The Hedera Consensus Service (HCS) acts as a trust layer for any application or permission network and allows for the creation of an immutable and verifiable log of messages. Application messages are submitted to the Hedera network for consensus, given a trusted timestamp, and fairly ordered.
So, people can use HCS to track assets across a supply chain, create auditable logs of events in an advertising platform, or even use it as a decentralized ordering service. Let’s discover more about this interesting project.
Why Hedera is Growing So Much?
Hedera is an open-source Proof-of-Stake blockchain, powered by the hashgraph distributed consensus algorithm. That puts three services on the table:
- Smart contract services: Developers are able to program in Solidity and use an Ethereum Virtual Machine or EVM called Besu. One optimized for Hedera.
- Consensus services: This makes it possible for applications to “tap into” Hedera’s tamper-proof blockchain. For example, submitting messages to the public ledger and even encrypting them. Messages that are final once that happens and can be used for various contracts, applications, and so on.
- Token services: More specifically anything from minting to managing fungible as well as non-fungible tokens on Hedera. Even 10,000 transactions per second at very low fees are possible, with immediate finality.
It all started with a vision – a vision of how the internet could work, which required technology that simply did not exist.
Then came #hashgraph; then came #Hedera.
That vision is now being realized, but our story has only just begun. #HelloFuture #HBAR pic.twitter.com/ULWCaHqmLp
— Hedera (@hedera) August 9, 2023
HBAR Use Cases
The HBAR cryptocurrency lies at the center of this ecosystem, with two main roles:
- Developers use it to pay for various network services such as transfers and token management. So the role of let’s say fuel.
- Nodes use it for staking or proxy staking, so the network protection role. This weighted voting system provides disincentives for bad actors who want to deploy malicious strategies. Because they’d need more than a third of the HBAR supply to do so.
Why did @droppcc (showcased by FedNow) decide to build in the #HBAR ecosystem? š¤
The answer is simple, unmatched scalability and the leading @Hedera Governing Council of financial giants and beyond.
Thank you @CoinDesk for hosting @SushilDropp š«” pic.twitter.com/CP6m7hGFMY
— HBAR Foundation (@HBAR_foundation) August 21, 2023
Conclusion
In terms of governance, a diverse group of major companies are council members that can have a say in the future of the protocol.
While Hedera may not be the most decentralized project out there. Use cases abound, from payments and tokenized asset creation to credential verification and private ledger building. Perhaps the main idea is that what it lacks in terms of decentralization, it makes up for professionalism.
ā¬ļøĀ For more cryptocurrency news, check out theĀ Altcoin BuzzĀ YouTube channel.
ā¬ļøĀ Our popularĀ Altcoin Buzz AccessĀ group generates tons of alpha for our subscribers. And for a limited time, itās Free. Click the link and join the conversation today.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
