Hedera（HBAR） 是一個公有的分散式帳本（distributed ledger），HBAR 則是其原生代幣。與多數採用鏈式區塊的專案不同，Hedera 底層並非傳統區塊鏈，而是建立在 Hashgraph 這套共識演算法之上。Hashgraph 以「gossip-about-gossip」加上「virtual voting」的方式運作，資料結構屬於有向無環圖（DAG），透過節點彼此隨機交換交易與交換歷史，再各自在本地推算出一致的交易順序與時間戳，最終達成 asynchronous Byzantine Fault Tolerance（aBFT）等級的共識。依 Hedera 官方文件，這種設計目標是在不使用工作量證明（proof-of-work）的前提下，取得較高吞吐量、可預期的低手續費以及秒級的最終性（finality）。
Hedera 的另一項定位是「企業級治理」。網路由 Hedera 治理委員會（Hedera Council）以許可制（permissioned）方式運作，委員會成員涵蓋 Google、IBM、Boeing、LG Electronics、Deutsche Telekom、Tata Communications、Nomura、DLA Piper、Avery Dennison、University College London（UCL）、Wipro、Zain Group 等大型企業與機構。Hedera 官方表示，委員會採輪值治理、成員享有平等投票權並受任期上限約束，目的在於避免單一實體長期掌控決策。HBAR 在此網路中主要用於支付手續費（gas）、透過 staking 協助保護網路，以及作為 Hedera Token Service（HTS）、Consensus Service（HCS）、智能合約等原生服務的計費工具。
HBAR 的核心特色
1. Hashgraph 共識（aBFT、gossip-about-gossip、virtual voting）
Hashgraph 不把交易打包成區塊，也不依賴礦工挖礦，而是讓每個節點隨機挑選另一個節點，把自己目前知道的所有交易與「何時、從誰得知這些交易」的資訊一併傳出去，這就是 gossip-about-gossip。節點在本地重建出整張事件圖（DAG）後，用 virtual voting 推算出每筆交易的驗證結果與共識時間戳，無需真的把選票在網路上傳來傳去，藉此節省頻寬。依 Hedera 官方說明，這套機制達到 aBFT 等級的容錯，並以秒級最終性為目標。Hedera 也將 Hashgraph 歸類為權益證明（proof of stake）的一種變體，節點對共識的影響力與其質押的 HBAR 權重相關。
需留意的是，Hashgraph 的共識正確性需仰賴節點對「參與者總數 N」有一致認知。Cornell 大學教授 Emin Gün Sirer 曾質疑，在開放式分散系統中 N 是難以確定的數字；Hedera 共同創辦人 Leemon Baird 則回應，在特定時點所有節點都清楚網路上有多少節點。這項技術辯論屬公開紀錄，值得客觀了解。
2. 企業級治理委員會（Hedera Council 輪值治理）
Hedera 網路的治理權集中在 Hedera 治理委員會。依委員會官方資料，成員任期上限為三年、最多連任兩屆，並在網路與平台決策上擁有平等投票權。委員會規劃的最終規模為 39 個席次；依第三方研究資料，截至 2025 年 7 月約有 31 個席次已填補。委員會成員多為跨產業的大型企業與機構，官方將此設計描述為降低單一實體控制網路的風險。實務上，這也代表 Hedera 目前的治理與節點運作屬許可制，去中心化程度與無許可（permissionless）公鏈存在差異（詳見風險揭露一節）。
3. 原生網路服務（HTS、HCS、EVM 相容智能合約）與 HBAR 的角色
Hedera 提供數項原生服務。Hedera Token Service（HTS）讓開發者在不撰寫智能合約的情況下發行與管理代幣；Hedera Consensus Service（HCS）可為任何應用或許可制網路提供可驗證、帶可信時間戳且經公平排序的訊息紀錄，常見用途包括供應鏈追蹤與稽核日誌；智能合約服務則與 EVM（Ethereum Virtual Machine）相容，方便既有以太坊生態的開發者移植。上述服務的使用都以 HBAR 計費，例如 Hedera 官方公告，自 2026 年 1 月起 ConsensusSubmitMessage 交易的價格由 0.0001 美元調整為 0.0008 美元，計價以美元錨定、再換算為 HBAR。
HBAR 的用途是什麼？
- 支付網路手續費（gas）：交易、智能合約執行與網路服務呼叫，皆以 HBAR 計費，費率以美元錨定後換算。
- 原生服務計費：使用 HTS 發幣、HCS 提交訊息、智能合約部署與執行等，均以 HBAR 支付。
- staking 與網路安全：HBAR 持有者可將代幣質押給共識節點，質押權重影響節點在共識中的份量，用以協助保護網路。
- governance 相關經濟誘因：HBAR 是網路的價值計量與經濟誘因單位；治理決策權則掌握在 Hedera 治理委員會，而非按代幣持有量投票。
- 生態應用：涵蓋支付、代幣化資產、供應鏈、去中心化金融（DeFi）與資料存證等應用場景。
發展里程碑與代幣經濟
