Hedera (HBAR)

How Has Hedera Grown during the Years?

Since its launch in 2018, Hedera has experienced steady growth, marked by key milestones each year. In 2018, Hedera Hashgraph introduced its mainnet, showcasing its groundbreaking consensus algorithm and laying the foundation for enterprise-level applications. By 2019, the network began onboarding major global companies to its Governing Council, reinforcing its reputation for decentralized governance.

In 2020, Hedera achieved notable adoption milestones, with increased use cases across industries such as healthcare, supply chain, and finance. The introduction of the Hedera Token Service in 2021 further expanded its capabilities, enabling the creation and management of custom tokens on the network.

A pivotal moment came in 2022, when the Hedera Governing Council decided to make the Hashgraph algorithm open source under the Apache License, promoting transparency and innovation. In 2023, Hedera celebrated over 20 billion transactions on its network, reflecting its growing popularity and usage. By 2024, Hedera had established itself as a leading platform for decentralized applications, supported by a thriving developer community and continuous advancements in scalability and security.

Interesting Facts About Hedera

Hedera is a distributed ledger technology that stands out for its unique Hashgraph consensus algorithm, offering faster, more secure transactions than traditional blockchains. With its innovative approach and strong enterprise adoption, it has gained recognition for its scalability, efficiency, and eco-friendly design.

• Unique Consensus Protocol: Hedera runs on the Hashgraph consensus algorithm, which is a novel approach to distributed ledgers, differing from traditional blockchains by eliminating miners and block-based data structures. Instead, it uses a “gossip about gossip” mechanism that enables faster and more secure transactions through a system known as asynchronous Byzantine Fault Tolerance (aBFT).
• Impressive Transaction Speed: Known for its high throughput, Hedera supports thousands of transactions per second (TPS), which significantly improves efficiency compared to many blockchain platforms. Its ability to process transactions quickly while keeping fees low makes it suitable for both enterprise and individual users.
• Decentralized Governance: The Hedera network is managed by a decentralized Governing Council consisting of influential global corporations from various industries, such as Google, IBM, and Boeing. This governance structure ensures that decision-making is distributed, maintaining a balance of control.
• Eco-Friendly: Hedera's algorithm is designed to be energy-efficient. Unlike Proof of Work systems, which rely on energy-intensive mining, Hedera’s consensus method requires far less energy, making it a more sustainable option for both users and businesses looking to minimize their carbon footprint.
• HBAR Cryptocurrency: Hedera’s native token, HBAR, is central to the network’s operations. It is used to pay for transaction fees, participate in governance decisions, and stake to secure the network. HBAR plays a key role in the overall functioning of the Hedera ecosystem.
• Adopted by Major Enterprises: Hedera has gained traction within the enterprise sector, with numerous large companies leveraging its capabilities for applications such as supply chain management, healthcare solutions, and financial transactions. Its scalability and low transaction fees are key reasons for its growing enterprise adoption.
• Smart Contracts and Tokenization: Hedera also supports the creation of decentralized applications (dApps), tokenized assets, and smart contracts. This opens up a wide range of possibilities for developers to build on the Hedera network, particularly in sectors such as finance, entertainment, and beyond.
• Open-Source Code: As of 2022, Hedera’s Hashgraph algorithm was released as open-source under the Apache 2.0 license. This decision allows the broader developer community to contribute to the network’s growth and enhance its capabilities.