Introduction to Hedera Hashgraph (HBAR)
Hedera Hashgraph serves as an alternative to the Blockchain network. Instead of being a chain of blocks like the Blockchain network, Hedera Hashgraph constitutes a graph. The graph facilitates an increase in the speed of authentication of transactions with the addition of more transactions to the network. Hedera Hashgraph is driven by DAG (Directed Acyclic Graph) technology. The technology of Hedera Hashgraph enables the execution of over 100,000 transactions per second. Today, the network of Hedera Hashgraph executes 6.5 million transactions daily. In a nutshell, Hedera Hashgraph is more secure and faster than the Blockchain network.
What is Hedera Hashgraph mining?
Hedera Hashgraph cannot be mined as the network of Hedera Hashgraph is operated by the Hedera Governing Council. When the member count of the Council exceeds 39, the non-Council members of Hedera Hashgraph will be able to govern the nodes of the network and receive rewards in the form of HBAR tokens. However, even though Hedera Hashgraph cannot be mined, it can be used for staking HBAR. Hedera Hashgraph employs a proxy staking system to allow the token holders who do not operate their nodes to put their HBAR assets on stake to others’ nodes.
Need of Hedera Hashgraph Mining
Hedera Hashgraph is faster and more secure than the Blockchains of Bitcoin and Ethereum. The nodes of the Hedera Hashgraph network employ the asynchronous Byzantine Fault Tolerance (aBFT) system to provide the highest security for the execution of transactions. The platform of Hedera Hashgraph has been created by the programming language Solidity which drives the execution of smart contracts. Hedera Hashgraph mining also enables the development of dApps, DeFi products, and more. It is important to engage in Hedera Hashgraph mining for the reasons mentioned below:
- HBAR: HBAR is the cryptocurrency token of the Hedera Hashgraph network that enables the execution of highly customizable transactions at a low fee across the network.
- File Service: Hedera Hashgraph provides excellent file service for distributed and redundant file storage with granular control features like deletion and append. Smart contracts Hedera Hashgraph enables the execution of smart contracts for the automatic application of logic and for the creation of decentralized applications that target a bunch of probable use cases.
- Consensus Service: Hedera Hashgraph mining employs the consensus service that helps in acquiring secure, fair, and fast consensus across the network.
Is It Profitable to Mine Hedera Hashgraph (Hbar) Coin?
It is profitable to invest in the Hedera Hashgraph coin. However, it is important to note that the HBAR Coin is not mineable. HBAR is one of the foremost altcoins in the cryptocurrency universe and its market is growing as well thereby drawing in more crypto enthusiasts for investing in the HBAR token.
What’s the Current Hedera Hashgraph Price?
The current price of the Hedera Hashgraph (HBAR) coin is $0.2213. HBAR is the energy-efficient and native cryptocurrency token of Hedera Hashgraph. The daily charts of HBAR indicate a bearish trend in the Hedera Hashgraph market. The crypto-token receives significant support at the price level of $0.16. However, there is an ample amount of resistance at the price level of $0.26. Based on expert Hedera Hashgraph price prediction, it seems that there might be a long-term increase in the price of the HBAR coin to $0.89 within the next five years.
Future of Hedera Hashgraph (HBAR)
In the future, Hedera Hashgraph is going to work on the development of the newly -launched Hedera Token Service to enable every user to create tokens at the network. In the coming years, it will only cost $0.001 to transfer tokens across the network of Hedera Hashgraph. The team of developers at Hedera Hashgraph is also planning to launch a host of upgrades that include a reduction of the amount of downtime during the maintenance of the network and more.
Moreover, the network will also be improved to facilitate scheduled transactions and multiple authentications of the same transaction. The Hedera Hashgraph network is also seeking to employ the technology of sharding to increase the number of transactions every second. The team of developers at Hedera Hashgraph raised funds from institutional investors by conducting token sales in order to use the funds for the development of the Hedera Hashgraph consensus technology in the years to come.
The Hedera Hashgraph network will continue to make great progress in the near future. There is a positive rally in the price trend of the HBAR token and it is believed that the price of the token shall increase within the next few years. Since its inception, Hedera Hashgraph has entered into multiple significant partnerships with top-tier corporations like Google, AdsDax, Carbon, and more. Today, the network of Hedera Hashgraph consists of more than 60 crypto wallets and is associated with hundreds of council members, token issuers, custodians, and exchanges.