Hedera Hashgraph (HBAR)
Hedera Hashgraph is a truly revolutionary project that aims to create a brand new technology that is an alternative to the ubiquitous classic blockchain format. It is based on DAG technology, which allows you to record operations not in a chain, but in the form of a specific grid created using an acyclic graph.
As a result, the creation and launch of decentralized applications based on the Hedera Hashgraph project receives a number of special features, which we will discuss during this review.
Many might argue about the newness parameter of Hedera Hashgraph, recalling that the same DAG has already been used by projects such as IOTA and NANO. But here it is worth arguing, since this startup uses a not quite standard version of the technology. In addition, unlike competitors, Hedera Hashgraph offers not only the ecosystem as such, but also the tools to create similar ecosystems.
The creators of this project openly say that classic blockchain projects have no chance of mass adoption, use and implementation in the economy. Therefore, it was Hedera Hashgraph who was going to occupy this niche.
In the structure of the project there are no miners, as such, but the nodes function in a completely different way than their “colleagues” in the classic blockchains. When a node receives a transaction within the Hashgraph network, its state changes. Immediately after that, she randomly reports this to several neighboring nodes. And they spread the data on their neighbors and so on. This communication is completely random and asynchronous.
As a result, there is a continuous communication between nodes that exchange such states consisting of data about “what, when and by whom it was undertaken”. At some point, thanks to this mechanism, consensus is reached. At the same time, it is fully proven mathematically based on a specific algorithm.
Based on all of the above, Hedera Hashgraph boasts:
- The highest transaction speed (due to the type of node interaction);
Ideal security and network security from DDos attacks (unlike networks of popular cryptocurrencies);
- Low commissions (the operation of nodes requires extremely few capacities, therefore deductions are small);
- Fair work (no increased speeds based on the payment of increased fees, all transactions are checked the same way until they get approval from 2/3 of the network nodes).
In order to use the Hedera Hashgraph network to ensure the operation of your own decentralized applications and their databases, you must definitely run your own node. And for the operation of the node, you will need to have coins on the account.
Finally, we note that project transactions do not have such a serious mathematical complexity that is inherent in the blockchain. Thanks to this, the node can be launched on devices with low power. And cryptography itself is used, for the most part, to protect (encrypt) DApps data during transmission.
What does the global structure look like in the world with the winning Hedera Hashgraph technology? Developers see it as follows:
- All data is on the Internet, in which each computer device is connected to the system through a protocol and is part of the platform.
- Hashgraph consensus exists over the Internet, which works to ensure the speed, reliability, security and fairness of the system.
- Cryptocurrency acts on the consensus, which is the connecting link to ensure the operation of the system, the file storage of decentralized applications and smart contracts.
The use of the HBAR token
The main task of the HBAR token is to ensure the operation of the project system. No one can launch a node and take advantage of the capabilities of Hedera Hashgraph without the presence of cryptocurrency in their account. It is also used to pay transaction confirmation fees.
Of course, the coin can be used purely for commercial purposes. But the features of the project associated with its low demands on nodes and low fees affect the price negatively. The coin is not in short supply. And until the project gains enormous popularity, raising the price from the bottom is unlikely to succeed.
First of all, the following positive characteristics stand out:
- Undeniably cool and revolutionary technology;
- Creating blockchain competition;
- A cool team of real techies with vast experience;
- Advisors from influential companies;
- Partners – well-known corporations that inspire confidence;
- Cheap use of secure and high-speed features.
On the other hand, we see:
- A project that is difficult to understand and understand, which is hard for an ordinary user to learn;
- Lack of clear motivation to launch a node, if you yourself do not use the opportunities for launching and organizing the work of decentralized applications.
Perhaps the project needs to think about relying on the mass user not only in words. We need a promotion with a clear explanation of all the characteristics of the Hedera Hashgraph. Then he really will have chances for world domination and the creation of effective competition for the classic blockchain.
Well, for now, you can just buy cheap coins, which in the future can take off well if the promotion goes more actively. Moreover, the price tag of this asset is absolutely not connected with the successes and failures of 99.9% of blockchain-based projects that have now captured the digital market.