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A Unique Network
You might be curious about what exactly Hedara is and why it and its native asset have caught the attention of many.
In this article we will give an overview of Hedera, its native asset, HBAR, and highlight the potential advantages it offers.
What is Hedera?
Rather than using blockchain technology, Hedera employs hashgraph technology, which claims to be more secure, fair, and fast. While blockchains are generally thought of as expanding chains of blocks containing transactional information, hashgraphs are characterized by their acyclic graphs with no directed cycles.
How does its consensus protocol work?
Hedera's Hashgraph consensus works through a "gossip protocol." In this system, members randomly share information with each other, ensuring that new information spreads rapidly throughout the network.
This sharing of information is called a gossip sync, and each sync is marked with an "event." An event is a record that includes details like a timestamp and two identifying codes, known as parent hashes, which help trace the sequence of information exchanges.
For example, if two members, Jack and John, engage in a gossip sync, both create events containing codes related to the last information exchange they were part of. This process continues until all members have received the new information.
The protocol enables quick and efficient information dissemination, keeping all participants synchronized and maintaining the network's integrity.
What is HBAR?
HBAR is the native currency of the Hedera Hashgraph network. It serves as the fuel for the network, allowing users to conduct transactions and run applications. To engage in these activities, users must purchase HBAR. The maximum supply of HBAR is fixed at 50 billion coins.
Why do people like Hedera Hashgraph (HBAR)?
People have been showing interest in this asset because of its unique consensus mechanism. Hedera Hashgraph stands out for its ability to scale smoothly and its use of an eco-friendly proof of stake (PoS) approach. Also, the transactions are faster and cheaper compared to other blockchain transactions.
If you’re looking to buy and sell HBAR you can do it with the benefits of a tax-advantaged crypto IRA at iTrustCapital!
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This article is for information purposes only. It does not constitute investment advice in any way. It does not constitute an offer to sell or a solicitation of an offer to buy or sell any cryptocurrency or security or to participate in any investment strategy.
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