A decentralized governed- public distributed ledger. A public LEDGER can be viewed as a data management or storage system similar to a database system of bank records. Hedera is able to achieve this by using Hashgraph technologies instead of the other alternative technologies such as Blockchain. Google announced in February 2020 that it will join IBM, Tata Communications, Boeing, LG, and others on the governing council of crypto network Hedera Has
Each of the council has the responsibility to:
Maintain and host initial network nodes
Establish a governance framework for global markets
Overseeing the software run from hundreds of thousands of nodes that scale and the overall direction of the Hedera code face
While they also try to figure out the best practices and guidelines for the future of the industry as cryptocurrency begins to blossom throughout the world.
In a world where everyone has to look out for themselves and trust is thin-even more so on the internet. Hedera was formed- wanting to make the internet and the transactions that take place a more trust-able service. Developers and coders that use the Hedera API allow decentralization to occur by allowing greater transparency.
Consider if YouTube or another streaming music service used Hedera, they would be able to payout directly to the artists or an ad service that doesn’t require other services to deal with users and end consumers would decrease the cost of servicing they also wouldn’t require audits.
How many coins out of its total stock is said to be in circulation?
As of October 2021, there are 15,018,941,582 HBAR in circulation. That is 30% of its 50 billion total stock.
What purpose does the coin itself serve?
HBAR is the native, energy-efficient cryptocurrency of the Hedera public network. Hbars are used to power decentralized applications and protect the network from malicious actors.
Since Hedera is a proof of stake network, every node has a weighted influence on the network, which is proportionate to the number of HBARs staked to that node.
There are two main functions for hbars:
Using it to pay for network services and incentive nodes to contribute computing resources to the network. With HBARs you can choose to pay for goods and services and pay application and transaction fees.
Another option is to poxy stake them into the network security by adding them to an existing node which will maintain the security and integrity of the operations while also earning the poxy staker a small share of transaction fees.
What is Hashgraph?
Using Nodes to pass along information via virtual voting and gossip protocol as well as using hashgraph consensus algorithm provides a new platform for distributed consensus. Some of the attributes commonly used to refer to or describe Blockchain are distributed, transparent, consensus-based, transactional, and flexible. Hashgraph bears all these features. However, it is a data structure and consensus algorithm that is much faster, fairer, and more secure than blockchain
Performance
Scalability
Fairer ordering
Best in Class Security
Built on and FOR trust- using the “gossip protocol” each user has a copy of the transaction to prevent bad apples from neglecting the system. It would only take one person to own 1/3 of HBAR to overthrow the voting system, but due to how it's made they wouldn't have enough money or enough computer resources to pull off the overthrow. Each node doesn’t communicate using bandwidth, instead, they use mathematical voting systems to agree on the order of transactions, each node passes along a who (which node did they receive this information from) what (was the original hash and the transaction hash) and when (did the transaction occur); every time a transaction occurs.
