What is Hedera?

Hedera, also known as Hedera Hashgraph, is a public network that aims to enable individuals and businesses to create decentralized applications (DApps). It seeks to address limitations such as slow performance and instability that are often associated with traditional blockchain platforms. Hedera's native utility token, HBAR, plays a dual role within the network, powering services like smart contracts and file storage, and assisting with maintaining the platform's integrity. Hedera is based on a Proof-of-Stake (PoS) model, which is designed to enhance the efficiency of transaction verification and provide a high level of security.

How does Hedera work?

Hedera operates using a consensus mechanism known as hashgraph. This consensus algorithm is designed to allow Hedera to process and execute transactions faster, eliminate delays, and smooth out the transactions per second (TPS) indicator. Hedera's hashgraph consensus aims to increase the speed of transactions and is also focused on high-volume operations like micropayments, data integrity, and tokenization. Hedera maintains a virtual machine that writes smart contracts in the Solidity programming language and includes built-in Know Your Customer (KYC) and Anti-Money Laundering (AML) checks. Hedera's hashgraph allows users to agree on the order in which transactions should be performed, making it a form of distributed ledger technology.

What are the potential use cases for Hedera?

Hedera's features and capabilities may make it suitable for a range of use cases. Its transaction speed and efficiency may be suitable for applications that require real-time, scalable, and affordable crypto-payments. Hedera's token service allows for the creation and management of tokens, making it a potential platform for tokenization projects. The platform's smart contract tools enable developers to build decentralized applications. Additionally, Hedera's consensus service aims to provide a layer of trust for applications or networks that need a verifiable log of events. Hedera's decentralized file storage services include features like proof-of-deletion, controlled mutability, and time-based file expiry.

What is the history of Hedera?

Hedera was founded by Dr. Leemon Baird and Mance Harmon. Dr. Baird, the inventor of the hashgraph distributed consensus algorithm, currently serves as Hedera's chief scientist. Before founding Hedera, Baird had over a decade of experience in various computer science and security roles. Mance Harmon, Hedera’s CEO, is an experienced technology executive and entrepreneur with around two decades of experience in executive roles at prominent firms, many of which are in the IT security industry. Hedera was funded through an initial coin offering (ICO) in August 2018 and launched open access to its mainnet in September 2019. The platform's native utility token, HBAR, was introduced as part of the ICO.