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:
The algorithm used by Hashgraph was invented by Dr. Leemon Baird. Initially the network will be able to process 1000 Transactions per second.
Thanks to its asynchronous Byzantine fault tolerance (aBFT), Hashgraph is resistant to DDoS attacks.
Hedera’s network will be governed by a council of up to 39 world-leading companies, who will contribute their advice and experience.
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 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, Hedera 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.
Hedera network services
Hedera’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 Hedera network
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.
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.
Manage credentials or verify data, this API guarantees the security of the file as well as its availability.
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 – Hedera
Bitcoin would be a first-generation cryptocurrency, second-generation Ethereum, and third-generation Hedera.
|Bitcoin [BTC]||3+||0.20$||10-60 min|
|Ethereum [ETH]||12+||0.13$||10-20 sec|
|Hedera [HBAR]||10000+||0.0001$||3-5 sec|
- The data provided in the table are approximate and may vary over time.
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 Hedera
- Public code review