What Is Hedera Hashgraph & How to Exchange HBAR on Swapzone?
Blockchain technology has become extremely popular all over the world, but even the technology itself is flawed. It faces a myriad of challenges, all of which are related to the necessity for balance between decentralization, scalability, and security. Different blockchain protocols have offered unique solutions. However, none has been able to provide a concrete solution to these problems. However, one project, Hedera Hashgraph, has gone out of its way to find techniques to push DLT (distributed ledger technologies) beyond blockchain.
It was created by computer scientist Leemon Baird and technology executive Mance Harmon. Together, they formed a company known as Swirlds in 2015. In 2018, Hedera Hashgraph raised $124 million from its HBAR cryptocurrency sales. As a private network, it intends to gradually allow more entities to join the network until it’s ready to go public. In this article, we’ll take a look at what Hedera Hashgraph is, its key features, and how you can exchange it on Swapzone for the best rates.
What is a Hedera Hashgraph?
Hedera Hashgraph is a public distributed ledger and governing body that supports both new and existing applications running at a web-scale. By utilizing the Hashgraph consensus algorithm, Hedera achieves the same result as other blockchains but in a way that’s fairer, faster, and energy-efficient. Unlike other blockchains, it can process thousands of transactions every second without sacrificing speed.
It was actually born out of a desire to find a better way to perform distributed consensus. The results of this desire is what led to the creation of the Hashgraph algorithm and eventually Hedera Hashgraph. Its inventive design provides the network with superior speed capabilities along with scalability that lacks in early DLT platforms. Thanks to its asynchronous Bizantine Fault Tolerance algorithm, it offers state-of-the-art security. Let’s take a look at some of its key features.
Key Features of Hedera Hashgraph
Hedera is an improved version of DLT (distributed ledger technology) that offers security and decentralization through using hashing. Just like any other blockchain, Hedera is capable of achieving the same results as other public blockchains. However, in terms of stability, security, and energy efficiency, it is way better.
Here are some of the key features of Hedera Hashgraph:
- HCS (Hedera Consensus Service): Hedera utilizes the Hashgraph consensus mechanism to ensure that all nodes in its network agree on transaction history. It does this through the use of two types of nodes; consensus nodes & mirror nodes. Consensus nodes determine transaction ordering and history, while mirror nodes provide information to other stakeholders throughout the network. This way, it ensures that transactions don’t get undone later on.
- HTS (Hedera Token Service): The HTS allows applications to mint, manage, and configure tokens, without the need to create and deploy smart contracts. These tokens can represent several things such as in-game reward tokens to stablecoins.
- Decentralized Governance: Hedera is governed by up to 39 top organizations and businesses that make decisions over issues such as network pricing, software upgrades, treasury management, among others. Some of these governing members include Swirlds, Tata Communications, Nomura, Magalu, LG, IBM, Google, DLA Piper, Wipro, FIS (WorldPay), Deutsche Telekom, and Boeing.
Why Is Swapzone the Best Place to Exchange HBAR?
The cryptocurrency exchange market is full of HBAR exchanges today. It might be a little challenging locating the best HBAR cryptocurrency exchange platform. Therefore, if you are looking for the best HBAR crypto marketplace, Swapzone is the solution for you. It’s the best HBAR exchange service in the market.
Not to mention, Swapzone offers an easy-to-use beginner-friendly web interface. For those having difficulties, it comes packed with a lot of online tutorials to help you hit the ground running. The best part is that it’s a non-custodial platform which means that it doesn’t handle or manage any of your funds. Therefore, making it a safe platform to exchange Hedera Hashgraph coins.
Here’s a step-by-step procedure of how to exchange your Hedera Hashgraph on Swapzone:
Step 1. Proceed to the Swapzone website.
Step 2. Look for the “Select Pair” tab and choose the kind of cryptocurrency and the subsequent amount that you wish to exchange.
Step 3. In the “Get Up To” section, select Hedera Hashgraph.
Step 4. Enter the correct information in the tabs. Once you’ve done so, you will see different exchange rate offers displayed on Swapzone.
Step 5. Go through the different offers filtering them using factors such as price or transaction time.
Step 6. After going through the different offers and settling on a particular rate, simply click on it and choose “exchange”.
Step 7. You will be prompted to enter your relevant wallet details. Once you do so, click on “Proceed to Exchange.” This will complete the transaction.
Step 8. Let the transaction take place and for your deposit to be processed.
Step 9. Your transaction is complete now.
Step 10. We recommend leaving an honest review of the service. And that’s it. Your Hedera Hashgraph token exchange is complete.