Good morning everyone,
welcome to the Crypto Futuro channel. Today we are going to talk about HBAR, a cryptocurrency
that already exists a couple of years ago, but it was only in 2021 that it began to
gain the popularity it really deserves, rising exponentially in price and hitting
historical highs that many do not even know. They imagined, although however, today
we have it at the prices that it was 3 months ago , less than half its highest price,
so thanks to this market correction we can accumulate more of this incredible
currency. Which despite being quite well known, not everyone really understands how it works
and what its objectives are. That is why in this video I will try to explain
as best as possible what Hedera Hashgraph is , what its HBAR cryptocurrency is for and how the
technology of this project could change the Crypto ecosystem completely.
So if you
are ready let's start with the video. Although first and as I always tell you, remember to
subscribe to the channel and activate the bell so that YouTube will notify you every time I upload a
new video so you don't miss any. If you've never heard of Hedera
Hashgraph, let me tell you that this project is very different from others we
previously covered on the channel, Hedera is an open review consensus algorithm that was
developed in 2016 by Dr. Leemon Baird. Hedera is a public and decentralized network,
owned by a global council that governs and makes the decisions of this project. Council
that was founded by Dr. Baird's company called Swirlds Corporation, but of
which other large companies such as Google, IBM, LG and many others are part.
All of these together, make up Hedera Hashgraph and act as a single entity.
Hedera is the only public ledger that uses the incredible and unique
Hashgraph algorithm, together with its native token Hbar. These tokens or
native cryptocurrencies of this project serve as fuel for the operation of
its decentralized applications, to secure Hedera's proof-of-stake network and of course
also to make payments within it.
But now, although when you hear all this you may already be
thinking that we are talking about a blockchain, let me tell you that it is not like that, since the
Hasgraph technology is not a blockchain, but is an alternative to it.
An alternative to whom many call, the next blockchain or the
next generation blockchain. Since in a similar way to a chain of blocks,
Hashgraph is itself a transparent and decentralized ledger where all
the transactions carried out within the network are reflected , which can be seen by everyone and
that at the same time cannot be modified. But its way of working is in itself
very different from a blockchain in many aspects and we could even say that it
is better than a blockchain in certain things. The transfer of information
within this network is carried out using a technique that imitates or tries to emulate, one
of the most efficient human techniques at the time of transmitting information from one
place to hundreds of other places in an incredibly fast way, through of
rumors or also known as Gossip. You already know that when we tell a gossip
to another person, this, whether we like it or not, ends up spreading quickly everywhere
until it reaches all of our friends and family, since the spread of gossip
is almost impossible to stop.
And this same thing to what we know as Gossip, is
translated in English with the word Gossip , which was also used to name the mechanism
that Hashgraph has to transfer information. Hashgraph uses a protocol called
Gossip-About-Gossip, which for example unlike a proof of work blockchain that
has its miners processing data block by block, Hashgraph uses a
totally different network architecture called DAG. Hashgraph's DAG is made up of several
information containers, which it calls "Events" , which are transferred
through the nodes of the network as if they were notes on a musical instrument.
I am going to give an example given by the same Hedera Hashgraph project so that you understand well
how this curious consensus protocol works: Imagine that we have eight computers with their
respective users that go from Alice to Hank, Alice has a transaction or an "Event"
that you want to send, you put it inside a message, and that message is sent using the
gossip protocol, this means that you send your message to a random person, that person sends it
to another random person, that person sends it to another and so on on until
absolutely everyone knows your message.
Now Bob and Carol have transactions
that they want to send, just like before, they put them inside messages and send them to
random people so that they again distribute them throughout their network of contacts.
Finally we have many transactions that everyone knows, but we want to know which
of these was the first to be carried out or at what exact moment they were sent,
well for this we can simply keep a record of the exact times in
which they were sent and delivered, in order to mix them to be able to clearly know the
order of them and not generate confusion. These events will all be perfectly
ordered and will then be composed of a transaction, a time, a signature and
two cryptographic hashes. With just these two hashes the ledger or ledger
can get a complete history of how this information … or let's say, these
rumors spread throughout the network. So basically, this is a solution
similar to the blockchain but it works in a different way. But now,
how good is the technology used by Hedera Hashgraph if we compare it with
blockchains like Bitcoin or Ethereum? Well, Hedera differs from these two in
several aspects …
First of all in speed, since while bitcoin can process up to
7 transactions per second and ethereum 15… Hedera Hashgraph is capable of processing an incredible
10,000 transactions per second. But other things that we all look at in a
system like these is the cost per transaction, what is the commission charged for using
the network? Well, in Bitcoin and Ethereum we can expect commissions of approximately $ 20
per transaction, as long as the latter is not very congested and its gas fees increase
considerably. While in Hedera the commissions are as low as 0.0001 dollars
that are paid in HBAR, the native currency of the network, but this is a commission that is also fixed,
so it will not change according to the price of the currency, but it will always be the same.
Hedera a significant advantage and truly incredible potential. In addition to its
security protocol, which is the well-known aBFT, which is too technical to explain
so I do not want to extend too much, but this is simply a
consensus algorithm that allows honest nodes of a network to guarantee the agreement between time
and order a group of transactions fairly and safely to prevent malicious attacks.
Which basically means that in addition to being a fast and inexpensive network, it is also
highly secure, everything we can ask for. Like a blockchain, the different fields
to which this technology can be applied are truly infinite, such as payments,
health, insurance, data collection, DeFi, gaming, supply chains and everything you can
Moreover, some companies have already joined forces with this project to carry out
their own applications such as Boeign, Google, LG, IBM, TATA COMMUNICATIONS and many
more that are to come. So maybe this is a good time to take advantage of
entering a great project like this one. The HBAR cryptocurrency is currently
in the 51st position of the cryptocurrencies with the largest market capitalization, it has
a current price of only 17 cents, a capitalization of one and a half
trillion dollars and almost 9 trillion tokens in circulation. Will this technology be the one that will supplant the
blockchain in the future due to its great speed, economics and low environmental impact? Will it be able to
surpass its historical maximum that it had only 3 months ago and thus achieve double our
money? I think all of this remains to be seen. And so friends is how we end
today's video, I hope you found it interesting, if so, do not forget to leave
a simple like and subscribe to the channel that helps me a lot to continue
bringing you more and better videos .
Thank you all very much for having
listened to me for these minutes, I say goodbye and I hope to see you again soon in a next video,
bye. Oh, and remember … the future is crypto..