PART: 2 of 5 $HBAR
Who are the founders of Hedera?
The Hedera company was founded in 2017 by American computer scientists Leemon Baird and Mance Harmon, who had created Swirlds Labs in 2015, the company that developed Hedera's underlying technology. It was Baird who created the distributed consensus algorithm, the main tool of Hedera Hashgraph technology.
The company Swirlds has licensed the technology to various clients to build decentralized applications (DApps) for use in various industries. Additionally, the development of Hedera is coordinated by the HBAR Foundation and governed by the Hedera Board of Directors, made up of up to 39 companies, which include Google, Nomura, Dell, LG and IBM.
How does Hedera (HBAR) cryptocurrency work?
The Hedera network uses a “Proof of Stake” consensus mechanism that allows users to lock their HBAR coins to participate in the transaction validation process. In return, participants receive rewards in HBAR coins.
At Hedera, the user's entire balance is automatically locked, without having to define a lock up period, and without the risk of being penalized for delays or failures in the process.
How does Hedera Hashgraph work?
Hedera's Hashgraph is acyclic, that is, it does not use cycles. During the validation period, blocks are “directed” and added in one direction, without the traditional linearity of blockchain.
The Hedera platform can be divided into three distinct structures, called Hedera Network Services, which contribute to the functioning of the network:
Token Service: allows the configuration, management and transfer of tokens, including non-fungibles (NFTs).
Consensus Service: enables the network to record transactions and other data records, such as governance decisions and tracking of logistics assets.
Smart Contract Service: Allows developers to create decentralized applications in different programming languages, including Ethereum's Solidity.
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