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Hedera: Everything you need to know

Source: CoinMarketCap

It has been a really long time since the cryptocurrency industry was first introduced and honestly, the industry has had a wonderful journey so far by being able to lure in potential investors from all across the globe and managing to make a name for itself in the global marketplace. Not just that, as mentioned, the industry has had a surge in its overall growth and popularity recently, thus helping it to reach greater heights!

Having said that, I believe a majority of you are already familiar with the basics of the industry and I am sure that you are eagerly waiting for us to start with what we have with us today but, for some of you who are new to this whole thing, it’s best if we have a brief look at the industry first.

To begin with, cryptocurrencies as the name suggest are nothing but a form of online or virtual currencies that can easily be made use of for a variety of purposes including the purchase and sale of goods and services as well as for the purpose of trade and exchange over cryptocurrency exchanges available online.

In other words, crypto is a blockchain-based platform that is known to be decentralized to its very core. Being decentralized, the crypto world becomes more than capable of stepping outside the overall control and jurisdiction of central authorities and can work freely without any unnecessary government interferences as well.

Also, when the industry was first introduced there were not many currencies to choose from and honestly, not many people were looking to be a part of it either as people back then were very skeptical concerning the return on investments they could expect as well as the safety of their money too.

That is surely not the case anymore as today, we have pools of currencies available for investors to choose from, with newer ones coming in with each passing day and tons of new investors joining in every hour.

Source: Bitnovo Blog

Speaking of a lot of currencies available today in the marketplace, some of the most popular ones worth investing in includes Bitcoin, Cardano, Baby Doge, Ethereum, Dogecoin, Polkadot, and Binance Coin, PancakeSwap as well as EverGrow Coin to name just a few of course. In addition to this, it feels rather interesting seeing such a rapid growth of the industry over the past couple of years and so, let’s look at some of the major contributing factors responsible for this huge success including portability, high-profit margins, volatility, negligible response time, convince it offers, intuitive nature as well as ease of use of course.

Being volatile, it is important for you to be aware of the fact that, it is not always possible to predict the price changes and act accordingly as the price fluctuations in the crypto marketplace are almost immediate, thus leaving no time to plan. Therefore, whenever dealing in online currencies, keep in mind that, if the industry is providing you with an opportunity to earn huge profits and make quick money, if not done right, you could also end up having significantly huge losses as well.

Not just that, as per the chatter amongst some of the leading experts in the field, it has come to our notice that, crypto is rapidly progressing towards completely revolutionizing the global payment system and from where I stand, it looks like it has already started to do so as many merchants and businesses have started accepting crypto as an official mode of payment from their customers.

Now that you have a brief backstory about the crypto world, you will be able to have a much better understanding of what we have with us today, Hedera. To know more, I suggest you read further!

Everything to know about Hedera (HBAR)

Source: Moralis Academy

Hedera is nothing but simply a platform that is known to be the most used, sustainable, enterprise-grade public network for the decentralized economy that is said to allow businesses as well as individuals to easily create powerful decentralized applications (DApps). Not just that, the said platform has been designed for it to be a fairer, more efficient system that is known to eliminate some of the limitations that a few older blockchain-based platforms usually faces including instability and slow performance.

In addition to this, Hedera is a platform that was funded with the help of an initial coin offering (ICO) in August 2018 and over a year later in around September 2019, it first launched open access to its mainnet. Also, as a part of the ICO, the investors were actually able to purchase HBAR at the lowest possible price back then!

Speaking of HBAR, before moving any further, it is probably worth noting that, HBAR is said to be the native utility token of the Hedera platform, which as a matter of fact can be used for a variety of purposes on the platform itself, which we will come to in a bit. Furthermore, know that the Hedera Hashgraph has two founders namely, Mance Harmon and Dr. Leemon Baird.

Basically, the HBAR token is known to have a dual role within the Hedera public network. To begin with, HBAR is identified as the fuel that is known to power the Hedera services including file storage, smart contracts as well as other regular transactions. Other than this, the token is used to help secure the network, since HBAR users can stake their tokens in order to assist with maintaining the integrity of the platform.

Coming back to the topic, what makes Hedera stand out from others is that, unlike most other crypto platforms, Hedera Hashgraph is not actually built on top of a conventional blockchain. Instead, it is said to introduce a novel type of distributed ledger technology known as a Hashgraph. On a similar note, this technology is said to allow the platform to improve upon several blockchain-based alternatives in several key areas including scalability, speed, and cost.

Source: The Metal Blog – Metal Pay

Moreover, Hedera transactions have an average transaction fee of nearly just 0.0001 US dollars and typically are known to reach finality in about five seconds or less. All in all, Hedera Hashgraph claims that it can easily handle more than 10,0000 transactions per second (TPS) as and when compared to 5-20 for most popular Proof of Work-based blockchains.

Apart from this, the said platform is known to offer various network services including a consensus service that acts as a layer of trust for any network or even an application that needs a verifiable and secure log of events. Not just that, it provides a token service that allows users to simply configure as well as mint both fungible and non-fungible tokens (NFTs) on Hedera with just a few lines of code.

Lastly, it offers a smart contract tool that let developers build efficient and rather powerful decentralized applications on the platform along with a decentralized file store service with several features including controlled mutability, proof of deletion, and time-based file expiry of course.

Now that we have talked much about Hedera, some of you must be wondering, whether or not it is a good idea to invest in the platform? If that’s the case, then let’s find out, shall we?

Investing in Hedera (HBAR)

Source: XR Today

As of today, the price of Hedera is about 0.102179 US dollars with a twenty-four-hour trading volume of 17,813,076 dollars. Not just that, in just the past twenty-four hours, the value of the Hedera has gone up by 1.20 percent, and with the current market cap of 2,119,332,231 US dollars, HBAR is currently placed at the #33 position as per the CoinMarketCap rankings.

Also, it is worth mentioning that, the current circulating supply of the Hedera is 20,741,406,793 HBAR coins, with a maximum lifetime supply of about 50,000,000,000 HBAR coins.  In just the past week alone, the price of the platform has risen by 2.35 percent.

Reading so far, you must have gotten a fair understanding of the platform and by now, you should be able to figure out on your own whether or not investing in Hedera is the right thing for you to do. Seeing what it has to offer when combined with its performance in the recent past as well as its plans for the near future, I certainly believe that Hedera can prove to be a profitable investment in the near future, which is likely to provide you with higher returns and it is a possibility that your current investment may increase in value. But again, nothing can be said for sure!

Source: Nomics

As mentioned at the very beginning, crypto is a highly volatile marketplace and is extremely uncertain. Thus, It is very important for you to understand the fact that just like any other currency in the crypto marketplace, Hedera does have its own risks as well and you should invest only if you are willing to take those risks and bear any and all losses if at all necessary.

If you are wondering, where can you buy Hedera? Let me help you with that. Currently, Hedera is available on all major crypto exchanges but, some of the popular exchanges that have HBAR listed on them include Binance, Bybit, KuCoin, OKX as well as DigiFinex to name a few.  

In conclusion, what are your thoughts on Hedera? Do let us know in the comments area below. To know more about various cryptocurrencies, do check out other articles we have on our website. Thank you for your time & if you found our content informative, do share it with your investor friends!

Also read: Top 10 cryptocurrencies to buy in May 2022

 

 

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