In the last few days the interest in Hedera Hashgraph has grown thanks to the sudden price movement that this network has triggered on the markets, probably also due to the news that have seen Google Cloud start a partnership with the project which has been a considerable incentive to make people talk about it.
CryptoHelper, a project in the belly of The Cryptonomist, had talked about Hedera in unsuspicious times and interviewed a young developer active in the ecosystem during the Lisbon WebSummit.
How Hedera Hashgraph works
Hedera’s Proof of Stake network is powered by the Hashgraph consensus, which achieves a high degree of security thanks to the “asynchronous Byzantine Fault Tolerance” system.
Hedera, however, is not comparable to a blockchain, as it does not develop a chain of blocks and is completely different from the traditional dynamics of that model.
Extraordinarily high transaction speeds and incredibly low bandwidth consumption allow:
- High productivity;
- Economic commissions;
- Fast transaction confirmation.
However, the consensus system is not accessible to everyone and this makes Hedera very different from a free and incensurable public ledger.
Hedera’s Board of Directors is made up of up to 39 time-limited and highly diversified leading organisations and companies, reflecting up to 18 unique global sectors. The members of the Board are committed to governing changes in the software.
Today, the nodes are managed by the following companies
Boeing – Deutsche Telecom – DLA piper – Fis – Google – IBM – Magalu – Nomura – Swirlds – Swisscom Blockchian – Tata Communications.
According to founder Leemon Baird, such diverse companies from different places with different cultures are a sufficient guarantee of decentralization. Co-founders Dr. Leemon Baird and Mance Harmon invented and developed Hashgraph after working at the United States Air Force Academy and as founders of Trio Security, BlueWave Security and Swirlds, Inc.
Hedera is a network where anyone can carve out a piece of cyberspace to make transactions, but to do so they will use software managed and controlled by the Council that leads the development of Hedera Hashgraph.
The project’s roadmap envisions an increasing independence from this entity, which for now still has great power in the network.
Interoperability with blockchain like Ethereum is allowed thanks to the smart choice of the founders to use the Solidity code, created and used by the ETH core team for smart contracts.
Enabling Atomic Swap and cross-chain communications is one of Hedera’s main goals.
The Hedera Hashgraph numbers
- 10,000 = number of transactions per second;
- 0.0001 = cost in dollars x transaction;
- 3 – 5 = seconds required to validate a transaction.
What Hedera Hashgraph HBAR tokens are for
- Secure the network;
- Paying for the execution of smart contracts;
- Reward network nodes for bandwidth, computing and storage provided;
- With Proof of Stake under development, tokens will help achieve consensus through weighted voting;
- Avoid Sybil Attack.