Hedera Hashgraph uses their own cryptocurrency called HBAR, which is used to build peer-to-peer payment systems and develop micropayment solutions. They consider their cryptocurrency a third generation public ledger, over ‘first generation’ bitcoin and ‘second generation’ Ethereum. It has four main improvements over older forms of cryptocurrency
The first difference is that Heder Hashgraph’s cryptocurrency is patented rather than open sourced; open source means that the currency is decentralised and highly accessible, which is less secure. The patented nature of Hedera Hashgraph means any new entry has to pass through Swirlds, so it is highly secure.
Secondly, it has much faster transaction speeds than any blockchain cryptocurrency due toits use of the gossip about gossip protocol which requires less information – it has the capability to process up to 500,000 transactions per second, compared to blockchain’s 100-10000 transactions per second.
Thirdly, it’s much more efficient; as it doesn’t use the block approach, no currency gets wasted due to duplicated mining and no resources are discarded.
Finally, it uses virtual voting to gain network consensus rather than a consensus algorithm such as proof-of-stake or proof-of-elapsed time, which take money and energy to run. Hedera Hashgraph’s method is low energy and highly cost effective.
HBAR is the technical name for the native, energy-efficient cryptocurrency of the Hedera Hasgraph network. Hbars power the decentralized applications and protect against malicious actors. HBAR goes beyond blockchain technology to build a new form of cryptocurrency.
Fireblocks is a software platform which allows you to securely store, transfer and track your whole cryptocurrency ecosystem from one place. Up until now it has only been able to support blockchain based cryptocurrencies, but luckily now, Fireblocks supports Hedera Hashgraph cryptocurrency just as it has done other cryptocurrencies for several years now. Users will now be able to store and transfer the new currency on the Fireblocks network securely and safely.
Hedera Hasgraph cryptocurrency runs on HBAR and is essentially a highly developed form of cryptocurrency which is energy efficient and processes transactions at high speed, making it a staple of the future of cryptocurrency – which is now supported by Fireblocks.