- 2018 年：Hedera 由 Hashgraph 發明人 Leemon Baird 與其合夥人 Mance Harmon 創立（Andrew Masanto 亦有重要貢獻），公司位於美國德州 Dallas。網路的 500 億枚 HBAR 全數於 2018 年 8 月網路啟動時一次性預先鑄造（pre-minted）。
- 2019 年：Hedera 主網（mainnet）對外開放，HBAR 隨之上線流通。
- 2020–2021 年：Google Cloud（2020 年）、EFTPOS（2021 年）等相繼加入治理委員會，委員會版圖逐步擴大。
- 2022 年：治理委員會於 1 月 19 日投票通過向 Swirlds 收購 Hashgraph 的智慧財產權；同年 8 月 5 日，Hashgraph 平台以 Apache 2.0 授權開源。
- 2024 年 9 月：Hedera 將核心網路軟體移交 Linux Foundation，成為供應商中立的開源專案 Hiero。
- 代幣供給：HBAR 採固定最大供給（fixed max supply）500 億枚（50,000,000,000），全部於網路啟動時鑄造，沒有超出既定排程的持續性通膨。依 Hedera 委員會治理文件（LLCA §8.4），總供給的變更需經委員會全體一致同意。
- 釋出與集中度：預鑄的 HBAR 大部分由 Hedera treasury 依既定排程逐步釋出至市場。原始分配排程約延續至 2033 年前後，Hedera 每季僅公布一期預估釋出量。依第三方報導，截至 2026 年 9 月下旬約 95% 的供給已釋出，剩餘待釋出量約為數十億枚等級（來源：KuCoin、Coinpedia，資料時點 2026/09）。精確的分期數字以 Hedera 官方 Treasury Management Report 與委員會會議紀錄為準。
投資 HBAR 需留意的市場隱患與重要風險揭露
以下市場數據截取日期為 2026/09/24，價格與市值類數據來源為 CoinGecko（hedera 頁面）。截至該時點，HBAR 價格約為 0.09 美元區間，市值約 39.5 億美元（約 $3.954B），CoinGecko 排名約第 31 名；流通供給約 438.3 億枚（43.832B），總供給與最大供給皆為 500 億枚（50B）；歷史高點為 0.5692 美元（2021 年 9 月），歷史低點為 0.009861 美元。加密資產價格波動劇烈，上述數字僅為特定時點快照，投入前務必自行查證最新數據。
- 供給釋出與 treasury 集中度：
大量 HBAR 由 Hedera treasury 持有並按排程釋出，歷史上早期供給集中度偏高。雖然截至 2026 年 9 月大部分供給已進入流通，仍有數十億枚待釋出，剩餘釋出與 treasury 的資金運用可能構成潛在賣壓，市場對此持續關注。 - 治理與節點相對中心化：
Hedera 主網的共識節點目前為許可制（permissioned），由治理委員會成員營運；一般人尚無法無許可地運行共識節點（mirror node 則為 permissionless）。官方已提出朝「數百個許可節點、再到數千個無許可節點」演進的 roadmap，但實現時程與最終去中心化程度仍有不確定性，其「去中心化」定位受到部分社群質疑。 - 專利技術與單一技術主體：
Hashgraph 由 Leemon Baird 發明，相關專利原由 Swirlds 持有，Hedera 早期僅取得排他授權。治理委員會於 2022 年收購該 IP 並開源（Apache 2.0），2024 年再將核心程式碼移交 Linux Foundation（Hiero）。技術的歷史單一來源與專利背景，是評估時應納入考量的客觀事項。 - 企業採用進展與實際上鏈活動的落差：
Hedera 以企業級應用與知名委員會成員為主要敘事，但委員會成員身分不等同於已投入大規模生產環境使用。評估時宜區分「合作／加入委員會」與「實際、持續的上鏈交易量」，避免以背書推估實際採用規模。 - 價格高波動與流動性：
HBAR 自 2021 年高點以來回落幅度顯著（2026/09/24 較歷史高點約 -84%），價格對整體加密市場情緒、宏觀環境與釋出排程敏感，短期波動大，流動性集中於少數交易所，存在流動性與滑價風險。
近期爭議事件：
就官方宣傳行為層面而言，Hedera 較常被討論的並非典型的詐欺或虛偽陳述，而是幾項應充分揭露、且宣稱與實況之間需要對照理解的客觀事項：
其一，是「去中心化」定位與實際節點架構的落差。Hedera 對外強調由多家大型企業共治、避免單一實體控制；但截至 2026/09/24，主網共識節點仍為委員會營運的許可制，一般參與者無法無許可地運行共識節點。官方已公開說明目前處於 permissioned 階段並提出邁向 permissionless 的 roadmap，投資人宜以「現況為許可制、去中心化為未來目標」的角度理解，而非直接等同於無許可公鏈。
其二，是 treasury 大額持有與釋出排程引發的拋壓討論。由於 500 億枚 HBAR 於網路啟動時一次鑄造、並主要由 treasury 依排程釋出，市場長期關注釋出節奏對價格的潛在影響。Hedera 以定期發布 Treasury Management Report 與委員會會議紀錄的方式提高透明度，相關數字應以官方報告為準。
