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Hedera

0.00%

Market Cap (USD)

$4.1B

24H VOLUME (USD)

$2.2K

Daily change

$0.0028

Hedera (HBAR) Live Price Chart

When smartphones first emerged, there was one dominant player — Apple's iPhone. However, as the technology progressed, various challenges and limitations, such as high prices, closed ecosystems, and limited customization features, became apparent. 

In response, numerous companies, like Google, Samsung, Huawei, and Xiaomi, emerged, offering creative solutions and providing alternatives to the iPhone.

Just as the smartphone market diversified to address iPhone singularity, Ethereum’s monopoly on smart contracts was also challenged when competitors emerged. Projects like Solana, Fantom, Cardano, and Tezos offered additional pathways to potentially tackle scalability and high fees. 

The latest challenger for base-network dominance is Hedera (HBAR), a Layer 1 proof of stake (PoS) ledger aiming to replace Ethereum and become the next Mecca for smart contracts, non-fungible tokens (NFTs), and decentralized applications (dApps). 

The good news for all Ethereum-killer chasers is that CEX.IO now allows users to buy and sell this cryptocurrency via our browser services and mobile App. But, before you decide whether to purchase HBAR, let's explore its unique features and potential advantages alongside other blockchain platforms.

The History of Hedera (HBAR)

Hedera was founded by Dr. Leemon Baird, a former visiting professor at King Abdullah University of Science and Technology (KAUST), and Mance Hammond, an entrepreneur and former Head of Architecture and Labs at Ping Identity. Prior to launching Hedera, the pair founded another company, Swirlds Labs, which also pursued forward-looking technological developments. 

It all started in 2012, when Dr. Leemon Baird embarked on solving the challenge of achieving distributed consensus at scale, ultimately leading to the innovation known as hashgraph, an algorithm that uses a gossip protocol to potentially achieve fast and fair consensus among network participants. This laid the foundation for what would become Hedera Hashgraph. 

In the early stages of forming Hedera, Andrew Masanto, Founding CMO, played a crucial role by contributing key insights and facilitating connections between Dr Baird, Mance Hammond, and the initial team members. 

The company was initially branded as Hedera. However, in 2018, the formal name changed to Hedera Hashgraph. The first significant milestone of the Hedera project was reached on August 24, 2018, with the launch of the project's mainnet. At this juncture, 50 billion HBARS were minted. 

Buy Hedera

The Governing Council

The Governing Council is a key component of Hedera Hashgraph’s organizational structure. It consists of diverse companies across various industries that work in concert to further the development and governance of the Hedera blockchain. This collaborative structure allows for inclusive decision-making, and helps ensure the long-term stability and decentralization of the network. 

The Hedera Governing Council includes a number of reputable organizations, each serving on a rotating term. Some initial members included:

  • Google
  • IBM
  • Boeing
  • Tata Communications
  • Deutsche Telecom
  • FIS Global, and others.

Now, the Council is comprised of 30 well-established organizations, such as:

  • Standard Bank
  • Swirlds Labs
  • Hitachi
  • Ubisoft
  • UCL
  • Chainlink Labs
  • LG
  • Australian Payments Plus and others. 

Hedera's Real World and Potential Use Cases

Here's a detailed overview of Hedera's potential use cases for crypto enthusiasts and curious newcomers alike. 

Hedera Stablecoin Studio 

Stablecoin studio is an open-source software development kit (SDK) designed to simplify the issuance of stablecoins across Hedera network services. The platform aims to help stablecoin issuers seamlessly deploy applications and oversee operations through its intuitive management toolkit. 

To achieve this objective, Hedera partnered with Standard Bank from South Africa and Shinhan Bank of South Korea to explore how stablecoins could help make cross-border payments faster, cheaper, and more accessible for people worldwide. 

Hedera Guardian

Hedera Guardian is an open-source network that utilizes the Hedera public distributed ledger network to potentially solve challenges related to the environmental markets, such as:

  • Lack of audibility of sustainable finance
  • Risk of errors in analogue systems
  • Project audit and verification
  • Lack of price transparency
  • Sustainability reporting based on estimates

Hedera Guardian aims to become the leading platform for startups, enterprises, and government organizations to build the next generation of sustainability solutions. 

USDC on Hedera

Stablecoins aim to provide the stability (as their namesake suggests) of fiat currency alongside the advantages of blockchain technology, primarily on the Ethereum network. Their main purpose is to maintain a stable value, often pegged to a fiat currency, like the U.S. dollar. 

For this reason, many crypto enthusiasts prefer to buy Tether (USDT) and USD Coin (USDC) to avoid potential price swings associated with more volatile digital assets. Stablecoins typically offer faster and more efficient cross-border transactions with lower fees. 

