- Hedera Hashgraph is a premier blockchain project.
- It has been embraced by leading companies like Servicenow and Ubisoft.
- Abrdn, a $400 billion asset manager, is tokenizing assets using Hedera.
Hedera Hashgraph is one of the biggest Ethereum rivals in the industry. It is a unique blockchain project that is used by some of the biggest companies in the world like Abrdn and IBM. HBAR price, like other cryptocurrencies, has risen modestly in 2023 even though it remains substantially below its all-time high. So, what next for Hedera in 2023?
Hedera is a sleeping giant
Hedera is a layer-1 network that was created by Leemon Baird, one of the top computer scientists in the industry. He is known for coming up with the hashgraph technology, which powers Hedera’s network. It also uses a technology known as asynchronous byzantine fault tolerance (ABFT) technology. This is an important approach whereby actors must agree on a strategy to prevent bad actors.
ABFT is more advanced than BFT because it eliminates the assumption that there is a maximum threshold of message latency when coming to a consensus. Further, Hedera Hashgraph is known to be a significantly faster network than other layer 1 networks like Ethereum and BNB Chain. It is also one of the cleanest networks in the industry.
Hedera is a sleeping giant because of the companies that are building using its technology. For example, Abrdn is tokenizing financial assets. This is notable since Abrdn is one of the biggest financial services companies with over $400 billion. Further, a company like DLA Piper, a leading legal company is using Hedera to tokenize assets like real estate and art.
Find out how to invest in Hedera Hashgraph.
Another company working on Hedera is Avery Dennison, which is best known for stickers. The company is using Hedera’s distributed ledger technology (DLT) to build distributed barcodes. This is important because of the billions of products that the company is tracking. Other companies like Ubisoft and Servicenow.
Hedera is also partnering with Corp Stage to create a verifiable and auditable ESG reporting platform. To be sure, Hedera Hashgraph is not known well in industries like DeFi and NFTs. However, there is a likelihood that it will do well as these companies launch their Hedera products.
Hedera Hashgraph price prediction
HBAR price has not been left behind in the recent crypto comeback. It rose and moved above $0.055, the lowest level in September last year. The 25-day and 50-day EMAs have made a bullish crossover. It also rose above the Ichimoku cloud pattern, which is a positive sign.
Therefore, I suspect that Hedera price will continue rising as buyers target the next key level to watch at $0.10, which is about 80% from the current level.
