Hedera, also known by its symbol HBAR, is a decentralised ledger platform that utilises Hashgraph technology. It is designed for efficient data management and transaction processing, offering services like decentralised applications (dApps), cryptocurrency payments, and identity management.
Hedera operates using a directed acyclic graph (DAG) structure rather than a traditional blockchain, leveraging a technology known as Hashgraph. It employs an asynchronous Byzantine Fault Tolerance (aBFT) consensus mechanism. This involves a "gossip-about-gossip" protocol for node communication and virtual voting to achieve consensus. This method allows for high throughput, low latency, and increased security, making it energy-efficient and scalable compared to conventional blockchain technologies.
Hedera Hashgraph serves multiple use cases across various sectors:
Hedera Hashgraph was founded by Dr. Leemon Baird and Mance Harmon. Dr. Baird developed the Hashgraph technology in 2015-2016. Hedera officially launched in August 2018, with its mainnet going live and the minting of 50 billion HBAR tokens. Over the years, Hedera has introduced various services like the Hedera Consensus Service and the Hedera Smart Contract Service, and it has evolved to incorporate major updates such as transitioning to open-source and introducing native staking. Throughout its history, Hedera has formed partnerships with prominent organisations, enhancing its market presence and technological offerings.