Why Should Investors Care About This Underplayed Cryptocurrency

May

20

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Why does Hedera distinguish out as a one-of-a-kind cryptocurrency opportunity?

What if I informed you that there is a cryptocurrency out there that is controlled by a number of Fortune 500 firms, including Alphabet and IBM, that is utilized for a variety of fascinating projects and use-cases, and that you can purchase it for just $0.10 per token? Another thing to remember is that it is not a blockchain. Hedera Hashgraph (HBAR -3.74 percent) is just that.

What Is Hedera Hashgraph?

Hedera Hashgraph, like other cryptocurrencies, is a global record of transactions, however, Hedera is unusual in that it does not utilize blockchain technology. Hedera rather employs a hashgraph, a consensus technique invented by Leemon Baird, Hedera’s co-founder and computer scientist. Hedera is distinctive in that it is the only cryptocurrency that uses Hashgraph technology, which is copyrighted. The various nodes in a hashgraph “gossip” to one another to form a time-sequenced record of all transactions.

Fast, Cheap, And Powerful 

This hashgraph technology, according to Hedera, is “a quicker, more secure alternative to blockchain technologies.” Hedera can handle 10,000 transactions per second and finish them in a matter of seconds. The lower fees are another feature of using Hedera; these transactions cost a fraction of a cent. Many initiatives have been driven to the Hedera ecosystem because of its low cost and high performance.

Blue-Chip Backers

Hedera is backed by a number of important blue-chip businesses from both the IT and non-tech sectors. Hedera is run by a board of governors that includes CEOs from Alphabet, ServiceNow (NOW 3.52 percent), and IBM, as well as producers like Boeing and Avery Dennison and major telecom firms like Deutsche Telekom and Tata Communications.

From Streams To Drones 

Having a lot of Fortune 500 companies on board is wonderful, but it signifies little if they aren’t working on the project. Skeptics of cryptocurrency have said that it is a “solution seeking for a problem.” However, Hedera is already being used in a variety of real-world situations, and many creative projects are being built atop it.

Tune.FM, for instance, is a streaming service based on Hedera that promises to give up to 90% of streaming revenue to artists on its platform. Traditional streaming companies’ payments pale in significance to this high compensation ratio. Tune.FM utilized Hedera to mint and issue its JAM tokens, which can be used to reward musicians via micropayments, as well as NFTs, which may be used by artists to create profit and provide followers special exposure to artwork or a limited launch by a favorite artist. Because of its cheap transaction costs and near-instant settlement timeframes, Tune.FM selected Hedera for this initiative.

Avery Dennison’s atma.io cloud platform will cooperate with Hedera to enable firms to measure the carbon emissions of their products over their life cycle using distributed ledger technology, while Neuron is experimenting with utilizing Hedera to monitor flight information for robots.

 

About the author, Awi Khan

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