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Hedera Hashgraph is a highly performant and secure network well-suited for building decentralized applications (dApps). Using Hedera for dApps provides high transaction speeds and low latency.
A gas fee is required to execute a transaction on the network in a distributed ledger technology such as the Ethereum blockchain or Hedera Hashgraph. The gas fee in Ethereum Blockchain is paid as Ether (ETH). Gas fees are used to incentivize validators or miners in the network as a reward for validating and processing transactions on the network.
In the previous article, we learned the core concepts of Hedera Hashgraph with examples and how it works. This article will look at the top Hedera Hashgraph use cases across different industries. So let’s get started.
Hedera Staking is a mechanism that allows users to participate in the Hedera network by staking their Hedera Hashgraph (HBAR) tokens. By staking their tokens, users become validator nodes on the network, which helps to secure the network and validate transactions. In return for their participation, users are rewarded with a percentage of the network’s transaction fees, paid out in HBAR tokens. The staking process is relatively simple, and users can do it by holding a certain amount of HBAR tokens in their digital wallet. The more HBAR tokens a user stakes, the higher their chances of earning rewards.
The invention of smart contracts was a game changer in the blockchain and DLT space. It enabled the automation of processes and the creation of decentralized applications (dApps) on blockchain and DLT networks. This invention has made blockchain and DLTs expand their impact on different industries and not just be confined to the application of cryptocurrencies.
In recent years, blockchains have significantly impacted various business sectors. However, cryptocurrencies get a bad rap for their carbon footprint. The largest cryptocurrency, Bitcoin, is estimated to consume 150 terawatt-hours of energy annually; this exceeds Argentina’s usage. However, not all cryptocurrencies are power hogs.
In the previous article, we learned about the Hedera hashgraph in detail with examples. In this article, we’ll dig a bit deeper into the working of Hedera Hashgraph consensus mechanism. To brush up on the basics, a hashgraph is a decentralized ledger, similar to a blockchain. It uses “asynchronous Byzantine Fault Tolerance” consensus mechanism to […]
Blockchain has been a reliable technology for over a decade and has been applied in many specialized disciplines. Although the concept of a chain of cryptographically secure blocks was first proposed at the start of the 1990s, blockchain technology only became widely known after the launch of Bitcoin in 2008. In contrast, Hedera Hashgraph was […]
Hedera has created a unique position among the current blockchains and public networks. With an innovative consensus algorithm, it claims to be one of the fastest and most secure DLTs available in the market. For entrepreneurs, Hedera goes beyond blockchain to usher in the next era of quick, equitable, and secure applications. So, should you […]
