Yesterday evening Hedera Hashgraph had their Launch Event and boy it got me excited. Hedera Hashgraph is built on top of 4 pillars.
These are Technology, Security, Stability and Governance.
Let's start with the technology. Hedera claims to have a system in place that can achieves hundreds of thousands of tps (transactions per second). This is way way higher then anything currently active in the market.
Bitcoin for example only has a 3 a 4 tps (according to some reports).
Ethereum scales a bit more to around 20 tps.
No need to say that Hashgraph has a big winner.
The other very important technology part is the consensus, Hashgraph would do this in seconds where Bitcoin takes 10 minutes and Ethereum does it in approx 12 seconds.
Let's move on to Security.
In regards to security Hashgraph is resilient to distributed denial of service attacks compared to other current platforms.
Hashgraph uses Asynchronous Byzantine Fault Tolerant: No member can prevent the community from reaching a consensus, nor can they change the consensus once it has been reached
Practicaly, Hashgraph can for the first time directly address the creation of provably fair markets, auctions, time-limited transactions and games !
Stability:
Hashgraph technology is patented. No license is required to user the platform. However the source code will be open for public review with version 1.0. Wy patent? So it won't be able to be forked.
Governance:
Current industry is the Wild West. Why is that. The current platforms are throne to split and create concurrent cryptocurrencies therefore creating fear and chaos in the market.
This also prevents mainstream adoption in the market.
Goal is to let businesses build enterprise applications.
Split model, open consensus (anybody can run a node) millions of nodes run by regular people and computers.
The permissioned governance is run by a council and has the goal to set the operations for the Hedera company (pricing, technical roadmap, legal, regulatory, ...)
Where are we today with the Hashgraph platform? Currently there is a testnet running on 3 continents.
Whats in the platform currently?
There are 3 pillars running on top of the Hashgraph Consensus.
First of all it's the Cryptocurrency.
Second it's a file storage solution.
And third, Hashgraph has taken the Ethereum Virtual Machine and put it on top of the platform. Due to this Hashgraph supports the current solidity smart contracts.
The network is limited right now, but it will be opened to beta testers in the beginning of may!
This is my first writeup on Hedera Hashgraph.