What could be exciting as a cryptocurrency that has Fortune 500 businesses interested and involved? That cryptocurrency is called Hedera (HBAR) and it has the potential to challenge blockchain powerhouses like Ethereum and Bitcoin. The Hedera blockchain is a crypto protocol aiming to provide a network where everybody can deploy DApps and transact and has a group of businesses overseeing the network.
So, what could be the potential HBAR network price in the future for users and investors seeking to invest in the project? Let’s find out but first, we try to understand what Hedera is all about.
Hedera (HBAR): A Blockchain Like No Other
Hedera is a distributed network dubbed the trust layer of the internet and it enables users and businesses to build and deploy potent DApps on its network. The protocol is built to offer a more efficient and fairer system, which removes some of the drawbacks that earlier platforms based on the blockchain face. Drawbacks like instability and slow performance hindermost of these older platforms.
Hedera sought funding for its project through ICO in August 2018 and its mainnet was launched the following year in September. The ICO allowed investors to buy the native token of the Hedera platform called HBAR at a very cheap price. The token helps secure the blockchain network and it also powers Hedera services like file storage, smart contracts, etc.
Hedera ensures it is distinct from other blockchains in several ways. For instance, the blockchain allows high transaction speeds for HBAR, however, only approved Hedera nodes are allowed to partake in deciding transaction history. By doing this, Hedera can swiftly attain finality, which reduces the chances of happening later to the state of transactions. The team behind Hedera maintains that this is necessary to provide businesses with the required guarantee. It seems many big companies buy the idea too as top organizations like Boeing, LG, and IBM serve as network nodes as of 2020.
The Hedera Hashgraph
One of the ways Hedera makes itself unique is the kind of distributed network it deploys and that is the Hedera Hashgraph. Hedera Hashgraph is different from other conventional blockchains as its distributed ledger technology (DLT) doesn’t use the conventional blockchain. Instead, it uses a new kind of DLT called Hashgraph.
The Hashgraph is distinct and an enterprise-level public ledger using the hashgraph consensus instead of the blockchain consensus mechanism we are used to. Additionally, Hedera Hashgraph has the sole patent for this technology.
Similar to any blockchain, Hedera Hashgraph is a distributed database where each Hashgraph node possesses a copy of the network ledger that anybody can read or write from. Nevertheless, the public ledger on Hedera has main differences in how network participants reach consensus.
Hashgraph technology enables Hedera to improve in many key aspects over its blockchain-based counterparts such as scalability, cost, and speed. Transactions on Hedera cost an average of $0.0001 and it is generally completed in no more than 5 seconds. To add to that, it is claimed that the Hashgraph technology can complete 10,000 transactions in a second.
The Hashgraph was designed in a way to offer decentralized governance through the hashgraph consensus mechanism. By combining the utility and power of byzantine fault tolerance consensus with the innovative gossip about gossip protocol, Hedera is splitting consensus from governance through patented hashgraph technology.
This is possible due to the Hedera Governing Council members that comprise technology giants like IBM and Google and institutions like Deutsche Bank.
Hashgraph Consensus Service
To make sure every node on the Hedera chain agrees on the network’s transaction history, Hedera makes use of the Hashgraph consensus mechanism, which is run by two kinds of nodes: the mirror nodes and consensus nodes.
The consensus node determines transaction ordering and history, then the mirror node passes this data to other participants on the network. To ensure that transactions done will not be undone later, Hedera uses a limited number of network nodes to decide the blockchain’s transaction history. This is different from how many conventional blockchains reach consensus. Here, users that propose new block additions to the blockchain decide the state of the blockchain in mostly open market competitions.
The Hedera Governing Council oversees governance on the Hedera Hashgraph. The body is tasked with the responsibility of operating the consensus nodes, which decide transaction ordering and history. The body has a total of 38 sitting members as of 2020, and that includes the likes of Google, Boeing, etc. The role of the governance body is to vote on changes on the network, software management, ensuring proper allocation of funds, and protecting Hedera’s legal status in several jurisdictions.
There is limited space on the governance council by design and the maximum term every member can use up is two consecutive three-year terms. During members’ tenure, everyone has an equal vote on decisions regarding the network and platform. Although running mainnet nodes is exclusive to the governance council, for now, the team behind Hedera aims to make that available to anybody who wants to run these nodes in the future.
The HBAR Token
The native token of the Hedera Hashgraph is the HBAR, which plays a dual role in the network.
- The token is energy-efficient and it is utilized by developers when recording information and during the management of non-fungible tokens (NFTs) and fungible tokens. The token is used for transaction fees payment and for rewarding nodes that participate in the network.
- The second role is ensuring the security of the network using the Proof-of-Stake mechanism. Nodes can stake their tokens to secure the network via weighted voting. This ensures it is very costly for any intending bad actor to try and affect or attack the consensus as it will require a stake that is equal to one-third of the total supply of the Hedera token. This is quite unachievable even in the first five years of the token after it was released in 2019.
Transacting HBAR is very swift and this is possible due to Hedera utilizing a single shard on a single ledger without affecting the stability or security of the blockchain. Moreover, the hashgraph consensus is light computationally and its transaction fee is incredibly cheap. This makes HBAR the perfect candidate for high-frequency transactions and micropayments creating a perfect setting for enterprise-level and developers DApps.
