How To Buy Hedera Hashgraph (HBAR)?
A common question you often see on social media from crypto beginners is “Where can I buy Hedera Hashgraph?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process.
Step 1: Create an account on an exchange that supports Hedera Hashgraph (HBAR)
First, you will need to open an account on a cryptocurrency exchange that supports Hedera Hashgraph (HBAR).
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In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.
Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.
Step 2: Deposit funds into your account
Many cryptocurrency exchanges will allow you to purchase Hedera Hashgraph (HBAR) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.
Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.
Step 3: Buy Hedera Hashgraph (HBAR)
This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Hedera Hashgraph (HBAR) or Hedera Hashgraph (HBAR) trading pairs. Look for the section that will allow you to buy Hedera Hashgraph (HBAR), and enter the amount of the cryptocurrency that you want to spend for Hedera Hashgraph (HBAR) or the amount of fiat currency that you want to spend towards buying Hedera Hashgraph (HBAR). The exchange will then calculate the equivalent amount of Hedera Hashgraph (HBAR) based on the current market rate.
Note: Make sure to always double-check your transaction details, such as the amount of Hedera Hashgraph (HBAR) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.
For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out.
What Is Hedera Hashgraph (HBAR)?
Hedera is a public distributed ledger and governing body built from the ground-up to support new and existing applications running at web scale. Developers use distributed ledger technologies to build computational trust directly into their applications. This allows individuals and businesses who might not know or trust each other to quickly and inexpensively collaborate. Public distributed ledgers allow for creating and exchanging value, proving identity, verifying and authenticating important data, and much more.
The Hedera network is governed by a council of leading global enterprises, across multiple industries and geographies. Its vision is a cyberspace that is trusted and secure, without the need for centralized parties with inordinate influence. Its licensing and governance model protects users by eliminating the risk of forking, protecting the integrity of the codebase, and providing open access to review the underlying software code. Platform governance will be decentralized through the Hedera Governing Council, which will have a termlimited, rotating set of governing members that each have equal voting rights over key decisions relating to the platform.
What Makes Hedera Hashgraph Unique?
Unlike most other cryptocurrency platforms, Hedera Hashgraph isn’t built on top of a conventional blockchain. Instead, it introduces a completely novel type of distributed ledger technology known as a Hashgraph.
The Hedera network is a distributed ledger platform that resolves the factors that constrain adoption of public DLT by the mainstream. The platform is built on the hashgraph distributed consensus algorithm, invented by Dr. Leemon Baird. The hashgraph consensus algorithm provides near-perfect efficiency in bandwidth usage and consequently can process hundreds of thousands of transactions per second in a single shard (a fully connected, peer-to-peer mesh of nodes in a network). Initially, we anticipate that the Hedera network will be able to process 10,000 cryptocurrency transactions per second. Consensus latency is measured in seconds, not minutes, hours, or days.
How Is the Hedera Hashgraph Network Secured?
Hashgraph achieves the gold standard for security in the field of distributed consensus: asynchronous Byzantine Fault Tolerance (aBFT). Other platforms that use coordinators, leaders, or communication timeouts to improve performance tend to be vulnerable to Distributed Denial of Service (DDoS) attacks. Hashgraph is resilient to these types of attacks against the consensus algorithm because there is no such leader. Achieving this level of security at scale is a fundamental advance in the field of distributed systems. Many applications require that the consensus order of transactions match the actual order in which the transactions are received by the network. It should not be possible for a single party to prevent the flow of transactions into the network, nor influence the order of transactions in the eventual network consensus. A fair consensus algorithm ensures that if a user can submit a transaction to the network at all, then the transaction will be received by the network and the order in which it was received will be a fair ordering. Hashgraph uniquely ensures that the actual order transactions are received by the network will be reflected in the consensus order. In other words, hashgraph ensures both Fair Access and Fair Ordering.
Who Are the Founders of Hedera Hashgraph?
Hedera Hashgraph has two founders: Dr. Leemon Baird and Mance Harmon.
Dr. Leemon Baird is credited as the investor of the hashgraph distributed consensus algorithm and currently works as Hedera’s chief scientist. Prior to founding Hedera Hashgraph, Baird accumulated more than a decade of experience in various computer science and security roles and previously worked as a senior research scientist at the Academy Center by Cyberspace Research. He also holds the position of co-founder and CTO at Swirlds Inc., a platform for building DApps.
On the other hand, Mance Harmon is Hedera’s CEO and an experienced technology executive and seasoned entrepreneur. Harmon has around two decades of experience holding executive roles at prominent firms — many of which are in the IT security industry. Like Dr. Leemon Baird, Mance Harmon also holds a second position at Swirlds Inc., as its co-founder and CEO.
