Hedera Hashgraph is a third-generation public ledger which has followed in the footsteps of cryptocurrency giants, Bitcoin and Ethereum. It is a platform that is considered faster and more secure than ordinary blockchains, and a public network used for transactions in a safe and trusted environment.
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Choose your quick section of our Hedera Hashgraph review below.
A Quick Overview of our Hedera Hashgraph Review:
Hedera uses the concept associated with distributed leger technology (DLT) which is designed to follow a specific sequence referred to as directed acylic graph (DAG).
Hedera Hashgraph Live Price
What is Hedera Hashgraph?
Hedera Hashgraph is a third-generation public ledger which has followed in the footsteps of cryptocurrency giants, Bitcoin and Ethereum. It is a platform that is considered faster and more secure than ordinary blockchains, and a public network used for transactions in a safe and trusted environment.
Key Features and Takeaways of Hedera Hashgraph
Hedera Hashgraph is a unique and third-generation blockchain network and platform with the following key features and takeaways:
Hedera uses the concept associated with distributed leger technology (DLT) which is designed to follow a specific sequence referred to as directed acylic graph (DAG).
DLT is a digital system which is used for the recording of transactions involving assets, stored in several places simultaneously.
DAG refers to a mathematical graph theory involving the “flow” of data which does not have directed cycles and which does not form a closed loop. By using this concept, Hedera has achieved the highest level of security possible while it has also improved ease of transaction.
Work on Hedera initially started to achieve distributed consensus on a large scale, with the first breakthrough referred to as a “Hashgraph”, which is a type of distributed ledger designed for private implementations.
Hedera continued to cultivate the concept surrounding the Hashgraph and eventually, key advantages of it were capitalised.
Hedera currently has the ability and capacity to handle four million transactions per day, with more than 100 000 registered accounts on its mainnet.
Hedera’s native token, HBAR can be used to buy and sell cryptocurrencies. It can also be used on other financial transactions. Even though the symbol for it is “h”, HBAR is a common replacement term.
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Staking Overview
HBAR cannot be mined as result of the consensus mechanism that is used. However, there are platforms like Hedera that offer users with the opportunity to earn additional cryptocurrency by contributing to the network. This can be achieved on Hedera through staking HBAR.
The process involved with staking refers to users participating in the validation of transactions. When users stake, they are locking a certain number of coins in their wallet for a predetermined period.
Many platforms like Hedera encourage users to stake HBAR as it helps the platform stabilise the price of their currency. The rewards that users can get from staking HBAR will depend on the amount they stake and how long the user intends to keep them locked up.
Staking on Hedera is great for those who are beginners on the platform. The reason for this is that beginners will not need a significant amount of resources to keep track of their investment. In addition, staking does not require a substantial amount of crypto.
The process involved with staking in Hedera is not as stringent as that on other platforms. With other platforms, once the user has staked their coins, they cannot do anything with it. The user’s tokens are locked up until the predetermined period ends.
However, Hedera allows account holders to have full control over their staked coins. The HBAR that users stake are not locked up, so when users need to have access to their coins, they can use their HBAR without restrictions, or penalties.
Users must, however, note that when they pull HBAR back from staking, they will not receive the corresponding rewards for staking.
Staking Process
Once a user has decided that they want to stake HBAR, they receive a minimum balance that they must meet to qualify for staking. Once this balance has been met, HBAR will be deposited into the network as a stake.
The network then comes to a consensus on the transaction, updating the involved nodes. Once the cycle has ended after 24 hours, accounts that reached their contribution threshold are rewarded, and payments are automatically deposited into the wallet of the user.
Additional rewards that users can get from Hedera’s treasury account scale on the amount that the user stakes.
Pros and Cons
| ✔️Pros | ❌Cons |
|---|---|
| Hedera achieves a high level of security, even with many malicious actors on the network | Hedera Hashgraph is not open-sourced but patented |
| Hedera Hashgraph is faster than Bitcoin, Ethereum, and several other blockchains as result of transactions being processed in parallel | There are only 19 governors which brings decentralisation into question |
| The platform supports same object-orient programmed language, Solidity, which is used for smart contracts | |
| Hedera offers low fees and rapid transactions |
Transaction Fees
| Type of Fee | Information |
|---|---|
| Trading Fees | From 0.08% |
| Withdrawal Fees | 0.1 HBAR |
Should you buy Hedera Hashgraph?
The distributed technology that Hedera presents is revolutionary in what is fast becoming a dominant blockchain-driven world. The additional technologies that it employs such as virtual voting and the gossip protocol for consensus, along with aBFT, provide for a fast and secure network that is geared towards fairness for all.
Even though Hedera’s codebase is patented, it remains open-sourced, allowing anyone to participate in the network, including developers who can develop decentralised applications (DApps) without having a license first.
In addition, Hedera allows for users to stake their coins to receive rewards, allowing investors to hold significant stakes on the platform while reaping benefits and offering stability to the network.
This gives investors a positive ROI on their investment and it works to draw in more investors. Even though the crypto space is flooding with projects claiming that they are the next best Bitcoin, Hedera boasts with superior Hashgraph technology that sets it apart from the rest.
How to buy Hedera Hashgraph (HBAR)
Step 1 – Register an account with Gate.io
Navigate to the official Gate.io website and select the option to “Sign Up” from the homepage.
Complete the online registration form by providing country/region, a selected username, email address, and user-selected password. Read and accept the User Agreement and Privacy and select “Next”.
