Hedera

Hedera Hashgraph

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The crypto industry has been fighting to survive this past year as big name companies and tokens have completely failed. All cryptos are down heavily from ATHs and there has been mass confusion, fear, uncertainty and doubt in the space. While a majority of cryptos have many tough questions to answer, there are projects that have continued to innovate. Similar to the Dot Com bubble that burst two decades ago, there are diamonds in the rough currently building to revolutionize technology for years to come. 

While crypto may be known for crazy pump and dump trading, NFT projects leading to no where and Ponzi schemes the future will be defined by the utility of blockchain ledger technology. As we move through an age of digitization of information there are many types of big data sets that are working to utilize blockchains to create faster transactions that have increased levels of transparency and security. Crypto protocols differ but Hedera Hashgraph has shown promise. 

Hedera Hashgraph is a distributed ledger technology (DLT) platform that utilizes a unique consensus mechanism called the “hashgraph algorithm” to achieve high throughput and low latency for secure and fair transactions. It is designed to be a more efficient and secure alternative to existing blockchain technology, and aims to support a wide range of decentralized applications, including smart contracts and digital assets.

 

Hedera Hashgraph was created by Dr. Leemon Baird and Dr. Mance Harmon. Dr. Leemon Baird is the Chief Scientist and Co-Founder of Hedera Hashgraph, and Dr. Mance Harmon is the CEO and Co-Founder. Dr. Baird has a PhD in Computer Science from Carnegie Mellon University, where he focused on the creation of secure and efficient algorithms for distributed systems. Dr. Harmon has a background in computer science and mathematics, and has worked on several other blockchain and distributed ledger projects before starting Hedera Hashgraph. Both of them worked together at Swirlds which was a company that developed the Hashgraph algorithm, Hedera Hashgraph is the company that was created to build a public blockchain using the hashgraph algorithm.

The Hedera Hashgraph network is controlled by a centralized governing body called the Hedera Hashgraph Council. The council is made up of 39 members, which include large corporations, academic institutions, and other organizations. The exact makeup of the council changes over time as new members are elected and existing members’ terms expire. The council members are chosen based on their ability to contribute to the network in areas such as technology, security, governance, and community building.

 

The current members of the council include companies such as Boeing, Deutsche Telekom, DLA Piper, FIS (WorldPay), Google, IBM, Magalu, Nomura, and Swirlds; and also organizations from different sectors such as academic institutions, non-profit organizations and government agencies. The council is responsible for making decisions about the network, such as setting transaction fees, creating new features, and making changes to the network’s rules. The council members are elected by the community, and their terms are limited to three years. The council members have the ability to vote on various proposals, which are then implemented by the Hedera team. The goal of this governance model is to ensure that the network is run in the best interests of all users, and to ensure that it is able to evolve and adapt to changing conditions.

The Hedera Hashgraph algorithm has several advantages and disadvantages, including:

Pros:

  • High throughput: The Hashgraph algorithm can handle a large number of transactions per second, making it suitable for high-traffic decentralized applications.
  • Low latency: Transactions on the Hashgraph network are processed quickly, with low latency.
  • Fairness: The algorithm uses a “virtual voting” mechanism to ensure that all transactions are processed in a fair and unbiased manner.
  • Security: The algorithm uses a combination of gossip protocol and a mathematical concept called “Directed Acyclic Graph” (DAG) to ensure that the network is secure and resistant to attacks.

Cons:

  • Centralized governance: Hedera Hashgraph is governed by a centralized organization, which can make decisions about the network without the input or consent of the community.
  • Lack of transparency: The algorithm is based on a proprietary technology, which can make it difficult for the community to understand how the network functions and to make contributions to the development of the technology.
  • Scalability: The algorithm is not yet proven on a large scale, which means that it remains to be seen how it will perform when the network grows.
  • Patented technology: The algorithm is patented which makes it difficult for other projects to use it.

It’s worth noting that, hashgraph is still a relatively new technology and it’s possible that some of these pros and cons may change as the technology and the network evolve.

Some potential use cases for Hedera Hashgraph include:

  1. Supply Chain Management: Hedera Hashgraph can be used to create a tamper-proof and transparent record of the movement of goods and services, which can be used to improve supply chain efficiency and reduce the risk of fraud.
  2. Digital Identity: Hedera Hashgraph can be used to create a decentralized and self-sovereign identity system, which can be used to protect personal data and give individuals more control over their online identity.
  3. Voting: Hedera Hashgraph can be used to create a secure and transparent voting system, which can be used to improve the accuracy and fairness of elections.
  4. Smart Contracts: Hedera Hashgraph can be used to create and execute smart contracts, which are computer programs that can be used to automate the execution of certain tasks and conditions.
  5. File storage: Hedera Hashgraph can be used as a decentralized file storage platform, which can be used to store and share files in a secure and decentralized manner.
  6. Gaming: Hedera Hashgraph can be used to create decentralized gaming platforms, where players can own and control in-game assets and where the integrity of the game is guaranteed.

These are just a few examples of the many potential use cases for Hedera Hashgraph. As the network continues to grow and evolve, it’s likely that new use cases will be discovered.

 

It’s difficult to predict the price of Hedera Hashgraph in 2030 as the price of any cryptocurrency or digital asset is subject to a wide range of factors such as market sentiment, adoption, innovation and regulations. Some experts believe that the price of Hedera Hashgraph could increase significantly in the future as more people and businesses begin to use the network, while others believe that the price may not change much over time.

It’s important to note that making price predictions for any digital asset is highly speculative and uncertain, and it’s also important to be aware of the risks that come with investing in any cryptocurrency. It’s always a good idea to research and understand the technology, its use cases, the team behind it and the overall market conditions before making any investment decisions.

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