What is Hedera (HBAR) crypto and is it environment friendly?

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Highlights 

  • Hedera is an enterprise-grade public network for the decentralized economy.
  • It opened its mainnet access in September 2019 
  • The HBAR token powers Hedera’s services and safety tasks. 

Although blockchain-based projects are considered disruptive and environmentally unsafe due to their high power consumption in mining processes, it is one area that is hard to ignore.

Some projects, though, claim to be environmentally friendly. They emphasize that to help minimize the effects, they either buy carbon credits or use less electricity in the mining process.

A day after the World Environment Day was observed, the Hedera crypto was trending, which claims to be eco-friendly. Hedera claims to have adopted environmental sustainability as its core value, with the strong backing of its governing council members.

According to the network, it purchases carbon credits quarterly, as determined by its third-party carbon emission assessment provider, Terrapass. 

The HBAR token was trending on Monday after it provided a few updates. 

The network said that it is conducting a workshop in Austin, Texas, on June 7, led by developer relations engineer Ed Marquez. The workshop will show how one can set up a Hedera testnet for minting fungible tokens. They can also learn to create a decentralized application (Dapp) on Hedera written in Solidity, an object-oriented programming language.

Further, on June 9, the head of ServiceNow’s vision and innovation division will present Hedera’s transparency, and accountability as part of the corporate’s environmental, social, and governance (ESG) framework at an event themed Consensus 2022.

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Consensus 2022 is a four-day event hosted by CoinDesk to showcase and celebrate cryptos covering different facets, including blockchain, Web 3, metaverse, etc.

The event will be in Austin, Texas, from June 9 to 12. More than 500 speakers and around 15,000 delegates are expected to participate. 

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What Is Hedera (HBAR)?

Hedera is an enterprise-grade public network for the decentralized economy where individuals and businesses can create their decentralized applications (DApps).

The network aims to be sustainable. It is designed to eliminate some, if not all, of the limitations of the older blockchain platforms, for example, slow performance and instability.

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Hedera opened its mainnet access in September 2019 after its initial coin offering (ICO) in August 2018. Hedera claims to process more than 10,000 transactions per second (TPS) compared to Bitcoin’s average of three TPS and Ethereum’s 12.

As per its website, the average Hedera fees are also relatively low compared to the two. It charges US$0.0001 while Bitcoin’s average fee is roughly US$22.57 and Ethereum’s about US$19.55. 

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Data Source: coinmarketcap.com

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HBAR token:

The HBAR token plays a dual role in the network. It powers Hedera’s services besides securing the network. It is used for file storage, smart contracts, and other transactions. It is also used to secure the network as users stake their HBAR tokens to maintain the platform’s integrity.

The HBAR tokens’ total supply is 50 billion, and its total circulation is 20.74 billion. 

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Bottom line:

The Hedera (HBAR) token rose 4.72% to US$0.09596 at 11:15 am ET on Monday, while the global crypto market rose more than 3% at the same time. 

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