Create a fund password and select “Create Account”. Complete the “I am not a robot” reCAPTCHA. Check your email inbox for the activation email and click on the link in the email. If the link does not work, you can copy and paste the URL into your browser.
Log into your account using your credentials and complete the reCAPTCHA.
Check your email again for the verification email that contains the 6-digit code and click on “Confirm”. Enter the code that you received into the blocks provided and select “Log In” to proceed.
Before you can use the platform to purchase Hedera Hashgraph/HBAR and other cryptocurrencies on Gate.io, you must complete the “Know Your Client” or KYC procedure to verify your identity and your proof of residence.
Click on “KYC Now” at the bottom of the webpage to start the process.
Select whether you are an individual or an organisation by selecting “Verify Now” under the relevant option.
Select your country from the dropdown list, enter your full name followed by confirmation thereof. Select your ID document type and provide your ID Number as shown on your official ID Document.
Click on the first image to upload a clear photo of the front of your ID document followed by a clear photo of the back of the document.
Next, write your Gate.io unique ID on a piece of paper and take a photo of yourself holding up your identity document (front) and the paper containing your unique ID.
Once you have done this, click on “Confirm and Submit”.
Next, you must enable the Timed One-Time Password (TOTP) to be able to log into your account. This can be done by clicking on “Set Now” at the bottom of the page.
On the new page that loads, select “Click here” to set up Two-factor Authentication.
Download Google Authenticator onto your mobile device by making use of any of the abovementioned methods.
Follow the steps indicated to add your Gate.io account by scanning the QR code or entering your unique key.
Enter the TOTP, your fund password, and the code sent to your email address and select “Enable Two-factor Authentication”. With this setup, you must use the Google Authenticator app to sign into your account every time.
Step 2 – Deposit funds
You must note that Gate.io is only a crypto-to-crypto exchange which means there is no fiat gateway. The only way through which funds can be added, is to transfer an existing crypto into your Gate.io wallet.
HBAR can only be bought through Tether/USDT or Bitcoin/BTC while it can be traded with USD as a futures contract.
Navigate to the deposit/withdrawal section by hovering over your account and selecting the relevant option. Choose from the list of coins in which you can make a deposit and select “deposit” next to the appropriate coin.
You will be redirected to a page which generates a deposit address for the coin that you wish to deposit.
Copy this address, or scan the QR code, into the wallet where you are making a withdrawal from and depositing to Gate.io and wait for the relevant blockchain to confirm your transaction. Once the transaction has been completed and verified by the nodes on the chain, the coins will be sent to the Gate.io wallet and you can start trading HBAR.
Step 3 – Explore your trading options
Gate.io offers a variety of ways through which cryptocurrencies can be obtained. Each of these can be explored individually depending on your trading needs and objectives.
To start trading HBAR, select the option from the “Trade” Menu. Enter “HBAR” into the search bar to see which trading options are available.
For spot trading, for instance and as an example, select HBAR_USDT. Once you have selected, you will be directed to the exchange page which corresponds to the cryptocurrency pair HBAR/USDT.
Here, you will see that you have the option to buy or sell HBAR either as a limit order, grid trading, or as a time condition. The most common trading method is that of limit trading and thus it will be used for this guide.
Step 3 – Buy HBAR through via Limit Order
To buy HBAR and create a limit order for it, you can enter the amount of HBAR you want to purchase, and the price you want to buy it at in USDT. This tool will tell you what the overall cost is in USDT, or any other chosen counter-currency, which will be deducted from your wallet once the order has been executed.
Step 4 – Sell HBAR through via Limit Order
To sell HBAR, find the panel under the chart and create a limit order for USDT according to your own preferences. Note that with a peg to USD, HBAR that you exchange for USDT will hold the flat value that it has despite market conditions in the cryptocurrency market.
Step 5 – Withdraw funds
To withdraw funds, you will use the same page in Gate.io which was used to make a deposit.
Click on the deposit/withdrawal option on your Account dropdown and find the wallet of the currency that you wish to withdraw. You can do this easily by using the search bar provided.
Instead of a deposit address being generated, you will do this on the exchange, or the wallet being used as the destination for withdrawal of funds from Gate.io. Paste the address of the receiving wallet in the field provided and provide your Gate.io fund password, email code, and TOTP before selecting “Submit Request”.
Frequently Asked Questions
When was Hedera Hashgraph first launched?
In 2016.
Who founded Hedera Hashgraph?
Hedera Hashgraph was developed by Dr. Leemon Baird.
What is “ICO”?
It is Initial Coin Offering that, unlike an IPO, does not mean that those who invest in the cryptocurrency will have an ownership stake of the company that they provide funds to.
When was Hedera Hashgraph’s ICO and how much did it raise?
During 2018 in which more than a billion ZAR was raised.
Is Hedera Hashgraph legit?
Yes, Hedera Hashgraph and HBAR are both legit.
What is Hedera Hashgraph’s total supply?
HBAR has a total supply of 50 billion coins.
What is the purpose of Hedera Hashgraph?
It aims to personalise the digital world in ways that have not been explored, going beyond blockchain for developers to provide fast, fair, and secure cryptocurrency solutions.
On which blockchain is Hedera Hashgraph based?
Hedera Hashgraph is based on its own blockchain.
Does Hedera Hashgraph work with smart contracts?
Yes, Hedera Hashgraph uses the same programming language that Ethereum uses, namely Solidity, which means that it supports smart contracts.
Does Hedera Hashgraph have potential to become more valuable?
Yes, Hedera offers unique and promising solutions that is set to make it more valuable in time.
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