Hedera (HBAR)
- HBAR unique management structure.
- Google LG and IBM nodes on Hedera Hashgraph Network.
- HBAR 900% plus price gain.
What is HBAR?
Hedera Hashgraph is a distributed network that serves as a platform whereby people can transact and deploy applications. It came into being in 2018 as a brainchild of Lemon Baird and Mance Harmon.
It differs from other blockchain projects as it is powered by underlying software from a group of businesses overseas. The management structure allows the network to command high transaction speeds for the native token HBAR. Additionally, the group is tasked with allowing only a set of approved nodes to determine transaction history.
The Hedera Hashgraph network operates efficiently by restricting the number of nodes that participate in time stamping and transaction ordering. The management structure has also allowed it to reduce the prospect of transactions changing in the future.
As of the end of last year, it had gained traction in a number of high-profile companies, including LG, Google, and IBM. The high-profile companies are some of the notable nodes on the network.
Is HBAR a good investment
HBAR is a good Investment going by the number of high profile companies that have already shown strong interest in the project. It stands out partly because it leverages a unique data structure used in categorizing transactions.
Hashgraph is the unique feature that allows the network to process more transactions at any given time compared to other blockchain networks. Additionally, it boasts of some of the lowest cost structures, making it extremely cheap.
The network leverages the Hash graph consensus mechanism, which ensures that all nodes in the network are in agreement with the underlying transaction history. The mechanism comes with Consensus nodes that ascertain transaction ordering and history. The mirror nodes, on the other hand, are tasked with conveying information to the community throughout the network.
Hedera Hashgraph’s competitive edge compared to other blockchain networks stems from the fact that it relies on limited nodes to verify history. This way, it can avert the possibility of transactions being corrected in the future.
Should I buy HBAR today?
HBAR is the native energy-efficient virtual currency that powers the Hedera network. At inception, the total number of HBAR coins was capped at 50 billion. As of the start of 2021, about 7 billion of the coins were in circulation.
The limited number of HBAR is one of the factors that continues to drive the coin’s value in the market amid growing demand and increased use case of the Hedera network.
HBAR serves the primary role of being the unit of payment on the network. Developer’s use HBAR to pay for network services such as creating applications. Additionally, it is the mode of payment for fees upon people transferring coins to other addresses or managing fungible and non-fungible tokens on the network. Additionally, one must pay some fees for logging some data on the network.
For every transaction, people must compensate the network for bandwidth in the form of HBAR fees.
HBAR technical analysis
HBAR has appreciated significantly since the start of the year. HBARUSD is up by more than 900% for the year, affirming its growing credentials as a worthy investment in the market. It has outperformed Bitcoin, the flagship cryptocurrency, up by more than 230% year to date.
Amid the impressive run, HBAR is down by about 30% from its all-time highs. The pullback does not come as a surprise, as 2021 has become extremely volatile for most virtual currencies. Given that the coin is trading above the 200-day moving average, the upward momentum looks intact.
Likewise, HBAR value looks set to continue increasing amid the growing focus on cryptocurrencies. With Bitcoin at record highs above the $60,000 level, much smaller virtual currencies elicit strong interest, especially those showing tremendous prospects and differentiation in the vast blockchain space.
The energy-efficient cryptocurrency looks set to continue eliciting strong interest at a time when advocates are becoming increasingly focused on energy-efficient projects. The amount of energy that it takes to mine one BTC has always been a bone of contention, given that most of the energy comes from fossil fuels. In contrast, HBAR is an energy-efficient altcoin.
HBAR price prediction
While Hedera Hashgraph has turned out to be a gift that keeps on giving, its native coin continues to attract ambitious price targets in the market. The impressive 500% plus gains registered year to date are already eliciting suggestions that HBAR has what it takes to power to the $1 a coin level.
After trading sideways for some time, the coin has started edging higher as it closes in on the $0.40 a coin level. While the $1 level looks far-fetched, HBAR has what it takes to bounce back to all-time highs of $0.58 before the end of the year, given the bullish momentum in the overall crypto sector.
How to buy HBAR
As one of the fastest-growing cryptocurrencies, a number of exchanges have already added support for HBAR. Consequently, people can purchase the energy-efficient coin with ease on Binance, Gate.io, and Uphold.