Hedera Hashgraph (HBAR) is a blockchain network that aims to serve as a platform where anyone can transact and deploy applications.
One major difference between Hedera and other popular blockchains like Bitcoin or Ethereum is that it is overseen by a group of private businesses.
This article is a comprehensive guide to Hedera Hashgraph where we will look at its underworkings, explore the functionality of its native HBAR token, forecast its future prices, and lastly determine whether it is a good cryptocurrency investment.
So, without further ado, let us get started.
What is Hedera Hashgraph?
Hedera Hashgraph was created by computer scientist Leemon Baird and Mance Harmon, a technology executive.
Initially, the company was called Swirlds, which then spun out a new entity called Hedera.
Hedera was later renamed Hedera Hashgraph to develop and govern a private blockchain network.
The team is planning to gradually allow more entities to join the protocol until it can be transitioned into a public network at a later date.
How Does Hedera Hashgraph Work?
One unique feature of Hedera Hashgraph is its data structure for grouping transactions, known as the Hashgraph.
Hedera’s developers claim that the network can process more transactions at a cheaper rate than other blockchains as a result of the Hashgraph algorithm.
The patented algorithm that was originally designed for private use involves nodes that are in constant communication with each other.
The Hedera Hashgraph is the first iteration of the Hashgraph that is intended to be used in the public domain.
Hashgraph Consensus Service
Hedera Hashgraph uses the Hashgraph mechanism to make sure that all nodes in its distributed network work in tandem and agree on transactions.
The is powered by two types of nodes: Consensus Node and Mirror Node
Consensus Nodes determine transaction ordering and history, while the Mirror Nodes relay this information to other stakeholders throughout the Hedera Hashgraph chain.
Hedera Governance
Governance of the Hedera Hashgraph is conducted by a body known as the Hedera Governing Council.
The Council is responsible for running the consensus nodes that determine transaction ordering, managing the software, ensuring that funds are allocated correctly, and safeguarding the network’s legal status across jurisdictions.
Members of the Hedera Council include Google, IBM, and Boeing.
What is the HBAR Token?
HBAR is the native cryptocurrency of the Hedera Hashgraph network.
The token is used to perform transactions, pay fees, and operate applications on the blockchain.
The total supply of HBAR is fixed at 50 billion, which was issued when the network was launched in 2018.
Some of the HBAR was distributed through a process called “proxy staking”, in which any HBAR holder will be able to lock their tokens in special contracts that allocate those funds to one of the approved nodes on the network.
By staking with a node on the chain users would gain the ability to earn a share of the rewards and fees the nodes would receive from processing transactions on the Hedera Hashgraph.
HBAR Price Prediction: 2024, 2025, 2030
At the time of writing, HBAR is trading at $0.08192 – up 6.8% in the last 24 hours.
The token with a market cap of $2.7 billion had a 24-hour trading volume of $50.79 million.
Based on its current market price, HBAR is expected to trade between $0.1015 and $0.1245 in 2024.
The average trading price for HBAR this year will be around $0.1046.
After analyzing the prices of Hedera in the past, it is assumed that HBAR could be trading at a maximum price of $0.1724 and a minimum price of $0.1478 in 2025. During that year, the average trading price for HBAR might be $0.1520.
In 2030, HBAR is expected to trade between $0.8431 on the lower end and $1.02 on the higher end.
The average cost of the token is estimated to be around $0.8674 during the year.
Where to Buy Hedera Hashgraph (HBAR) From?
Here are the crypto exchanges through which you can buy HBAR tokens:
Is Hedera Hashgraph a Good Investment?
Hedera Hashgraph is an interesting blockchain ecosystem that offers a much more secure, stable, and efficient platform through which major corporations can build and deploy their blockchain service applications.
The blockchain performs transactions on a parallel channel, which makes it faster than the Bitcoin and Ethereum networks.
It also has smart contract functionality that is similar to Ethereum and can be used to launch DeFi products, digital identity, NFTs, and so much more.
Hedera is governed by a Council, whose members include Boeing, IBM, and Google. The Council is responsible for managing the network’s nodes.
It is collaborations like these that help make the case for Hedera’s credibility as the blockchain has every chance of becoming as prominent as Ethereum, but in the much more centralized corporate world.
After analyzing the project, I can fairly say that Hedera Hashgraph is credible and has a bright future ahead.
Its native HBAR token is also predicted to perform well in the coming years.
However, as is the case with any cryptocurrency token, HBAR is also susceptible to violent price swings.
Therefore, it is advisable to do your research before investing in the project, also, never put in more money than you can afford to lose.
Related Article: GROK Price Prediction: Where To Buy, Is It A Good Investment?