HBAR has a maximum supply of 50 billion HBAR with a verified circulating supply of 9.29 billion HBAR as of August 10, 2021. There are regular reports on when the next batch of HBAR tokens will be released. The two founders of the Hedera Hashgraph are allocated 2 billion HBAR each which are vested over a period of six years. Senior executives that joined the project before 2018 are allocated HBAR ranging from 250 million to 300 million tokens. The vested period for these tokens will end this year in December. By 2025, we could have 17.03 billion HBAR in circulation.
HBAR Network Price Historical Data: Technical Analysis
When the HBAR token was released on September 17, 2019, it opened trading with a price of $0.416. However, the price started to decline afterward, going below 1 cent and trading in the range of $0.01 and $0.05 for most of 2019 and 2020. The highest the HBAR token could climb was $0.08241 on February 12, 2020. The token would continue hovering below $0.05 for the rest of 2020 until 2021 when its fortunes start to change.
The HBAR coin reached 10 cent for the first time on January 20, 2021, since it was launched on Sep 17, 2019, reaching as high as $0.1148. For the rest of January and February, the token was able to maintain the 10 cent value despite slight ups and downs of the token price in the market. By March, the HBAR token was able to set a new all-time high on March 15, 2021, reaching $0.4495. It is currently trading at the price of $ 0.2226 as of August 10, 2021.
HBAR Protocol Price Prediction: Market Sentiment
For a coin currently ranked at number 53 on CoinMarketCap, it is worth knowing what the experts are saying about HBAR network price prediction. As of August 10, 2021, the market cap for HBAR is $2,100,821,856 with a daily trading volume of $11,301,118,718.
Experts are predicting the HBAR token to reach $0.439 from its current price in one year to give you an earning potential of +96.16%.
Analysts here think that the Hedera Hashgraph token can almost double its price in a year to reach $0.3965 making Hedera a profitable investment.
Digital Coin Price
The Hedera hashgraph network price prediction here is that it is expected to reach $0.645 in a year to give you an earning potential of +184.152.
The experts’ analysis is showing an expected profit of +78.6% for Hedera Hashgraph with the price going up to reach $0.393.
HBAR Network Price Predictions: 2021-2025
The Hedera Hashgraph (HBAR) opened to a strong price on its first day although it declined, it has rebounded to set a new all-time high (ATH) in 2021. This gives investors renewed hope that the token can deliver tangible profit on investment. According to Wallet Investor, the HBAR coin is in a bullish cycle based on the last 30 days’ data of the token. This will most likely push the token up in value as we can see with the various predictions that we have. Wallet Investor is predicting the token to end the year with a price of $0.37 while GOV Capital believes it will reach as high as $0.35.
HBAR Network Price Prediction 2021
The token showed that it was ready to recover as early as January 2021; it did recover to set a new ATH. Now experts are pushing for it to end the year strongly. Digital Coin Price is predicting it to reach $0.366 by December while Wallet Investor is predicting it to reach $0.373. GOV Capital is predicting the token to reach $0.35 by December.
HBAR Network Price Prediction 2022
By 2022, the token is expected to remain on its recovery track as Wallet Investor is predicting the token to almost double in value to reach $0.615 by the end of the year. GOV Capital believes that the token will be able to reach as high as $1.0994 at the end of 2022 while Digital Coin Price maintains that the coin will only be able to reach $0.428 by December 2022.
HBAR Network Price Prediction 2023
The match upwards will continue in 2023 going by the predictions available right now. Wallet Investor is predicting the token to reach $0.889 at the end of the year while Digital Coin Price’s prediction is for the token to reach $0.543 by December. GOV Capital forecasts that the token will have crossed the 2 dollars mark by the end of 2023 to reach $2.1.
HBAR network price prediction 2024
The predictions for 2024 are mixed as Digital Coin Price predicts that the Hedera token will regress a bit in 2024 to drop to $0.495 at the end of the year. On the other hand, Wallet Investor predicts that the token will finally reach 1 dollar in 2024 with a price of $1.189 expected at the end of 2024. GOV Capital forecasts that the token will have crossed the 3 dollar mark by then reaching as high as $3.443 at the end of the year.
HBAR network price prediction 2025
Lastly here are the predictions for 2025, Digital Coin Price predicts the coin to bounce back from the minor blip in 2024 to increase in value in 2025 reaching $0.754 by December. GOV Capital is predicting the token will continue its surge up the value chain to break the 5 dollar mark reaching as high as $5.032 at the end of the year. Wallet Investor predicts the Hedera Hashgraph to reach $1.499 at the end of the year.
Frequently Asked Questions
Is HBAR a good investment?
Going by various predictions that we have seen so far, the Hedera Hashgraph can be considered a good investment as it is most likely to deliver a handsome ROI. It is reported to be one of the few cryptocurrencies that could still hold out in the face of a bear market. That can be seen as true if we go by the report of Wallet Investor that suggests that the past 30 days data of the token suggest that it is in a bullish cycle even though the bears are still playing around in the market.
Who is behind HBAR?
Hashgraph technology that powers Hedera was created by Leemon Baird in the mid-2010s. He is also the CTO and co-founder of Swirlds, which is the company that holds the Hashgraph algorithm patent.
How many HBAR tokens are there?
The total number that can ever exist for HBAR is 50 billion tokens.
Is HBAR energy efficient?
Given that Hedera is a Proof-of-Stake network, it is way more energy efficient than PoW coin like BTC as Hedera uses way less energy.
Is HBAR a DeFi?
HBAR Token holders earn new HBAR when they use it in Defi activities like loaning, etc.
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