What is HBAR
Hedera Hashgraph is a third-generation public ledger for dApps. It was co-founded by Mance Harmon and Dr. Leemon Baird in Dallas in 2018. Hedera Hashgraph hopes that future public ledgers will be migrated to the Hedera Hashgraph ledger to take advantage of the network’s security, and transparency among other benefits. There are three main services offered by the project: Solidity-based smart contracts, consensus, and token services.
The Hashgraph Consensus powers the network and prioritizes security, fast transactions, and low bandwidth consumption. The hashgraph distributed consensus algorithm was validated as an asynchronous Byzantine Fault Tolerant (ABFT). Such a consensus algorithm also allows for high energy efficiency allowing the project to go carbon negative. According to Hedera’s website, one transaction on the project’s blockchain consumes 0.00017 kWh producing 0.0000205494552 kgCO2 whereas, for example, Bitcoin requires 1,736.85 kWh and produces 825.00 kgCO2 per transaction. As Hedera grows with additional nodes appearing, carbon offsets are purchased accordingly every quarter. The Hedera Hashgraph network is based on the HBAR token and has a high throughput, low fees, and finalizes transactions in a matter of minutes.
In 2022 Hedera is planning to make the Hedera Hashgraph code open-source under Apache 2.0 license. This is believed to attract new contributors and allow for broader community participation.
