What is HBAR?

HBAR Introduction

Dual Role of HBAR

HBAR is the native and efficient cryptocurrency of the Hedera public network. Within the Hedera network, HBAR is used not only for paying application transaction fees but also for protecting the network from attacks through a proof-of-stake mechanism. This setup makes HBAR critically important to network operations.

Network Fuel

The first role of HBAR in the Hedera network is as a means of payment for network services. Developers use HBAR to pay for various network services, such as transfers, minting fungible and non-fungible tokens, calling smart contracts, and logging data. Each transaction requires HBAR to cover fees compensating consensus nodes for bandwidth, computation, and storage resources.

Network Protection

As an open-source, proof-of-stake network, Hedera's second role is as a protector of the network. When users stake HBAR to network nodes, they have a weighted influence on consensus decisions for processing transactions. The weighted voting mechanism makes it difficult and costly for a bad actor to maliciously affect consensus—it would require a centralized authority to own and stake more than one-third of the network's total HBAR supply, a challenging and expensive feat.

Core Services of the Hedera Network

Hedera not only offers basic transaction and smart contract functionalities but also emphasizes enhancing network capabilities through its Consensus Service (HCS) and Hedera Token Service (HTS). HCS allows clients to send messages to negotiate consensus timestamps and order, while HTS supports built-in tokenization features, enabling clients to easily create and manage tokens.

The Advantages of HBAR: Efficiency, Cost, and Speed

High Processing Capability

The Hedera network can handle 10,000 HBAR cryptocurrency transactions per second on a single shard and ledger without sacrificing network security or stability. This high throughput is unmatched by many traditional blockchain technologies.

Low Transaction Costs

Thanks to the lightweight Hashgraph consensus mechanism, the cost per HBAR transaction is extremely low, about $0.0001. Combined with high throughput, micropayments using HBAR have become a reality.

Quick Transaction Confirmation

In the Hedera network, HBAR transactions achieve finality on the ledger within three to five seconds. This quick confirmation ensures reliable payment settlements and provides a modern digital experience within applications.

What is Hedera

Hedera's Technical Architecture

Hedera is a decentralized, open-source, proof-of-stake public ledger that uses a leaderless, asynchronous Byzantine Fault Tolerance (aBFT) hashgraph consensus algorithm. Unlike traditional blockchains, it offers high throughput, quick transaction confirmations, low and predictable fees, and fair transaction ordering, ensuring optimized network performance and reliability.

Robust Governance Structure

Hedera is managed by a decentralized and transparent Governing Council comprised of leading global enterprises, universities, and Web3 projects. This council prevents collusion and ensures network fairness and security. Hedera's codebase and ecosystem standards are open-source, developed collaboratively by the community through Hedera Improvement Proposals (HIPs).

Rich Application Ecosystem

Hedera supports high-performance Ethereum Virtual Machine (EVM) smart contracts and offers easy-to-use native tokenization and consensus service APIs, enabling developers to create real-time Web3 applications and ecosystems. These applications and ecosystems are expected to drive the future of the internet, providing unmatched performance, security, and compliance in the large-scale tokenization of digital assets.

Hedera Use Cases and Ecosystem Diversity

Tokenization of Real-World Assets

The Hedera platform greatly simplifies the tokenization process for both real-world and digital assets, enhancing their liquidity, transparency, and divisibility. This transformative potential of tokenization is revolutionary for the asset and financial markets.

Consumer Engagement and Loyalty

Whether for globally recognized brands or individual creators, Hedera streamlines the issuance of NFT membership and reward tokens in real-time, fostering a trustworthy ecosystem and enhancing consumer engagement and loyalty.

Sustainability

Leveraging Hedera's low-energy network, developers can build or deploy sustainability solutions, benefiting from world-class governance support to advance environmental and sustainability projects.

Decentralized Finance (DeFi)

Developers can use optimized EVM smart contracts on Hedera to create new or migrate existing decentralized exchanges, lending protocols, oracles, network bridges, and other DeFi applications.

Decentralized Identity

Hedera supports the management of decentralized identities in a secure, standards-based, and privacy-respecting manner, ensuring the safety and privacy of user identity information.

Decentralized Logs

Hedera enables the creation of low-cost, scalable, and publicly verifiable logs of data, utilizing native consensus timestamps to record payable events, supply chain provenance, IoT sensor data, and more.

NFT Marketplace

On Hedera, developers can build the next big NFT marketplace or community, creating and minting unique tokens representing digital media, physical assets, and more.

Payment Systems

Hedera supports secure, real-time, and ultra-low-cost payment solutions using HBAR, stablecoins, or proprietary cryptocurrencies.
Founders of Hedera Hashgraph

Dr. Leemon Baird: A Technical Pioneer

Dr. Leemon Baird, co-founder of Hedera Hashgraph and the inventor of the hashgraph distributed consensus algorithm, serves as Hedera's Chief Scientist. Prior to founding Hedera, Dr. Baird accumulated over a decade of experience in computer science and security, working as a senior research scientist at the Academy Center by Cyberspace Research. He is also the co-founder and CTO of Swirlds Inc., a company focused on developing decentralized applications (DApps).

Mance Harmon: Entrepreneur and Leader

Mance Harmon, CEO of Hedera, is an experienced technology executive and seasoned entrepreneur. Harmon has held senior positions in major companies within the IT security industry for nearly two decades. Like Dr. Baird, he is also a co-founder and CEO of Swirlds Inc.

Under the leadership of these founders, Hedera not only advances technologically but also maintains a robust governance structure. Hedera's management team includes numerous industry leaders, and its Governing Council, comprising up to 39 term-limited, highly diversified top organizations and businesses, ensures the governance of software changes, network stability, and ongoing decentralization.

Official Links of HBAR

Website:  https://hedera.com/ 

Twitter:  https://twitter.com/hedera 

Discord:  https://hedera.com/discord 

Telegram:  https://t.me/hederahashgraph 

Steps to Buy HBAR on LBank

Purchasing HBAR tokens on the cryptocurrency exchange platform LBank is straightforward. Here's a step-by-step guide:

1. Log into your account: Ensure you're registered and logged into your LBank account, then click the "Trade" option in the top menu bar to start the trading process.

2. Search for HBAR: Use the search function within the trading platform to find "HBAR", locate the trading pair, such as HBAR/USDT, and click to enter its dedicated page.

3. Place an order: In the HBAR/USDT trading page's spot trading area, enter the amount of HBAR you wish to buy. If you want to complete the purchase immediately at the current market price, select a market order and then click the "Buy" button.

4. Confirm the order: A confirmation window will pop up. After verifying the order details are correct, confirm to place your order. Once the transaction is successful, the purchased HBAR will automatically be deposited into your LBank spot wallet.

Buy Now:  https://www.lbank.com/trade/hbar_usdt