Today, we’re thrilled to announce that we’ve added support for HBAR (ℏ), Hedera Hashgraph’s cryptocurrency. With over 1.6 million HBAR transactions happening per day, we’re excited to give our users access to this new and innovative ledger.
How Fireblocks Supports HBAR (ℏ)
Fireblocks users can now securely store and transfer HBAR between counterparties and exchanges on the Fireblocks Network for instant settlement. To learn more about why MPC is designed to support new tokens and blockchains, check out 7 reasons why MPC is the next generation of private key security.
About HBAR (ℏ)
Hedera Hashgraph refers to their cryptocurrency as the “third generation public ledger” due to its various improvements over bitcoin (which they refer to as the first generation) and Ethereum (referred to as a second-generation improvement over bitcoin). Hbars take the decentralized ledger model of bitcoin and the programmability of Ethereum and add a high grade of security (ABFT), faster transaction speeds, and low bandwidth consumption.
Compared to bitcoin and Ethereum, Hedera Hashgraph says HBARs offer:
- $0.0001 USD average transaction fee (compared to $2.99 for bitcoin and $2.89 for Ethereum)
- 10,000 transactions per second (compared to 3+ for bitcoin and 12+ for Ethereum)
- 3-5 second transaction confirmations with finality (compared to 10-60 minutes for bitcoin and 10-20 seconds for Ethereum)
As the native cryptocurrency of the Hedera public network, hbars play a dual role. On the one hand, they function as a simple currency; at the same time, hbars can be utilized to power decentralized applications, build peer-to-peer payment and micropayment business models, etc.
In terms of security, weighted voting with hbars makes it difficult for a malicious actor to affect consensus. Doing so would require the actor to own and stake over a third of the network’s total supply of cryptocurrency – which Hedera Hashbar says will not be possible for the first 5 years.