To offer scalability, lower transaction fees, and fast settlement times to crypto aficionados using both startup and enterprise applications, Circle and Coinbase launched USD Coin (USDC) on Hedera. Some applications have already embraced this solution for payments and micropayments, including:

  • Dropp
  • Calaxy 
  • TOKO
  • TaksBar
  • SaucerSwap
  • HashAxis
  • Hasport

Decentralized Finance Apps Built on Hedera

Hedera allows the development of decentralized applications, and provides pathways for participants to experiment with emerging financial vectors on its network. This blockchain claims to be able to process up to 15 million gas per second, something Ethereum aims to achieve in the future. 

Hedera supports applications created through web3.js and ethers.js libraries, as well as development tools that require JSON-RPC relay, and can facilitie over seven thousand smart contracts. Some of the DeFi applications built on Hedera include:

  • SaucerSwap
  • HSuite
  • TOKO
  • Stader Labs
  • Pangolin
  • HeliSwap
  • Hashport
  • HeadStarter
  • DOVU

NFTs Powered By Hedera

Hedera allows its users to buy, sell, and bid on NFTs through marketplaces built on its network, including:

  • HSuite
  • SentX
  • Zuse Market
  • Hash Axis
  • TierBot
  • Turtle Moon
  • HashGuild
  • Mintbar

More than 5 million NFTs have been minted on the Hedera mainnet, with over 4.6 million net transfers facilitated overall. 

Decentralized Logs on Hedera

The Hedera network offers developers tools to create decentralized applications for tracking products in a supply chain, logging sensitive user information, and building Decentralized Autonomous Organizations (DAOs). 

Avery Dennison, a corporation specializing in designing and producing a wide range of labeling and functional materials, relies on Hedera to create barcodes that allow consumers to track their purchase throughout the production process. 

The Coupon Bureau, HalaSystems, EVERYWHARE, ServiceNow, Meeco and Acoer are among many users of the Hedera platform. 

Security Challenges and Rug Pulls

In 2023, Hedera encountered substantial challenges in maintaining stability and community trust, raising concerns about user security and the legitimacy of DeFi applications built on its network. 

Network Shutdown

On March 9, 2023, the HBAR Foundation reported network irregularities that affected several decentralized applications on the Hedera platform.

Hashport, a bridge project built on top of the Hedera blockchain, temporarily suspended its services, citing smart contract irregularities on the network. Similarly, Pangolin, a decentralized exchange within the Hedera ecosystem, recommended users withdraw liquidity from the platform.

In response to the attack, Hedera shut down its network services due to the identified irregularities, sparking speculation on social media about a potential hacker attack. However, the organization refrained from providing details about the incident.

Early Exists and Community Concerns

Another challenge faced by Hedera was the abrupt exit of several prominent projects. Despite the network's commitment to security, These sudden departures, often referred to as "rug pulls" by affected participants, undermined Hedera’s claims of enhanced user security. 

Projects like @HederaSyndicate, @BabyBarbarians, and @DodoHashClub left the platform, impacting the community's trust in the network.

Unlike the example above, Hedera Hashgraph has taken steps to enhance transparency and security to address this challenge. 

By implementing increased transparency measures, launching educational programs for its users, and collaborating with the community to identify and mitigate potential risks, the company has been working to restore their reputation. 

What is Hedera (HBAR) and How Does it Work?

Hedera is a Layer 1 decentralized public network built on hashgraph distributed ledger technology (DLT). It was created to allow the secure transfer of value and data, while providing access to decentalized applications (dApp) and tools for their development.

Although it aims to offer similar functionality as Bitcoin or Ethereum, Hedera is structurally different from these blockchain networks. Where most decentralized ledgers bundle transactions to verify time sequence and validity, Hedera relies on the "gossip about gossip" protocol. 

This concept allows a node to share transaction information with its neighbors (a few selected peers). These neighbors then share the same information with their neighbors, spreading them through the network. 

The “gossip about gossip” protocol relies on "eventual consistency," ensuring that, given enough time, all nodes in the network will converge to the same understanding, and therefore, consensus. 

Such a concept potentially allows the Hedera network to achieve quick transaction confirmation times and ensures that all nodes in the network have an equal opportunity to participate in the consensus process. In turn, this helps prevent any single node from consistently influencing the order of transactions.

As for security, Hedera employs the asynchronous Byzantine fault-tolerant (ABFT) consensus algorithm, aiming to provide a more secure, fair, and efficient transaction-verification method compared to the cryptography-based mechanisms used by Bitcoin and Ethereum. 

It's worth noting that ABFT is not a new concept and can be observed in other blockchain projects on our crypto prices list. For instance, Algorand also utilizes the same consensus algorithm. 

Hedera asserts that this approach not only enhances security but could lead to lower costs and reduced energy consumption when conducting transactions.

Hedera's Native Cryptocurrency: HBAR

HBAR is Hedera's native cryptocurrency. It is a multi-purpose, energy-efficient utility token that allows users to:

  • Transfer funds
  • Access decentralized applications (dApps)
  • Participate in network governance
  • Execute smart contracts on the Hedera platform 

Users earn HBAR by taking part in validating transactions as PoS nodes, or by staking HBAR to validation nodes on-chain. When staked, HBAR tokens have a weighted influence on validating transaction consensus. 