其三，是 Hashgraph 專利與開源程度的辯論。Hashgraph 早期為 Swirlds 持有專利、Hedera 取得排他授權的封閉模式，曾引發對其開放程度的討論；2022 年 Council 收購 IP 並以 Apache 2.0 開源、2024 年移交 Linux Foundation 後，情況已明顯改變。此外，學界（如 Cornell 大學 Emin Gün Sirer）對 Hashgraph 共識在開放環境下如何確定參與者總數 N 曾提出技術質疑，屬公開的學術討論。
整體而言，就目前可查證的公開資訊，尚未見到針對 Hedera 官方廣告或業務招攬有重大不實、虛偽、詐欺或隱匿而遭主管機關認定的紀錄；主要應揭露事項集中於治理與節點的許可制現況、treasury 集中度與釋出排程，以及技術／專利沿革。投資人應以官方文件與可查證的第三方數據為準，對「去中心化」「企業採用」等敘事保持客觀檢視，並自行評估相關風險。
總結
Hedera（HBAR）是一個以 Hashgraph（aBFT、gossip-about-gossip、virtual voting、DAG）為底層、由企業組成的治理委員會以許可制運作的公有分散式帳本。其設計訴求為高吞吐、可預期的低費用與秒級最終性，並透過 HTS、HCS 與 EVM 相容智能合約等原生服務提供應用能力，HBAR 則作為手續費、服務計費與 staking 的核心代幣。HBAR 採 500 億枚固定供給，截至 2026/09/24 大部分已進入流通。評估 HBAR 時，治理與節點的許可制現況、treasury 集中度與釋出排程、專利與技術沿革，以及價格高波動，都是需要納入考量的重點。本文所引數據皆標註時點與來源，投入前請以官方文件與最新市場數據自行查證。
參考資料與官方連結
- Hedera 官網：https://hedera.com
- Hedera 開發者文件：https://docs.hedera.com
- Hedera 治理委員會：https://hedera.com/governance ／ https://hederacouncil.org
- Hedera Treasury Management Report：https://www.hedera.com/treasury-management-report
- Wikipedia（Hedera distributed ledger）：https://en.wikipedia.org/wiki/Hedera_(distributed_ledger)
- CoinGecko（HBAR，市場數據，資料時點 2026/09/24）：https://www.coingecko.com/en/coins/hedera
- CoinMarketCap（HBAR）：https://coinmarketcap.com/currencies/hedera/
- 立即在 MaiCoin 買賣 HBAR：https://www.maicoin.com/market/HBAR
- 立即在 MAX 交易所買賣 HBAR：https://max.maicoin.com/trade/hbartwd
免責聲明：本文僅供資訊參考，不構成任何投資建議、要約或招攬。加密資產價格波動劇烈，可能導致本金全部損失。文中數據已盡力查證並標註時點與來源，惟市場資訊隨時變動，實際數據請以官方文件與交易所即時資訊為準。投資前請自行研究（DYOR）並審慎評估自身風險承受能力。
What is Hedera (HBAR)? An Enterprise-Grade Public Distributed Ledger Built on Hashgraph Consensus
Hedera (HBAR) is a public distributed ledger, and HBAR is its native token. Unlike most projects that chain data into blocks, Hedera is not a traditional blockchain — it is built on the Hashgraph consensus algorithm. Hashgraph works through “gossip-about-gossip” combined with “virtual voting,” and its data structure is a directed acyclic graph (DAG). Nodes randomly exchange transactions and the history of how they learned about them, then each independently computes a consistent transaction order and set of consensus timestamps, ultimately reaching asynchronous Byzantine Fault Tolerance (aBFT). According to Hedera’s official documentation, this design aims to deliver high throughput, predictable low fees, and finality within seconds, all without proof-of-work.
