Hedera Hashgraph the Future of Blockchain?

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Here comes Hedera, a new cryptocurrency company seeking to create a better alternative to blockchain. There is a lot of hype already surrounding this with some pretty big claims about the platform known as Hedera Hashgraph. According to them, the network will be able to process hundreds of thousands of transactions a second and the tentatively named SAFT token will never be forked. Their goal is to set up a platform for an open network of applications, all based on a single token, that is faster and cheaper than Bitcoin (BTC) or Ethereum (ETH). If they can pull this off the potential for success is obvious, possibly rendering most, or all, cryptocurrency obsolete. This is simultaneously a very scary and exciting thought!

A Look Inside Hedera

The team does have an extremely strong background in technology. Co-founders Mance Harmon and Leemon Baird worked together on a number of military cyber defense and machine-learning projects before forming software company Swirlds. Swirlds has been building blockchains for private companies a while now and started work on Hedera Hashgraph last fall. They have gained quite a few partners since then, you can find a list of them on their website (linked at the bottom of the article). These companies are excited about the idea of a faster, more scalable, and stable crypto coin and really who can blame them?

The code behind all of this is patented, a major shift from other cryptos, which have traditionally been open source programs. Hedera claims this is what will provide the proposed coin with stability and keep it from being forked into hundreds of different coins. This, of course, will be met with conflicting opinions. Some will argue that forking has done a service to crypto by allowing the community and developers freedom to create their own coins. Others will say it has damaged it by diluting the market and generally causing confusion. There is merit to both arguments, but it is hard to disagree with the sentiment of their just being WAY too many coins. A patented code could be the solution, although it does seem a little antithetical to the ethos of cryptocurrency. The draw of crypto is in "being your own bank", with Hedera Hashgraph it feels like they are taking a step back from that. This is somewhat alleviated by the introduction of the Hedera Hashgraph Council.

The website explains, "The Hedera Hashgraph Council will be the governing body of the Hedera Hashgraph network. The council will consist of up to 39 leading organizations and enterprises in their respective fields, with membership designed to reflect a range of industries and geographies, to have highly respected brands and trusted market positions, and to encourage a wide variety of perspectives. The Governing Members will elect the Governing Board and also contribute expertise through subcommittee membership. Hedera's governance terms ensure no single member will have control, and no small group of members will have undue influence over the body as a whole." It is unclear exactly who this council will be composed of but it's a pretty safe bet they will be coming from their list of partners.

Another shift from blockchain is the addition of parallel processes rather than the typical linear models of BTC transactions. Ran through nodes staked out by users willing to provide their CPU power, this where the Hashgraph will get its immense speed from. So rather than ten transactions or so a second, you will have hundreds of thousands. A big positive to those that are frustrated with long BTC transactions and high fees.  

All Things Considered

Reading about all of this drew me in and I had to check it out. I made it to the website that boldly states, "Hello Future", 30 minutes before the livestream launch event. "This should be good", I thought, expecting a presentation with speakers and product demonstration. Yea... that didn't happen... at all...it was just a video with some cheery music and static words like "faster" and "fairness", and the website that already existed. Disappointing to say the least and maybe even a red flag.

All the ideas sound great and it appears that they have impressed some people, but I'm not so sure they can pull it all off. Details are too murky and their launch event was less of a launch and more of a video that just reiterated prior statements. I was very hopeful for at least a graph, an official coin name... something. This can be chalked up to poor marketing. Who knows? Maybe this is the inception of the future and by dismissing it I'll get passed by. Perhaps it will become THE cryptocurrency and dominate the market. Maybe it will become vaporware. Or worse! Tron 2.0: no products, a never-ending cycle of repeated hype information, and a legion of bagholders.

visit their website and learn more here: https://www.hederahashgraph.com

Disclosure:

I have received no additional compensation other than the Ethereum that Hade Technologies pays to produce Exclusive Content.





Comments (2)

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  • Scott
  • ,  Contributor
  • 15 March 2018, 02:03 pm

Knifedag-Very informative article and thank you for the update.

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    • knifedag
    • ,  Contributor
    • 15 March 2018, 02:03 pm

    Update: I revisited Hedera's launch page and after 45 minutes of fluff a presentation finally began. It lacked energy but did expound upon the platform and it's underlying technologies. The launch can be viewed on their website.

       0   Reply (0)   Follow(437)  

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