HBAR is a cryptocurrency that was created in 2017 by Hedera Hashgraph, a company that provides a decentralized public network for creating and deploying decentralized applications. The HBAR cryptocurrency is used to pay for transactions on the Hedera network, which is designed to be fast, secure, and scalable.
One of the main features of the Hedera network is its use of the Hashgraph consensus algorithm, which is a more efficient alternative to traditional blockchain technology. Hashgraph uses a gossip protocol to achieve consensus, which allows it to process transactions quickly and securely. The network can handle up to 10,000 transactions per second, making it one of the fastest blockchain-based networks available.
HBAR is the native cryptocurrency of the Hedera network, and it is used to pay for transaction fees and network services. The cryptocurrency can also be used to participate in governance decisions on the network, such as voting on proposals and electing council members.
The supply of HBAR is fixed at 50 billion tokens, and new tokens are released into circulation as transaction fees are paid. The Hedera Council, which is made up of members from different industries and regions around the world, is responsible for managing the network and making decisions about its development and direction.
One of the benefits of HBAR is its low transaction fees. The fees are typically much lower than those associated with traditional payment systems, making it an attractive option for businesses and individuals looking to save money on transaction costs.
HBAR can be stored in a variety of cryptocurrency wallets, including hardware wallets, software wallets, and web wallets. The cryptocurrency can also be traded on several cryptocurrency exchanges, making it easy for investors to buy and sell HBAR tokens.
In summary, HBAR is a cryptocurrency that is used to pay for transactions on the Hedera network, which is designed to be fast, secure, and scalable. The cryptocurrency has low transaction fees and can be stored in a variety of cryptocurrency wallets. While it is still a relatively new cryptocurrency, HBAR has the potential to become a popular option for businesses and individuals looking for a fast and efficient way to conduct transactions.