Hedera $HBAR Wiki: Coin History, Techstack, and Crypto News

Hedera $HBAR Wiki: Coin History, Techstack, and Crypto News

Hashgraph is a distributed ledger technology that works as an alternative to blockchain. The only ledger authorized on Hashgraph is Hedera Hashgraph. The cryptocurrency of Hedera is HBAR.

Hedera is an open sourceproof of stake public network for creation and deployment of decentralized applications that run at web scale. Developers are offered three main services which are token services, consensus services, and solidity-based smart contracts. Hedera is fast, carbon negative, energy efficient, and secure.

History of Hedera

Hashgraph was created in mid-2010 by computer scientist Dr. Leemon Baird. He started working on how to reach distributed consensus at a scale in 2012. He achieved a breakthrough in 2015 through the innovation of Hashgraph and reached out to his friend and business partner Mance Harman. Together they formed Swirlds Inc, which they used to commercialize Hashgraph.

In May 2016, they published the Hashgraph whitepaper. Hashgraph was later selected for use in private network pilots over more established networks and solutions.

The company officially changed its name to Hedera Hashgraph LLC in 2018. The Hedera mainnet went live on August 24th, 2018, with 50 billion minted HBAR tokens. Hedera Hashgraph raised $18 million through a private sale of 20% of the total amount of the cryptocurrency HBAR they had.

Biggest Claim to Fame

Unlike the traditional proof of work blockchains that select single miners who select the next block, the nodes running hashgraph agree on which transactions are to be added to ledgers as a collective. They come to a consensus on the validity and the consensus timestamp of each transaction. If the transaction is declared valid, the ledger gets updated to include the transaction, allowing for several transactions to happen at the same time as long as the transaction has been declared valid.

Blockchain cannot handle a large number of transactions at the same time since they have to discard a number of transactions in order to uphold the chain and avoid conflict. This is not the same for Hedera which incorporates every transaction to its ledger. Nothing gets discarded. The process is more efficient than blockchain where if two blocks get created within the same time, network nodes will continue on one chain and discard the other. This means only one transaction can be happening at the same time.

No other currency can be built on the network. Unlike blockchain and Ethereum, developers cannot build a competing platform and its associated currency on the Hedera network. The patent they own for the Hedera algorithm allows them the capability to guarantee the network will not ever split in case some are unhappy with the direction the network is going.

Biggest Criticism of Hedera

The original valuation for Hedera as it started up was around $5 billion. People bought HBAR according to this valuation. This price dropped by 77% once HBAR went live on the market. This valuation dropped to around $22.5 million currently.

Team

Leemon Baird an American Computer Scientist who invented Hashgraph. He was previously a professor of computer science at the US Air Force Academy and has had over 20 years of tech and start-up experience. He is the co-founder and Chief Technical Officer of the company Swirlds, the company that holds the patents of the Hashgraph algorithm.

Mance Harmon is the co-founder of Hedera and the co-CEO of Swirlds Labs. He has over 20 years of experience as a technology executive and entrepreneur. He previously worked as the course director for cybersecurity at the US Air Force Academy and at Wright Laboratory as a research scientist in Machine Learning.

In Conclusion

Hedera could be the third generation of public ledger after Blockchain and Ethereum. They have the technology and capability to do so. But only time can tell if they will catch up with the other public ledgers in popularity and use.