Hedera Services Supported by Citadel
HBAR is the native cryptocurrency of the Hedera network, a decentralized public ledger that allows for fast, secure, and fair transactions. HBAR serves as a means of exchange and value transfer on Hedera, enabling users to securely and efficiently conduct transactions and interact with decentralized applications (dApps) built on the platform. It is also used to incentivize network participants who contribute their computing power or stake to secure the network and validate transactions.
Citadel Wallet supports HBAR account creation and transfers on the Hedera Mainnet. Store, Send and receive HBARs without worrying about being hacked.
One of Hedera's primary network services is Hedera Token Service - HTS which allows to create and manage Fungible and Non-Fungible Tokens. What's unique about HTS is that it is native to the network and doesn't require Smart Contract for creating, minting, managing and transferring. This approach allow for Fungible tokens to inherit Hedera's native speeds, cost efficiency of transfers and ABFT security.
Fast, Scalable, Cost Effective Token service enables Web 3 use cases at scale and allows for many traditional financial products to be moved onto public decentralized network.
Citadel Wallet will support Hedera Token Creation, Minting, Burning, Sending, Associating and more functions related to NFT management.
Hedera NFTs are secure, immutable, and transparent, allowing creators and owners to easily verify their authenticity and provenance. They can also be easily bought and sold on various marketplaces, making it easy for creators and collectors to monetize their digital assets. Similar to Hedera Fungible Tokens, Hedera NFTs inherit all the best performance characteristics of the network making them best fit for many different types of applications such as Gaming, Real World Asset tokenization, Branding, Ownership, Identity, community building and fundraising.
Citadel Wallet will support Hedera NFT Token Creation,
Minting, Burning, Sending, Token Associating and more functions related to NFT management.
Smart Contracts 2.0
The Hedera Smart Contract Service is EVM (Ethereum Virtual Machine) compatible, more than 10x faster than Ethereum Smart Contracts and fees are in the range of cents. Hedera’s Smart Contracts 2.0 supports native Hedera tokens and NFTs. Smart Contracts 2.0 are used in many traditional industries such as Finance, Healthcare, Insurance, Supply Chain, Gaming etc to bring decentralization, trust, transparency and security to these Web 2 siloed systems.
Citadel Wallet will support Hedera Smart Contracts, allowing users to securely sign contracts when interacting with Decentralized exchanges, launchpads or marketplaces built on Hedera. Developers will also be able to sign administrative type transactions such as create smart contract.
Hedera Native Staking is a process by which users can earn rewards for holding and staking Hedera's native cryptocurrency HBAR to the network. This allows users to participate in continued decentralization and help maintain the security and integrity of the Hedera network by staking their HBAR to Governing Council nodes they trust. Staked HBAR will be used to vote on governance decisions within the Hedera network.
Hedera Native Staking is unique in a way because there is no locking or slashing involved. Users can stake HBARs directly from their non-custodial account, receive daily rewards, while having their funds liquid and available at any time if needed.
Special type of a transaction needs to be signed to be able to stake HBARs to Hedera network and Citadel Wallet will support it at launch.
More Hedera Services
Hedera network supports many more services that are not available on other general public blockchain networks thanks to its revolutionary consensus algorithm: Hashgraph. Hashgraph is capable of providing fair consensus ordering and timestamping for all transactions that flow through the network with finality, which opens up possibilities never even thought of before:
- Hedera Consensus Service: Applications built on top of Hedera can utilize HCS to create an immutable log of data fairly ordered and timestamped data, which can be audited publicly.
- Scheduled Transactions Service allows users to submit a transaction to the network which will be executed at a later time. Example uses of the service include peer to peer trusted trading without smart contracts, setting up a validator appnet on top of Hedera for layer 2 privacy focused dapps, etc.
- Random Number Generation Service allows an applications in gaming, lottery or a random minting platform to request a publicly verifiable random number from Hedera network to increase trust and transparency of decentralized applications.
- File Service can be used to store smaller size important files which require public trust and Hedera's immutability.