- Hedera uses the Proof of Stake consensus algorithm
- It can process upto 10,000 tps
- It uses a hashgraph which enhances the transfer speed
Hedera Aims to Make Cryptocurrency Environment Friendly
Green cryptos have been in the spotlight for quite a few times now. Investors nowadays like to put their money on something which has a cause; in this case, it’s helping the environment. Green cryptocurrency does not use the Proof of Work (Mining) consensus mechanism. This is because mining requires a heavy amount of electricity and hence, puts stress on the environment. Hedera has a straightforward motive. It aims to evolve the current cryptocurrency by introducing some minor changes to the standard crypto.
Hedera Charges Minimal Fees and Offer High Transaction Speeds
An effortless way to do this is to switch to Proof of Stake (PoS) from the Proof of Work (PoW) algorithm. As compared to PoW, in PoS, the energy demand is relatively more minor. Hedera also uses the PoS algorithm, a reason why it is called a ‘green crypto.’ It also utilizes blockchain technology for its cryptocurrency. For consensus security, it uses a hashgraph which enhances the transfer speed. Hedera can process up to 10,000 transactions per second. The transaction fees are very minimal. The transaction speed ranges from three to five seconds.
Google, IBM, Boeing, LG are some of the major companies that Hedera has listed that own and govern them. With the demand for green crypto rising, investors are particularly eyeing HBAR. Consequently, the value of the crypto has appreciated by a massive 23% and is currently trading at $0.33.
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Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.