There have been loads of eye-catching projects and even networks released in the last couple months. Here is another one of those - Hedera Hashgraph 📊.
What is Hedera Hashgraph?
A completely new public network, that is focused on providing a stable platform for businesses and companies starting their decentralised services and applications ⚡️.
The main selling point of the new blockchain is its ABFT consensus algorithm and the Hedera Governing Council, which consists of industry leading companies such as Boeing, Swirlds, IBM, Nomura Holdings, Ubisoft and others. All the members take their place in the worldwide Fortune 500 rating 📃 and there are currently 26 participants in the council.
More about the algorithm
Even though the Byzantine Fault Tolerance (BFT) based ABFT algorithm is the key 🔑 security protocol of Hedera, there are even more safety focused algorithm working inside Hedera.
DAG is the data structure that Hedera Hashgraph uses. While the traditional data structures like the one used in Bitcoin have all the transactions lined up in one queue, Directed Acyclic Graph (DAG) creates doesn’t create an order of blocks using any strict rules 🔓.
Thus allowing DAG to execute multiple simultaneous operations unlike Bitcoin that makes miners compete with each other working on the same tasks, decreasing the network speed that way 📉.
You can’t create any chain without using the old PoS consensus nowadays, but it isn’t restricted to modify. Hedera Hashgraph doesn’t require nodes voting for blocks - all the decisions are made using mathematical calculations, such a system is called virtual voting 🧮. Even if some evil-minded node tries to sneak anything into the blockchain other ones will stop them.
What differs Hedera from others?
Security and utility
Hedera was initially created with the thought of being suitable for all the different government restrictions and because of that the nets source isn’t available to public 🔒. Every project will have to face a strict inspection because of how corporate focused the blockchain is. Another way for increasing utility was cutting off some features in different regions, such countries as Belarus, Crimea, Cuba, Iran, Japan, North Korea, Syria and Ukraine won’t have full access to the platform .
Speed, scalability and fees
As for the July 2022 Hedera is capable of executing 10,000+ transactions in one second and is said to scale even more, when sharing technology is implemented in the future. Hedera’s fees are also relatively cheap, not surpassing the point of fractions of a cent unlike Ethereum and BNB chain.
Hedera doesn’t consume more than 0,00017 KVt per hour, so Bitcoin is definitely outdated here with its Proof-of-Work consensus algorithm ⚙️.
Overall, a project that might have no competitors as for now, because we can’t remember anyone who tried to create an accordant to laws net, that was also managed by top tier IT companies.
Stay tuned for more 📻