Home Reviews Hedera Hashgraph - What is it and how does it work?

Hedera Hashgraph – What is it and how does it work?

The appearance of new technologies brings great advances, these advances in turn bring first problems. This is what has happened with the advent of Distributed Accounting Technology (DLT). Hedera Hashgraph wants to solve the problems encountered and become the world’s first publicly distributed ledger.

The problems that this distributed accounting technology (DLT) has encountered are mainly 5:

  • Performance

The algorithm used by Hashgraph was invented by Dr. Leemon Baird. Initially the network will be able to process 1000 Transactions per second.

  • Security

Thanks to its asynchronous Byzantine fault tolerance (aBFT), Hashgraph is resistant to DDoS attacks.

  • Governance

Hedera’s network will be governed by a council of up to 39 world-leading companies, who will contribute their advice and experience.

  • Stability

Hedera relies on technical and legal controls to guarantee stability of the platform.

  • Normative compliance

Hedera’s network provides the tools necessary for all members of its ecosystem to comply with applicable laws and regulations.

Hedera Hashgraph

hereda-haspraph-logo

Hereda is a decentralized and public network, where startups, companies, content creators and consumers can create their own customized digital world.

“Hedera is the only public ledger that uses hashgraph consensus, a faster, more secure alternative to blockchain consensus mechanisms. Hashgraph works efficiently to verify transactions while ensuring the highest standard of security to prevent malicious attacks. Hashgraph achieves high-throughput with 10,000+ cryptocurrency transactions per second today and low-latency finality in seconds from its innovative gossip about gossip protocol and virtual voting. Once consensus is reached, it is available on the public ledger for everyone to transparently see.” they state on their website.

In summary, Hereda has the highest possible degree of security (ABFT), its transaction speed is incredibly fast, and its bandwidth consumption is incredibly low. Which makes it a strong candidate to be a leading platform for the future of public ledgers.

Hereda network services

Hereda’s network allows the use of a series of APIs, these APIs have different transaction fees depending on the activity they carry out.

The actions that these APIs allow are:

  • Account creation
  • Hbar administration
  • Run smart contracts
  • Store file hash
  • Write data to the ledger …

APIS from the Hereda network

Cryptocurrencies

The cryptocurrency API allows account management, fast and cheap transactions, native support for multiple signatures, real-time offers or the creation of receipts and records, among others.

Smart contracts

With the Smart Contracts API, you can tokenize a lot or create a decentralized bidding market.

These smart contracts are supported by the Solidity language and offer best-in-class security.

Archive Service

Manage credentials or verify data, this API guarantees the security of the file as well as its availability.

Consensus Service

Asset tracking, auditable record creation or reliable ordering is what this API offers, thanks to its native guarantees of speed, security and fair order of the hashgraph consensus algorithm.

Bitcoin – Ethereum – Hereda

The speed and efficiency of the network is evident when we compare it with Ethereum and Bitcoin, two of the leading cryptocurrencies in the crypto ecosystem.

Bitcoin would be a first-generation cryptocurrency, second-generation Ethereum, and third-generation Hereda.

 TPSFeesTime
Bitcoin [BTC]3+0.20$10-60 min
Ethereum [ETH]12+0.13$10-20 sec
Hereda [HBAR]10000+0.0001$3-5 sec
  • The data provided in the table are approximate and may vary over time.

Roadmap 2020

The platform is working on the following points for this 2020:

  • Integration in Hardware Wallet (Ledger Nano S and X)
  • State entity tests
  • Mirror node by Hereda
  • Public code review

Links of interest

Alfonso Martínez
Alfonso Martínez
Cryptocurrency enthusiast since 2015, a lover of blockchain technology and everything around her. He joined the Crypto Economy team in 2018 as a content editor specializing in SEO. He is also responsible for the Social Networks of the platform.
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