What is Wrapped Hedera

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About Wrapped HBAR

Key Points:

  • Hedera is a decentralized public network for the decentralized economy.
  • HBAR is the native utility token that powers Hedera services.
  • Hedera Hashgraph is a distributed ledger technology (DLT) that uses a novel consensus algorithm called hashgraph.
  • Hedera aims to excel in speed, efficiency, and security.

Numbers and Figures:

  • 50 billion: maximum total supply of HBAR tokens.
  • 7 billion: HBAR tokens in circulation as of January 202

About Wrapped HBAR (WHBAR): A Bridge to Interoperability

Introducing Hedera (HBAR): A Revolutionary Blockchain Network

Hedera is the most utilized, environmentally sustainable, and enterprise-grade public network, empowering individuals and businesses to craft robust decentralized applications (DApps) for the decentralized economy.

Conceived as a more equitable and efficient system, it overcomes the limitations inherent in older blockchain-based platforms, notably slow performance and instability.

Funded through an initial coin offering (ICO) in August 2018, the platform subsequently launched open access to its mainnet in September 2019, a little over a year later. During the ICO, investors had the opportunity to acquire the platform’s native utility token (HBAR) at the most attractive entry point.

The HBAR token assumes a dual function within the Hedera public network, serving a multifaceted purpose that underpins the platform’s operational efficacy.

Preeminent among its functions, HBAR serves as the fuel that drives Hedera’s diverse range of services, encompassing smart contracts, file storage, and everyday transactions. Furthermore, it plays a pivotal role in bolstering the network’s security, as HBAR holders can stake their tokens to contribute to the platform’s integrity and overall stability.

Hedera (HBAR) is the indigenous cryptocurrency of Hedera Hashgraph, a pioneering platform that seeks to supplant traditional blockchain technology by excelling in velocity, efficiency, and security.

Traditional blockchains often rely on proof-of-work (PoW) consensus mechanisms to validate transactions, whereas newer blockchain architectures have opted for proof-of-stake (PoS) models. In contrast, the Hedera Hashgraph system boasts a bespoke structure, meticulously crafted from the ground up for this project. Built upon a PoS framework, Hedera is designed to enhance the efficiency of transaction verification, provide robust security, and safeguard the network against malicious hacker attacks. At its core lies the innovative hashgraph consensus algorithm, complemented by a global enterprise governing body.

Hedera Hashgraph is a pioneering distributed ledger technology (DLT) that distinguishes itself from other blockchains through its innovative consensus algorithm, aptly named hashgraph. As stated on the project website, this novel approach is designed to accelerate transaction processing, eliminate latency, and optimize the TPS (transactions per second) metric. By leveraging hashgraph, Hedera aims to revolutionize transaction speed, cost, and scalability, thereby setting a new standard in the industry.

Hedera’s core network services:

The Consensus Service (HCS) facilitates a decentralized negotiation process, wherein clients dispatch messages to the network to establish a consensus on timestamping and ordering. Notably, the state is stored offline, allowing users to exercise precise control over privacy and access parameters.

The Hedera Token Service (HTS) empowers customers with seamless token creation and management capabilities, boasting built-in tokenization features.

The primary objective of Hedera’s hashgraph is to significantly enhance the velocity of transactions. Furthermore, the network is also geared towards facilitating high-volume operations, encompassing micropayments, ensuring data integrity, and tokenization.

Similar to the EVM, the Hedera network operates a virtual machine that executes smart contracts written in the Solidity programming language, thereby facilitating seamless interactions. Moreover, Hedera provides an additional layer of security by incorporating built-in Know-Your-Customer (KYC) and Anti-Money Laundering (AML) checks.

From a technical standpoint, Hedera embodies a form of distributed ledger technology. It employs a hashgraph, a consensus algorithm wherein users concur on the sequential order of transaction execution. Notably, Hedera diverges from traditional blockchain architecture, boasting its unique characteristics and operational modalities. The hashgraph consensus mechanism ensures that all transaction branches are consolidated, with no block equivalent discarded, and each contributing to the attainment of consensus.

One of the network’s most distinctive features is the innovative Gossip-about-Gossip protocol. As explained by Dr. Leemon Baird, the visionary behind Hedera, nodes within the system randomly disseminate information about themselves to other nodes via hashgraph, leveraging the Gossip protocol. As a result, all nodes within a cluster rapidly become acquainted with one another. This process gives rise to a specific data structure, comprising a payload of transactions, a timestamp, a digital signature, and hashes linking to preceding structures.

Hedera’s native cryptocurrency, HBAR, serves as the lifeblood of the Hedera network, empowering a diverse range of applications. This versatile token facilitates payment for a variety of network services, including transaction fees, in-app purchases, and micropayments. Developers can leverage HBAR tokens to settle network fees, thereby enabling seamless interactions with smart contracts, file storage, and currency exchange. Furthermore, HBAR is utilized to incentivize and compensate network nodes, ensuring the integrity and efficiency of the network.

Hedera Hashgraph boasts a uniquely decentralized governance system, wherein all pivotal decisions pertaining to pricing policies, software updates, and wealth management are entrusted to the esteemed Governing Council.

