What Makes Hedera Unique?

Hedera (HBAR) stands out as a cryptocurrency that operates on a hashgraph blockchain. The Hedera Hashgraph powers cryptocurrencies, smart contracts, and DApps, offering a range of benefits. This innovative blockchain is supported by major corporations and utilizes a different proof-of-stake consensus algorithm to provide faster transactions, lower fees, and reduced energy consumption compared to traditional cryptocurrencies. To delve deeper into the workings of Hedera and determine its relevance to your cryptocurrency strategy, continue reading this comprehensive guide.

Understanding Hedera

Hedera is a cryptocurrency that operates on the unique Hedera Hashgraph blockchain. This blockchain facilitates cryptocurrencies, smart contracts, and DApps, supported by a distinct version of the proof-of-stake consensus protocol. Notably, Hedera is backed by leading companies like Google, IBM, and others, ensuring its credibility in the market. The consensus mechanism of Hedera incentivizes validators with the HBAR currency, effectively driving the network's operations.

Noteworthy Features of Hedera

One of the standout features of Hedera is its utilization of a unique communication protocol different from traditional proof-of-work blockchains like Bitcoin. The Hedera distributed ledger operates on nodes managed by prominent corporations like Google and IBM, employing a "gossip protocol" algorithm to facilitate rapid and cost-effective transactions. With a capacity to handle over 10,000 transactions per second and settlement times ranging from three to five seconds, Hedera offers unparalleled efficiency. Additionally, the average transaction cost on Hedera is a mere $0.0001 cent, significantly reducing the energy consumption associated with mainstream blockchains.