Hedera Hashgraph has the potential to become a major Ethereum competitor. Hedera will gradually gain value as its user base, use cases, and overall market share grow.
In the last eight months, Hedera hasn’t moved much.
It was, for example, 36.69 cents as of March 17 earlier this year. However, on December 1, over eight months later, the cryptocurrency was trading at 34.85 cents. Despite many hiccups along the way, the Hedera coin has moved 5% lower throughout that time span.
By mid-September, it had risen to more than 50 cents. Then it plummeted to 32 cents on two separate occasions, hardly rising higher than of Dec. 1. Investors are rumored to be nervous or waiting to see if Hedera Hashgraph and its crypto can generate some huge news.
The Hedera Hashgraph blockchain has the advantage of not being based on Ethereum. It has its own code that allows it to complete blockchain transactions quickly and cheaply. This provides the cryptocurrency with a level of independence not found in many other cryptocurrencies.
Hedera, for example, uses a distributed ledger technology called Hashgraph. Its benefits include speed, low cost, and scalability.
It can process over than 10,000 transactions per second, which is far faster than many popular proof-of-works (PoW)-based blockchains, which can only handle five to twenty transactions per second.
Hedera also employs a consensus service, which serves as a layer of trust for a network or app that requires a safe, verified event record.
However, the Hashgraph blockchain technology has yet to find many applications.
Hedera’s Potential Applications
Hedera has the potential to be beneficial in the creation and configuration of non-fungible tokens (NFTs). Furthermore, Hedera could earn value if it can win market share in this application and use case.
Hedera, for example, does not rank among the top 73 chains in terms of Total Value Locked, according to DefiLlama (TVL).
It’s possible that it doesn’t have any TVL. To put it in other words, if a large number of apps used Hedera, it would have been visible in the TVL data.
Recently, the corporation appears to be making more success with its TVL.
According to the main Hedera website’s News tab, the blockchain corporation makes fresh announcements practically regularly. On the Hedera Hashgraph network, these reveal cooperation or spotlight users who are building apps.
There are a lot of new users and developers working with Hedera Hashgraph, as evidenced by the News page on the site.
As a result, this could be a good time for entrepreneurs right now. Investing in Hedera before this becomes prominent. Also, while the token is still trading at a discount to its highs could be a wise decision.
The value of Hedera Hashgraph’s crypto will gradually climb as new use cases and users boost the TVL for Hedera Hashgraph. It shows up in the data.