasted that the Hedera coin will be held at a minimum price of $0.56 USD, and a maximum of $0.64 USD. With the average being held at $0.57 USD.
“Hedera has a quality of service that others are not commited to.” –Steve Wilson, a principal analyst at the Constellation Research firm.
The Hadena coin is believed by many to have a bright future ahead of it. However, always be aware of the many altcoins already in existence which also seem to be promising.
The crypto marketplace is affected by many factors which are out of our control. That being said, it’s considered wise to be on the lookout for past and future trends related to any cryptocurrencies before investing.
Sally is a student of International Business Management and is interested in topics related to blockchain technology. She is an author for gBlogo’s “Crypto World” column and provides insight on topics related to cryptocurrencies and NFTs.