Hedera also positions itself around enterprise-grade governance. The network is run on a permissioned basis by the Hedera Council, whose members include large enterprises and institutions such as Google, IBM, Boeing, LG Electronics, Deutsche Telekom, Tata Communications, Nomura, DLA Piper, Avery Dennison, University College London (UCL), Wipro, and Zain Group. Hedera states that the Council operates on a rotating basis, with members holding equal voting rights and subject to term limits, so that no single entity can control decision-making over the long term. Within this network, HBAR is used primarily to pay transaction fees (gas), to help secure the network through staking, and to meter native services such as the Hedera Token Service (HTS), the Consensus Service (HCS), and smart contracts.
Core Features of HBAR
1. Hashgraph Consensus (aBFT, gossip-about-gossip, virtual voting)
Hashgraph does not bundle transactions into blocks or rely on miners. Instead, each node randomly selects another node and passes along all the transactions it knows so far, together with information about when and from whom it learned them — this is gossip-about-gossip. After locally reconstructing the full event graph (DAG), nodes use virtual voting to derive each transaction’s validity and consensus timestamp, without actually transmitting votes across the network, which saves bandwidth. Hedera’s documentation describes this mechanism as achieving aBFT-level fault tolerance with finality targeted in seconds. Hedera also classifies Hashgraph as a variant of proof of stake, where a node’s influence over consensus is weighted by the HBAR staked to it.
One point to note: the correctness of Hashgraph consensus depends on nodes agreeing on the total number of participants, N. Cornell University professor Emin Gün Sirer has questioned how N can be determined in an open distributed system, while Hedera co-founder Leemon Baird responded that at any given time all nodes know how many nodes there are. This is a matter of public technical debate and worth understanding objectively.
2. Enterprise-Grade Governing Council (Rotating Governance)
Governance authority over the Hedera network is concentrated in the Hedera Council. According to the Council’s official materials, members serve a maximum three-year term with up to two consecutive terms, and hold equal votes on network and platform decisions. The Council is planned to reach 39 seats in total; per third-party research, roughly 31 seats were filled as of July 2025. Members are largely cross-industry enterprises and institutions, and Hedera describes this structure as reducing the risk of any single entity controlling the network. In practice, this also means Hedera’s governance and node operation are currently permissioned, differing from permissionless public chains in their degree of decentralization (see the risk disclosure section).
3. Native Network Services (HTS, HCS, EVM-Compatible Smart Contracts) and the Role of HBAR
Hedera offers several native services. The Hedera Token Service (HTS) lets developers issue and manage tokens without writing smart contracts. The Hedera Consensus Service (HCS) provides any application or permissioned network with a verifiable, trust-timestamped, and fairly ordered log of messages, commonly used for supply-chain tracking and audit logs. The smart contract service is compatible with the EVM (Ethereum Virtual Machine), easing migration for developers from the existing Ethereum ecosystem. All of these services are metered in HBAR. For example, Hedera announced that starting January 2026, the price of a ConsensusSubmitMessage transaction rose from $0.0001 to $0.0008, priced in USD and then converted to HBAR.
