HBAR A misinterpreted announcement by the Foundation claimed that Blackrock’s ICS US Treasury Fund was tokenized on the Hedera blockchain in partnership with Archax and Ownera, leading to a significant misunderstanding and a 96% increase in the HBAR token price within 24 hours.
However, Blackrock had no direct involvement in the tokenization process, as explained by Cardano Ghost Fund DAO founder Chris O’Connor, who criticized the way the announcement was framed and emphasized that the misinterpretation caused undue excitement among crypto influencers.
Despite the confusion and temporary price increase, the value of HBAR is down more than 69% from its all-time high in September 2021, even as the Hedera network plans to strengthen its user base after 33 billion transactions are processed in 2023.
What is Hedera Network?
Hedera Hashgraph is a blockchain network based on distributed ledger technology (DLT). HBAR works using Hashgraph, an advanced consensus algorithm. Hashgraph is known for its important features such as scalability, security and speed.
The Hedera network provides a fast and reliable blockchain solution. Transactions on the network are effectively verified and processed thanks to the Hashgraph consensus algorithm. This algorithm allows operations to be performed in parallel while improving the overall performance of the network.
The Hedera network can be used as a platform for decentralized applications (dApps). It is also suitable for decentralized finance (DeFi) applications, digital asset tokenization, authentication, and other blockchain-based use cases.
The Hedera network’s token, HBAR, is used to pay transaction fees on the network. It also plays a role in the governance processes of the network. The HBAR token is used for value transfer and network usage between participants on the Hedera network.
The key features of the Hedera network are:
– Ability to perform fast and scalable transactions
– Reliability and security
– A user-friendly and developer-focused platform
– Suitable infrastructure for decentralized applications and other blockchain-based use cases
The Hedera network provides a platform that enables widely usable and innovative applications by leveraging the advantages brought by blockchain technologies.
