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What is HBAR? PDAX Adds Token of Hedera Network

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  • PDAX has added Hedera token, $HBAR, to its pool of available cryptocurrencies that are available for spot trading. 
  • Hedera is a fully open source, proof-of-stake, public network distributed ledger that utilizes a leaderless, asynchronous hashgraph consensus algorithm called Byzantine Fault Tolerance.
  • Because $HBAR serves as the native token of the network, developers need to use the token to pay for network services, such as minting fungible and non-fungible tokens, calling smart contracts, and logging data.

Local virtual asset service provider (VASP) Philippine Digital Asset Exchange (PDAX) (https://web.pdax.ph/) announced the addition of Hedera token, $HBAR, to its pool of available cryptocurrencies that are available for spot trading. 

The addition of $HBAR makes the total number of crypto available in PDAX to 43, all paired with PHP.

What is $HBAR?

$HBAR is the native token of Hedera (https://hedera.com/), a fully open source, proof-of-stake, public network distributed ledger that utilizes a leaderless, asynchronous hashgraph consensus algorithm called Byzantine Fault Tolerance.

Hedera does not call itself a traditional blokchain, because according to its website, unlike a traditional proof-of-work blockchain, which selects a single miner to choose the next block, the community of nodes running hashgraph on Hedera comes to an agreement on which transactions to add to the ledger as a collective. 

“Through gossip-about-gossip and virtual voting, the hashgraph network comes to consensus on both the validity and the consensus timestamp of every transaction. If the transaction is valid and within the appropriate time, the ledger’s state will be updated to include the transaction with 100% certainty (finality),” it explained. 

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The Hedera network offers three services: 

  • The Hedera Smart Contracts, which allows developers to “program in solidity” using the Besu Ethereum Virtual Machine (EVM), which allows “hundreds of transactions per second, low and predictable fees, a carbon-negative footprint, and incredible performance at 15 million gas per second.” 
  • The Hedera Consensus Service, which allows applications direct access to the native speed, security, and fair ordering guarantees of the hashgraph consensus algorithm.
  • The Hedera Token Service, which offers applications the ability to perform configuration, minting, and management of fungible and non-fungible tokens on Hedera. 

“Hedera’s performance-optimized EVM smart contracts, along with its easy-to-use native tokenization and consensus service APIs, enable developers to create real-time web3 applications and ecosystems that will drive the future of the internet,” its website advertised. 

Because $HBAR serves as the native token of the network, developers need to use the token to pay for network services, such as minting fungible and non-fungible tokens, calling smart contracts, and logging data. 

Hedera users can also stake their $HBAR tokens to network nodes, so “they have a weighted influence on consensus for validating transactions.”

Among the projects that developers can create using the Hedera Network include: 

  • Secure, instant, and cost-effective peer-to-peer payments with HBAR, stablecoins, or their own token.
  • Publicly verifiable sensitive documents and other media.
  • CBDCs.
  • Publicly auditable log of data, including payable events, IoT sensor data, and more.
  • Decentralized financial markets, lending protocols, oracles, and more with Solidity-based smart contracts.
  • NFT marketplaces.
  • Permissioned blockchains.
  • Interoperable bridge spanning public and private networks.

How To Buy HBAR on PDAX

  1. Log In:
    • Visit web.pdax.ph and log into your account. (This can also be done in the mobile app with slightly few different steps.)
  2. Start Trading:
    • On the homepage, click “Trade”.
  3. Select Currency:
    • Pick the crypto you want to buy and set it to convert from PHP.
  4. Enter Amount:
    • Type in how much you want to spend in PHP.
  5. Convert:
    • Check your order’s details, then click “Convert”.
  6. Confirm Purchase:
    • Review your order once more and click “Confirm” to complete the trade.

Recent PDAX Updates

In November, the Philippine Bureau of Treasury (BTr) approved the sale of tokenized treasury bonds on the blockchain. PDAX is the first known VASP to offer treasury bonds, which are fixed-interest government securities with a set maturity period.

Read more: Philippines Introduces Blockchain Tokenized Treasury Bonds via PDAX

PDAX is also among the first exchanges to list $PYUSD, the stablecoin issued by global payments platform PayPal. According to the exchange, the listing of the token is expected to streamline the process for Filipino freelancers and overseas Filipino workers (OFWs) to transfer their hard-earned income to their recipients’ PDAX digital wallets, all while enjoying reduced conversion costs and transaction fees.

Read more: PY USD – PayPal USD Stablecoin Now Available in PDAX

The VASP giant also participated in the Trust Officers Association of the Philippines (TOAP) Summit in October and discussed digital asset’s role in wealth management. The firm highlighted that its presence in the summit demonstrates the commitment of the crypto industry to trust, security, and transparency, which the TradFi industry can utilize.

Read: PDAX Unveils NFT Collection For Trust Officers Summit

This article is published on BitPinas: What is HBAR? PDAX Adds Token of Hedera Network

Disclaimer:

  • Before investing in any cryptocurrency, it is essential that you carry out your own due diligence and seek appropriate professional advice about your specific position before making any financial decisions.
  • BitPinas provides content for informational purposes only and does not constitute investment advice. Your actions are solely your own responsibility. This website is not responsible for any losses you may incur, nor will it claim attribution for your gains.

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