What is HBAR Used For?
- Paying network fees (gas): Transactions, smart contract execution, and native service calls are all metered in HBAR, with fees anchored in USD and then converted.
- Native service metering: Issuing tokens via HTS, submitting messages via HCS, and deploying/executing smart contracts are all paid in HBAR.
- Staking and network security: HBAR holders can stake tokens to consensus nodes; staking weight affects a node’s influence in consensus and helps protect the network.
- Governance-related economic incentives: HBAR is the network’s unit of value and economic incentive; governance decisions themselves rest with the Hedera Council rather than being voted by token holdings.
- Ecosystem applications: Spanning payments, tokenized assets, supply chain, decentralized finance (DeFi), and data attestation use cases.
Milestones and Tokenomics
- 2018: Hedera was founded by Hashgraph inventor Leemon Baird and his business partner Mance Harmon (with significant contribution from Andrew Masanto), based in Dallas, Texas. All 50 billion HBAR were pre-minted in a single event at network launch in August 2018.
- 2019: The Hedera mainnet opened to the public, and HBAR entered circulation.
- 2020–2021: Google Cloud (2020) and EFTPOS (2021), among others, joined the Governing Council, expanding its footprint.
- 2022: On January 19, the Governing Council voted to purchase the Hashgraph intellectual property from Swirlds; on August 5 of the same year, the Hashgraph platform was open-sourced under the Apache 2.0 license.
- September 2024: Hedera transferred its core network software to the Linux Foundation, becoming the vendor-neutral open-source project Hiero.
- Token supply: HBAR has a fixed max supply of 50 billion (50,000,000,000), all minted at network launch, with no ongoing inflation beyond the scheduled distribution. Per the Council’s governance documents (LLCA §8.4), changing the total supply requires unanimous consent of the Council.
- Release and concentration: Most pre-minted HBAR is held by the Hedera treasury and released to the market on a set schedule. The original distribution schedule runs until roughly 2033, and Hedera publishes only one quarter’s forecast at a time. Per third-party reporting, roughly 95% of supply had been released by late September 2026, leaving a few billion tokens still to be released (sources: KuCoin, Coinpedia, as of 2026/09). Precise figures should be taken from Hedera’s official Treasury Management Report and Council minutes.
Key Market Risks and Important Disclosures for HBAR Investors
The market data below is as of 2026/09/24, with price and market-cap figures sourced from CoinGecko (Hedera page). As of that date, HBAR traded around the $0.09 range, with a market cap of roughly $3.954B and a CoinGecko rank near #31; circulating supply was about 43.832B, while total and max supply are both 50B. Its all-time high was $0.5692 (September 2021) and its all-time low was $0.009861. Crypto-asset prices are highly volatile, and these figures are only a point-in-time snapshot — always verify the latest data before investing.
- Supply release and treasury concentration:
A large share of HBAR is held by the Hedera treasury and released on schedule, and early supply concentration was historically high. Although most supply had entered circulation by September 2026, several billion tokens remain to be released, and the remaining releases and treasury deployment could create potential sell pressure that the market continues to watch. - Relatively centralized governance and nodes:
Hedera’s mainnet consensus nodes are currently permissioned and operated by Council members; the general public cannot yet run consensus nodes permissionlessly (mirror nodes, however, are permissionless). Hedera has published a roadmap toward “hundreds of permissioned nodes and eventually thousands of permissionless nodes,” but the timeline and ultimate degree of decentralization remain uncertain, and its “decentralization” positioning is questioned by parts of the community. - Patented technology and a single technical origin:
Hashgraph was invented by Leemon Baird, with related patents originally held by Swirlds, and Hedera initially held only an exclusive license. The Council purchased the IP and open-sourced it (Apache 2.0) in 2022, then transferred the core code to the Linux Foundation (Hiero) in 2024. The single historical origin of the technology and its patent background are objective factors to weigh in any assessment. - Gap between enterprise-adoption narrative and actual on-chain activity:
Hedera’s narrative centers on enterprise-grade applications and well-known Council members, but Council membership does not equate to large-scale production use. Assessments should distinguish “partnership / Council membership” from actual, sustained on-chain transaction volume, and avoid inferring real adoption scale from endorsements. - High price volatility and liquidity:
HBAR has fallen substantially from its 2021 high (about -84% below its all-time high as of 2026/09/24). Its price is sensitive to overall crypto market sentiment, the macro environment, and the release schedule; short-term volatility is high, and liquidity is concentrated on a few exchanges, posing liquidity and slippage risks.
