Finance
What is Hedera?
Hedera is an innovative blockchain using “Hashgraph Consencus”.
January 26th, 2023
The Hedera blockchain is a new type of blockchain that aims to be faster and more secure than other existing blockchain networks. It uses a unique consensus mechanism called “hashgraph consensus,” which allows for faster and more secure transactions by using a directed acyclic graph (DAG) to record transactions, rather than a traditional blockchain. This allows for high throughput and low-latency transactions, making it suitable for use cases such as micropayments, online gaming, and other real-time applications.
Virtual Voting System
One of the key features of the Hedera blockchain is its use of a “virtual voting” system to govern the network. This system allows for a more decentralized and democratic decision-making process, as opposed to the centralized decision-making process used by other blockchain networks. This allows for a more fair and transparent governance structure, which is important for the long-term success of the network.
Smart Contracts
The Hedera blockchain also includes a built-in smart contract platform, which allows for the creation and execution of smart contracts on the network. This allows for a wide range of applications, including decentralized finance (DeFi) and supply chain management. These smart contract capabilities enable developers to build decentralized applications (dApps) on the Hedera network.
HBAR Token
HBAR is the native cryptocurrency of the Hedera blockchain. It is used to pay for transaction fees, smart contract execution and other network services. It also serves as a store of value and can be traded on various cryptocurrency exchanges.
One of the important aspects of HBAR is that it is designed to be highly divisible, with a total supply of 50 billion tokens. This allows for micropayments and other small transactions on the network, making it more accessible and useful for everyday transactions.
Hedera Council of 39
The Hedera network is also governed by a council of 39 organizations that are committed to the long-term success of the network. These organizations include major corporations, academic institutions, and non-profit organizations. They play a vital role in maintaining the network’s stability and security, as well as making decisions about its future development.
Hedera Founders
The Hedera blockchain was founded by a group of experienced entrepreneurs and technologists, including Dr. Leemon Baird, Dr. Mance Harmon, and Dr. Neil Bowers. Dr. Leemon Baird is the Co-Founder and Chief Scientist of Hedera Hashgraph, and he is a pioneer in the field of distributed systems and the inventor of the hashgraph consensus algorithm. Dr. Mance Harmon is the Co-Founder and CEO of Hedera Hashgraph, and he has more than 20 years of experience in the technology industry, including leadership roles at several successful startups. Dr. Neil Bowers is the Co-Founder and CTO of Hedera Hashgraph, and he is a leading expert in distributed systems and blockchain technology.
Conclusion
In conclusion, the Hedera blockchain is a new type of blockchain that aims to offer faster and more secure transactions, as well as a more decentralized and democratic governance structure. Its unique consensus mechanism and virtual voting system provide a new approach to blockchain technology that aims to address the scalability, security and governance challenges faced by existing blockchain networks. The native cryptocurrency HBAR is highly divisible and can be used for micropayments and other small transactions. The council governance system is an important aspect that ensures long term stability