The Visionaries Behind Hedera Hashgraph: Meet the Founders

At the helm of Hedera Hashgraph are its two visionary founders, Dr. Leemon Baird and Mance Harmon, who have spearheaded the development of this innovative technology.

Dr. Leemon Baird, the esteemed inventor of the hashgraph distributed consensus algorithm, presently serves as Hedera’s chief scientist.

Prior to founding Hedera Hashgraph, Baird amassed over a decade of experience in diverse computer science and security roles, having previously served as a senior research scientist at the Academy Center by Cyberspace Research. Additionally, he holds the position of co-founder and Chief Technology Officer at Swirlds Inc., a pioneering platform for building decentralized applications (DApps).

On the other hand, Mance Harmon, a seasoned technology executive and entrepreneur with a proven track record, serves as Hedera’s CEO. With nearly two decades of executive experience under his belt, Harmon has held prominent roles at esteemed firms, many of which specialize in IT security. Notably, like Dr. Leemon Baird, Harmon also co-founded and currently helms Swirlds Inc. as its CEO.

Beyond the founders, the Hedera leadership team boasts a diverse and accomplished group of over a dozen individuals, many of whom have enjoyed distinguished careers marked by notable achievements.

Unveiling the Unparalleled Advantages of Hedera Hashgraph

Unlike most other cryptocurrency platforms, Hedera Hashgraph diverges from the norm by eschewing a traditional blockchain foundation. Instead, it pioneers a revolutionary distributed ledger technology, aptly termed a Hashgraph, which breaks new ground in the realm of decentralized systems.

This innovative technology enables significant enhancements over numerous blockchain-based alternatives across several crucial aspects, including velocity, cost, and scalability. Notably, Hedera transactions boast an average transaction fee of a mere $0.0001 USD and typically achieve finality in under five seconds. Furthermore, Hedera Hashgraph asserts its capability to process an impressive throughput of over 10,000 transactions per second (TPS) — a stark contrast to the 5-20 TPS achieved by most popular proof-of-work (PoW)-based blockchains.

The platform boasts a comprehensive suite of network services, encompassing:

  • A token service that empowers users to effortlessly configure and mint both fungible and non-fungible tokens (NFTs) on Hedera, all within a few lines of code.
  • A consensus service that serves as a trusted layer for any application or network requiring a secure, tamper-evident, and verifiable log of events.
  • Smart contract tools that enable developers to craft powerful, efficient, and highly scalable decentralized applications.
  • Decentralized file storage services boasting innovative features, including proof-of-deletion, controlled mutability, and time-based file expiration.

The Circulating Supply of Hedera Hashgraph (HBAR) Coins: An Overview

The Hedera Hashgraph token, HBAR, boasts a capped total supply of 50 billion units, with approximately seven billion already in circulation as of January 2021, representing a modest 14% of the overall supply.

Hedera releases periodic reports outlining the schedule for the forthcoming unlocking of HBAR tokens. These reports are accessible

here

.

According to Hedera’s resources, the two project founders each hold a substantial coin grant of two billion HBARs, equivalent to a 4% stake in the total supply, with vesting periods spanning six years.

Notably, other senior executives at Hedera, who joined the team prior to 2018, have been allocated substantial coin grants ranging from 250 million to 300 million tokens. These tokens are subject to a vesting period, which is set to conclude in December 2021.

According to Hedera’s Economics Whitepaper (published in June 2020), it is estimated that approximately 17.03 billion HBAR will be in circulation by 2025, which represents a substantial 34% of the total supply.

The Security Architecture of the Hedera Hashgraph Network

Hedera Hashgraph employs a pioneering consensus mechanism, dubbed Hashgraph consensus, to ensure the unwavering security of its network.

This employs a rotating governing council comprising up to 39 organizations, boasting exceptional diversity across 11 distinct industries. These entities are entrusted with guiding the Hedera codebase, casting votes on platform decisions, and operating the inaugural nodes on the Hedera public network.

Hedera employs a pioneering proof-of-stake (PoS) mechanism, empowering HBAR users to stake their resources and contribute to the network’s security. Currently, all Hedera nodes are overseen by either Hedera itself or the governing council members, with plans underway to transition to a permissionless system in the future.

Notably, Hedera’s robust security framework ensures the attainment of “asynchronous” Byzantine fault tolerance (ABFT), thereby guaranteeing the precise timing and sequential order of a set of transactions, even in the event of delayed or lost data.

Where to Acquire Hedera Hashgraph (HBAR): A Comprehensive Guide

HBAR, a highly sought-after digital asset, is readily accessible for trading on a multitude of esteemed exchange platforms, notably Binance, Bittrex, and Huobi Global.

Among the most sought-after HBAR trading pairs are HBAR/USDT, HBAR/BTC, and HBAR/ETH, with additional fiat trading options available, including HBAR/USD, HBAR/KRW, and HBAR/INR, catering to diverse market demands.

For a detailed overview of purchasing cryptocurrencies with fiat currencies, please refer to our exhaustive guide.

Associated Resources:

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Discover Polkadot (DOT), a revolutionary blockchain engineered for unprecedented scalability.

Delve into the realm of decentralized applications (DApps) with CoinMarketCap Alexandria, your premier guide to the innovative world of blockchain technology.

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