The highly anticipated whitepaper for the NFT project, Guardians of the Citadel (GOTC) will be released on March 3rd. This groundbreaking project is built on top of the Citadel hardware wallet project and will bring NFTs with real-world utility to the Hedera token (HBAR) and Web 3 ecosystems.
Hedera (HBAR) Hashgraph Network
The Hedera Hashgraph network is works on directed acyclic graphs (DAG). DAG is a concept from graph theory that allows for creating data structures and flows without loops. This ensures that new transactions on the network cannot remain immutable, providing a secure distributed ledger.
The network utilizes negotiations among nodes and an asynchronous Byzantine fault-tolerant consensus algorithm, a more efficient, fair, and secure alternative to the cryptography-based mechanisms used by blockchain-based ledgers. New transactions on the network with lower costs and energy consumption, thanks to ABFT technology. The security of the Hedera Hashgraph network rests on this consensus algorithm.
Similar to how the Ether cryptocurrency runs on the Ethereum blockchain, HBAR is the cryptocurrency that operates on the Hedera Hashgraph network. The network also supports smart contracts, making it a promising platform for decentralized applications in various industries, including finance. Smart contracts enable developers to build applications that facilitate the exchange of assets and goods without relying on intermediaries such as banks or stock exchanges. These contracts can be more secure, faster, and less expensive than traditional contracts in the real world.
What is Hedera (HBAR) Token
Hedera is a decentralized public network that offers a secure and fair platform for developers to build applications with near real-time consensus. A council of global innovators, including industry leaders such as Boeing, Google, IBM, and LG Electronics, governs the network.
The Hedera Consensus Service (HCS) provides a trust layer for any application or permissioned network, allowing for the creation of an immutable and verifiable log of messages. With HCS, developers can track assets across a supply chain, create auditable logs of events in an advertising platform, or even use it as a decentralized ordering service.
The service ensures that application messages are submitted to the Hedera network for consensus, given a trusted timestamp, and relatively ordered.
Hedera’s GOTC Project: A Revolutionary Step Towards Decentralized Finance
As we enter this new era of decentralized finance, the GOTC project promises to be at the forefront of innovation and disruption, offering users a unique and exciting way to interact with the blockchain.
With the whitepaper release just around the corner, we can’t wait to see what the future holds for this exciting new project. Will this push the price of HBAR to the next all-time high? Can this ISO20022 coin make you 1000x in 2023?
When it comes to building decentralized applications, there’s no doubt that Hedera is leading the way as the most reliable network in Web 3.
Whether creating gaming applications, NFTs, DeFi protocols, supply chain solutions, data integrity systems, digital identity platforms, tokenization mechanisms, ESG applications, or IoT solutions, Hedera offers unparalleled speed, scalability, and security.
Hedera(HBAR) market price Analysis
As of the time of writing, Hedera (HBAR) is trading for $0.072647125698, with a trading volume of $42,264,874 over the past 24 hours. The price of HBAR has decreased by 3.40% in the last 24 hours and 17.00% over the past 7 days.
Hedera’s market capitalization currently sits at $1,909,398,511, with a circulating supply of 26 billion HBAR tokens. This is a 0.17% market dominance. The total trading volume for Hedera (HBAR) in the last 24 hours is $42,289,196, representing a recent 5.60% increase from the previous day and indicating a rise in market activity. HBAR reached an all-time high of $0.569229, an 87.7% drop from its low of $0.07.
HBAR Technical Analysis
The technical indicators for HBAR suggest that the coin is experiencing a sharp decline presently. In the last 24 hours, the relative strength index (RSI) for HBAR has dropped from the 70 level mark and is trading below the 50 level at 43.72. This suggests a significant increase in selling pressure.
The HBAR’s 50-day moving average has recently surged and exceeded its 200-day moving average. This suggests that the market price of HBAR is still on a bull run despite the short decline. A critical level of resistance to monitor is $0.09. HBAR has made several attempts to surpass this level in the last few hours but has retraced each time.
Nevertheless, if HBAR breaks through the $0.09 resistance level, it will likely continue its upward trajectory, potentially surpassing $0.09 to the next resistance at $0.21. At press time, the 50-day moving average acts as a minor support. Will it be able to hold enough to hike the price?
Frequently Asked Questions (FAQs)
Where can I buy Hedera?
HBAR tokens can be traded on centralized crypto exchanges. The most popular exchange to buy and trade Hedera is Binance,
Is HBAR a good investment?
Yes, the HBAR token is a good investment as it has several adaptations and partnerships that make it soar.
Can HBAR make you 1000x in 2023
The price of HBAR is gradually rising, and therefore, it can give you profit in the long run. However, for it to make 1000X in 2023 large volumes have to be traded.
Vincent Munene is a freelance writer and a great blockchain enthusiast. Blockchain has changed his life in terms of financial freedom and in return, he likes to educate people and keep them up to date on everything blockchain. He is a Biochemist by profession and also loves to play the piano.