In other words, the influence a participant has in making decisions (consensus) is directly related to the number of HBAR (cryptocurrency) they own and have staked. For someone to intentionally harm the system, they would need to control and stake more than one-third of the total HBAR supply, which, according to Hedera's whitepaper, is challenging and costly. 

Ultimately, this should help prevent one entity from having too much control, and ensure a more decentralized and secure network.

Current HBAR Price and Chart

Users interested in real-time updates can conveniently track the HBAR price on CEX.IO, which offers integrated live charts within the Spot Trading terminal. By following the HBAR to USD live price trends, users can observe historical data, identify patterns, and make informed price analysis. 

To enhance the experience, opening an online crypto wallet on CEX.IO not only ensures that enthusiasts stay up to date on the latest price movements, but allows instant access to a wide range of cryptocurrencies, including HBAR, from their mobile devices (Android and iOS) or the Web. 

Market Statistics

As of February 5, 2024, Hedera's market capitalization stood at $2.35 billion, securing its position within the top 50 cryptocurrencies. In the broader market context, Hedera outpaced notable projects like Kaspa (KAS), Arbitrum (ARB), Stacks (STX), and Cronos (CRO). 

While trailing behind projects such as Filecoin (FIL), First Digital USD (FDUSD), NEAR Protocol (NEAR), and Celectia (TIA), Hedera's market cap showcases its prominence and competitive standing in the crypto space.

On the other hand, its 24-hour trading volume experienced significant fluctuations throughout history. As of February 5, 2024, the trading volume was $27,492,914. The volume for January 1, 2024, was significantly higher at $2,202,200,240. 

These figures indicate varying levels of market activity, reflecting the dynamic nature of HBAR's trading landscape.

HBAR Price History

The HBAR historical price reveals both peaks and troughs. On September 17, 2019, the native cryptocurrency of Hedera, HBAR, started at $0.08. However, by the beginning of 2020, merely three months post its release, the price plummeted to $0.01. Subsequently, it ranged between $0.03 and $0.05 before a first notable surge on March 16, 2020, reaching $0.4. 

HBAR hit an all-time high of $0.47 on September 17, 2021. However, the price then steadily dropped below the $0.1 mark to $0.086 recorded on May 13, 2022. 

Since July 2022,  HBAR fluctuated within a range of $0.07 to $0.09, demonstrating a period of relative stability, while failing to surpass the $0.1 threshold. 

HBAR Tokenomics

Hedera Hashgraph (HBAR) boasts a distinctive tokenomic structure, with a total supply capped at 50 billion. Its token distribution was designed to fulfill various ecosystem needs:

  • Hedera Pre-Minted Treasury (32.41%): A substantial portion was dedicated to the treasury to ensure stability and enable strategic decisions for sustained development.
  • Employees (4.44%): Allocated to the team with the idea of supporting the long-term success and growth of the Hedera network.
  • SAFTS, Purchase Agreements (17.4%): Reserved for SAFT (Simple Agreement for Future Tokens) participants and those who engage in purchase agreements to incentivize early contributors and backers.
  • Ecosystem Development (23.99%): To support the growth and expansion of the Hedera ecosystem and encourage the development of diverse applications and use cases.
  • Swirlds (7.96%): Reserved for Swirlds, the original technology platform that laid the foundation for Hedera Hashgraph, to ensure continued collaboration and synergy.
  • Founders (7.96%): Allocated to the founders as a reward for initiating and establishing the Hedera project.

The HBAR circulating supply is approximately 33.66 billion, constituting roughly 67.3% of the network's total token amount. 

Community and Social Media Links

Curious users can explore the Hedera network and gain factual insights into the project by visiting the blockchain's official website. Furthermore, those interested in discussions and sharing knowledge with community members can join Hedera's official Discord channel

On the other hand, Hedera’s Telegram and X account are excellent sources of information about recent network development. 

While Hedera's hashgraph is patented, its Github account remains valuable to technical enthusiasts, providing access to information about services and the Hedera Smart Contract Kit. All these channels serve as welcoming entry points, ensuring users access reliable information and community interactions while acknowledging the project's proprietary nature.

FAQs

What blockchain does Hedera use?

Unlike other networks that use blockchain technology to record transactions sequentially in blocks, Hedera uses Hashgraph, potentially allowing it to achieve faster transaction speeds, higher throughput, and greater scalability. 

Is Hedera backed by Google? 

Yes, Google is one of the initial members of Hedera's organizational council. 

Does CEX.IO accept GooglePay?

Yes, CEX.IO customers from eligible countries, including U.S. residents, can conveniently buy crypto with Google Pay

What is CEX.IO Earn service? 

Earn is among many products CEX.IO offers to retail and institutional clients to potentially receive crypto rewards. Staking crypto involves locking a specific amount of digital assets and earning up to 30% rewards. Savings allows users to earn up to 5% annual rewards by depositing their cryptocurrencies into designated accounts. 

Where can you buy Hedera?

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