Hedera Hashgraph, also known as Hedera, is a decentralized public network and cryptocurrency that uses a unique consensus algorithm called Hashgraph. This guide will provide you with a detailed overview of Hedera, including its history, characteristics, and key features.
History of Hedera
2015: Dr. Leemon Baird, a computer scientist and mathematician, created Hashgraph, the consensus algorithm that underpins Hedera.
2017: Mance Harmon and Baird founded Hedera Hashgraph LLC, the company that developed and manages the Hedera network.
2018: The Hedera network launched in beta mode, allowing developers to test and build applications on the platform.
2019: Hedera launched its mainnet, enabling the public to use the network and its cryptocurrency, HBAR.
2021: Hedera formed a partnership with Google Cloud to host its nodes and improve network performance.
Characteristics of Hedera
Consensus algorithm: Hedera uses Hashgraph, a consensus algorithm that achieves fast transaction finality and high throughput.
Governance: Hedera is governed by a council of 21 organizations from various industries, including IBM, Boeing, and Google. The council members are responsible for ensuring the network’s security, stability, and growth.
Scalability: Hedera can handle hundreds of thousands of transactions per second, making it one of the most scalable public networks.
Security: Hedera uses a unique approach to security called asynchronous Byzantine Fault Tolerance (aBFT), which ensures that the network remains secure even in the face of malicious actors.
Cryptocurrency: Hedera’s native cryptocurrency is HBAR, which is used to pay for transactions on the network and incentivize node operators.
Key Features of Hedera
Smart contracts: Hedera supports smart contracts, which are self-executing contracts that can automate various business processes.
Tokenization: Hedera enables the creation and management of tokens on its platform, allowing for the creation of digital assets and currencies.
File storage: Hedera provides a secure and decentralized file storage solution, enabling the storage and retrieval of files in a trustless manner.
Identity: Hedera offers an identity service that enables individuals and businesses to verify their identity on the network securely.
How to Use Hedera
To use the Hedera network, you need to create an account and obtain some HBAR tokens.
You can buy HBAR on various cryptocurrency exchanges or earn them by participating in network activities such as staking or running a node.
Once you have HBAR, you can use them to pay for transactions on the network or participate in token sales and other activities.
To develop applications on Hedera, you can use the Hedera SDK, which provides various tools and libraries for building decentralized applications.
In conclusion, Hedera is a unique public network that offers fast, secure, and scalable transaction processing. Its governance model and consensus algorithm make it an attractive platform for building decentralized applications, and its various features make it versatile for a wide range of use cases.
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