In addition to the founders, the Hedera leadership team also comprises more than a dozen individuals, many of which have had distinguished careers.
How is the Hedera network governed?
The Hedera network will be governed by a council of up to 39 leading global enterprises. Hedera Council members will bring needed experience in process and business expertise that has been absent in previous public ledger platforms. Council
membership is designed (i) to reflect a range of industries and geographies, (ii) to have highly respected brands and trusted market positions, and (iii) to encompass competing perspectives. The terms of governance ensure that no single Council member will have control, and no small group of members will have undue influence over the body as a whole.
How does the Hedera network handle forks?
If a small number of nodes wants to split off from the network and create a new ledger that is a fork of the current one,
these nodes have the technical ability to do so, and can even create the initial state of their new ledger to be identical
to the old ledger. So it is a fork. However, they will not be able to create an address book history reaching back to the
genesis address book, with the nodes of each address book signing the next one, because the majority of nodes (who
are not forking) will not sign the address book for the minority of nodes who are forking. This forces the new fork to
have a new genesis address book, and therefore a new unique identifier, and therefore a new name. Consequently, those
creating the fork will be unable to fool anybody into thinking the fork is the legitimate ledger. When a client submits a transaction to a node to send to the ledger, the client will receive in response from the node the cryptographic proof that their transaction has affected the shared state correctly. When Alice transfers cryptocurrency to Bob, both of them will be able to receive a cryptographic proof that the transaction succeeded. This proof includes the signatures reaching back to the genesis address book. So they not only verify that the transfer occurred, they verify that it occurred on the correct ledger. If a ledger forks, no client will ever be confused about which ledger they are dealing with because only one ledger at a time can have that name.
Furthermore, if the network’s stake of hbars were to split 50/50 between two groups of nodes, neither group of nodes would be able to prove a connection to the genesis address book. Rather than a fork, it would be the complete deconstruction of one ledger and the creation of two new ones. This would greatly reduce the value of the ledger to the nodes, because they would no longer be able to earn fees from the clients who want to access the original ledger. And all of the original cryptocurrency would, in a very real sense, cease to exist. This creates an enormous disincentive to forking. In this way, it is impossible to effectively create a deceptive fork of the Hedera ledger that would confuse users. Even if dishonest nodes create a forked copy of the Hedera ledger in order to try to deceive users into thinking the copy is the legitimate ledger, users would know that ledger isn’t valid because those nodes hosting the illegitimate fork would not be able to provide a valid state proof. And there is little incentive for nodes to openly create a forked copy, because there is unlikely to be much demand from users to shift to using an invalid version. So there are strong incentives to avoid forks, even aside from any legal incentives.
What function does the Hbar cryptocurrency serve to the network?
The purpose of Hedera is to provide a stable, trustworthy network for a wide variety of decentralized, enterprise-grade applications, not to provide a cryptocurrency. Like all public DLT networks, however, Hedera needs a cryptocurrency to function. Hbar is the native cryptocurrency of the Hedera network. Hbars are used to power decentralized applications, build peer-to-peer transactional models, and protect the network from malicious actors. Hbars serve two main functions:
Network Fuel – Hbars serve as a “fuel” to pay for network services and incentivize nodes to contribute computing resources to the network.
Network Security – As Hedera moves along the path to permissionless nodes, hbars will protect the network against cyberattacks through the network’s forthcoming coin-weighted, proof-of-stake consensus mechanism.
Hbars as “fuel” to pay for network services and incentivize node participation
All public DLTs need computers to serve as nodes in the decentralized network. These nodes serve two purposes:
Shared Ledger – Each node maintains a copy of the ledger of the balances in each network user’s account.
Execute Transactions – Nodes verify and execute new transactions and place those transactions into consensus order, so that user account balances are updated on an ongoing basis.
Each node must provide computing power to run the network’s consensus algorithm and process transactions. To incentivize nodes to participate—as computing power is not free—public DLTs typically compensate nodes with payment, often in the network’s native cryptocurrency. On the Hedera network, hbars are used as a “fuel” to pay for network services (i.e., to submit transactions, run smart contracts, store files, use the Hedera Consensus Service) and to reward nodes for providing their computing resources (bandwidth, processing power, memory) to the network. The fees per transaction are very low, requiring the ability to make micropayments in a form—an hbar—that is divisible to less than a penny. For example, transactions using the
cryptocurrency service or Hedera Consensus Service are expected to cost ~US$0.0001 (one one-hundredth of a cent).
Official website: https://hedera.com/
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