Hedera Hashgraph: Glossary & Ecosystem Insights
Hedera Hashgraph’s mission is to allow individuals and businesses to create powerful decentralized applications (DApps). It is designed to be a fairer, more efficient system that eliminates some of the limitations of older blockchain-based platforms. It achieves this through its innovative hashgraph consensus mechanism, which allows it to process thousands of transactions per second. This makes Hedera Hashgraph a strong competitor to other high-performance blockchain platforms. Hedera Hashgraph's unique selling points include high throughput, low fees, and a high level of security, thanks to its innovative hashgraph consensus mechanism.
The native cryptocurrency of the Hedera network is HBAR. HBAR serves multiple purposes within the Hedera public network. Firstly, it is used to power decentralized applications (DApps) on the platform. Developers use HBAR to pay for network services, such as running smart contracts, storing files, and transferring cryptocurrency. HBAR also plays a crucial role in securing the network. Hedera uses a Proof-of-Stake (PoS) consensus mechanism, where HBAR holders can "stake" their tokens to help maintain the network's integrity. In return for staking their tokens, participants can earn additional HBAR.
Hedera Hashgraph has succesfully launched their service for smart contracts and file storage. They have conducted public testing of their network, which supports up to 10,000 transactions per second with a transaction confirmation time of 3-5 seconds. The platform has attracted a significant number of applications, with over three dozen already operating on its basis. Hedera Hashgraph continues to focus on expanding its ecosystem and improving its technology, making it a relevant project in the blockchain space.