Hedera Hashgraph (HBAR) - a cryptocurrency, like a Minority Report

You know the movie "Minority Report", which predicted who, where and when would commit the crime and detained the perpetrators before the crime? Ivy Hashgraph (HBAR) is a network and a cryptocurrency that are to operate on a similar principle - thanks to the knowledge accumulated in other blockchains, they will predict the decision and accept the transaction to save time and money. Sounds like science fiction? Definitely more scientific than fantasy ...

We continue the cycle of the Forex Club portal, in which we analyze and describe the largest, highest-valued, most interesting, most developmental, advanced and also the most controversial cryptocurrency projects around the world. Today it's time for Hedera Hashgraph (HBAR) - a network that may turn out to be more than artificial intelligence.

Giants co-create Hedera Hashgraph

Let's start with who cooperates in the development of the Hedera Hashgraph network so that it is immediately known that this is not an anonymous startup with exorbitant ambitions, but a project signed by the largest companies in the world. 

Hedera Hashgraph co-creates 39 companies and organizations from around the world. Among them are such giants as: IBM, TATA Communications, Boeing, Deutsche Telecom or Nomura. What attracted them to this project? Its innovativeness, and in this case it is certainly not an exaggeration word. 

How does Hedera Hashgraph

Hedera Hashgraph is a decentralized network that allows e.g. for building secure applications, cheap payments, creating smart contracts, digital signature, as well as confirming the authenticity of documents. 

It may appear to be similar to Ethereumbut it works on completely different principles. Admittedly, smart contracts programmed in the Solidity language are in projects blockchain nothing extraordinary, but designing applications using ready-made libraries that are available to all developers is a rarity.

However, this is not the greatest innovation proposed by a computer science professor Leemon Baird and Mance Harmon, who has been working for years as the director of cyber security at the US Air Force Academy. They invented… a new internet. But why invent something that has conquered the world, so it works great? In order to improve the design, which with the dynamically developing technology is already a bit outdated, and thus generates unnecessary costs and waste of time. They call it a trustworthy public distributed ledger. How it's working? Completely different from today's blockchain networks. 

New internet, new blockchain

First of all, the project is based on a distributed consensus algorithm. The Hashgraph Whitepaper explaining this was published on May 31, 2016. We read in it, among others that the previous confirmation of the transaction, where it has to be accepted by many nodes, is deprecated. Hedera Hashgraph changes that by omitting… voting. So how can the network still be secure?

Leemon Baird explains it like this:

Leemon Baird

“If we attach a little information to each statement, each of us could have a full history of how we spoke to each other and in what order. If I had this information, I would know what you know and when you learned it. I would know what you know about what Alice knows and what you know about what Alice knows about what Bob knows. And when they learned it. I would know so much that I could take one of those big, impractical, and too slow voting algorithms and use it bypassing the voting itself. I could say: I know how you would vote so don't bother. I'll pretend you voted and I'll go straight to the conclusion. "

In this way, a confirmation is created that does not generate costs - because every previous event is known and on this basis, it is possible to automatically deduce future behavior and know whether it is probable or not. 

It is all based on the HBAR token, of course, which makes it easier to operate in the ecosystem and carry out transactions. 

HBAR cryptocurrency quotes

As of August 30.08.2021, XNUMX, the HBAR token can be purchased at 29 cryptocurrency exchanges. There are 8 units traded out of a target of 805 units valued at $ 029, which translates into a market cap of over $ 190 billion. The peak of trading took place on March 50, 000, when HBAR tokens cost 000 USD.