Recent Controversies:
At the level of official promotional conduct, the matters most often discussed around Hedera are not typical fraud or false statements, but rather several items that warrant full disclosure and require reading claims against reality:
First, the gap between the “decentralization” positioning and the actual node architecture. Hedera emphasizes co-governance by many large enterprises and the avoidance of single-entity control; however, as of 2026/09/24, mainnet consensus nodes remain permissioned and Council-operated, and ordinary participants cannot run consensus nodes permissionlessly. Hedera has publicly stated that it is in a permissioned phase and has laid out a roadmap toward permissionless operation, so this should be understood as “currently permissioned, with decentralization as a future goal” rather than equated directly with a permissionless public chain.
Second, discussion of sell pressure stemming from large treasury holdings and the release schedule. Because all 50 billion HBAR were minted at launch and are largely released from the treasury on schedule, the market has long watched the release pace for its potential price impact. Hedera improves transparency by regularly publishing the Treasury Management Report and Council minutes, and the relevant figures should be taken from official reports.
Third, the debate over Hashgraph’s patents and degree of openness. The early closed model — patents held by Swirlds with Hedera holding an exclusive license — prompted discussion about how open the technology was; the situation changed materially after the Council purchased the IP and open-sourced it under Apache 2.0 in 2022 and transferred it to the Linux Foundation in 2024. In addition, academics (such as Cornell’s Emin Gün Sirer) have raised technical questions about how Hashgraph consensus determines the total number of participants, N, in an open environment — a matter of public academic discussion.
On the whole, based on currently verifiable public information, there is no record of Hedera’s official advertising or solicitation being found by regulators to involve material misrepresentation, falsehood, fraud, or concealment. The main items warranting disclosure center on the permissioned status of governance and nodes, treasury concentration and the release schedule, and the technical/patent history. Investors should rely on official documents and verifiable third-party data, examine narratives such as “decentralization” and “enterprise adoption” objectively, and assess the associated risks for themselves.
Summary
Hedera (HBAR) is a public distributed ledger built on Hashgraph (aBFT, gossip-about-gossip, virtual voting, DAG) and operated on a permissioned basis by an enterprise Governing Council. Its design goals are high throughput, predictable low fees, and finality within seconds, with application capabilities delivered through native services such as HTS, HCS, and EVM-compatible smart contracts, while HBAR serves as the core token for fees, service metering, and staking. HBAR has a fixed supply of 50 billion, most of which had entered circulation by 2026/09/24. When assessing HBAR, the permissioned status of governance and nodes, treasury concentration and the release schedule, the patent and technical history, and high price volatility are all key considerations. All data cited here is labeled with its point in time and source; please verify against official documents and the latest market data before investing.
References and Official Links
- Hedera official site: https://hedera.com
- Hedera developer documentation: https://docs.hedera.com
- Hedera Governing Council: https://hedera.com/governance / https://hederacouncil.org
- Hedera Treasury Management Report: https://www.hedera.com/treasury-management-report
- Wikipedia (Hedera distributed ledger): https://en.wikipedia.org/wiki/Hedera_(distributed_ledger)
- CoinGecko (HBAR, market data, as of 2026/09/24): https://www.coingecko.com/en/coins/hedera
- CoinMarketCap (HBAR): https://coinmarketcap.com/currencies/hedera/
- Buy and sell HBAR on MaiCoin: https://www.maicoin.com/market/HBAR
- Buy and sell HBAR on the MAX Exchange: https://max.maicoin.com/trade/hbartwd
Disclaimer: This article is for informational reference only and does not constitute investment advice, an offer, or a solicitation. Crypto-asset prices are highly volatile and may result in the total loss of principal. The data herein has been verified to the best of our ability and labeled with its point in time and source, but market information changes constantly; please rely on official documents and real-time exchange information for actual data. Do your own research (DYOR) and carefully assess your own risk tolerance before investing.
