Hedera Hashgraph has launched its long-awaited public network, which is supported by some of the world's largest companies and promises faster transactions and greater scalability than any previous blockchain.
Since December 2018, the network is available in a test environment for a small group of businesses and developers. From Tuesday, 00:00 UTC, anyone can open an account or create a decentralized app (dapp) on the hash graph similar to a blockchain, but using a different mechanism to reach consensus on the status of the ledger.
With the public network now active, the Hedera treasury is due to begin distributing the system's HBAR tokens around 01:00 UTC. The first tokens – more than $ 379 million ̵
Another 1.95 million tokens go to consultants, sellers and other participants on the first day. The balance of 50 billion HBARs is expected to be released by the network's governing body over the next 15 years.
Twelve crypto-currency exchanges and over-the-counter (OTC) counterparts plan to list HBAR for trading: AlgoZ, BitOoda, Bering Waters, Bittrex, Galaxy Digital, GSR, Liquid, OKEx, OKCoin, OSL, Upbit, and xFutures.
A year and a half in development, the hash graph is different in many ways from other distributed ledger technologies (DLTs). The inventors claim that it works more efficiently than blockchains and is therefore better suited for business and commerce. According to Hedera, the network can support up to 10,000 transactions per second, compared to 2.8 transactions per second for Bitcoin and 15 for Ethereum, the two largest blockchains.
"Hedera CEO Mance Harmon told CoinDesk. "It's a different data structure, a different technology, not a blockchain, but it solves the same problems with better security and better performance." Proof of Work, which allows transactions to arrive in the order in which they were recorded, and to handle all transactions at the same time. Hedera's code is more patented than open-source, a condition the network dictates to prevent copying the code base or forking.
Last but not least, Hedera is equipped with the imprint of blue-chip names, with IBM, Boeing, Deutsche Telekom, Tata, Nomura and the technology provider FIS were represented on their board, whose members manage nodes and vote on software updates Share of admirers and critics.
Among his fans is Steve Wilson, principal analyst at emerging technology consulting firm Constellation Research, who says Hedera's size is the key to his speed.
While regular blockchains are a few gigabytes in size, the hash graph is smaller because not all of the transaction history is stored in the general ledger (although it can optionally be stored on a "mirror" network). In addition to its speed, the hash graph promises finality and instant payments, as opposed to about 70 percent of the transactions settled every ten minutes for Bitcoin and a handful of transactions that never reach finality.
It is unacceptable for you to go out with the dealer if you are not sure if they will be paid, "he said. "Hedera has a quality of service that others are not that committed to."
However, this speed only applies to certain types of transactions, said Eric Wall, former head of blockchain at Nasdaq's own fintech vendor Cinnober.
] "An app requires smart contracts, and since Hedera is currently throttling 10 transactions per second with smart contracts, that's no more interesting than ethereum," said Wall, who recently wrote two skeptical media articles on Hedera.
The consensus service of Hedera is nothing new, claimed Wall. Sidechains have also come from public blockchains that exploit the consensus strength of the underlying system.
"I can not predict what future Hedera will pass on in the future, but move away from a model Based on economic and game theory guarantees, a trusted model represents a significant constraint on the system's neutrality model."
Link to private networks
Since October, hundreds of developers have built on the network According to CoinDesk are currently 25 integrated in Mainnet Dapps in the beta test phase, as the network of the Hedera Consensus Service (HCS) and a few are still missing Features that will be included in version 1.0.
The HCS should serve as a link between private block chain networks and the hash graph. It enables a hash of transactions from another network in the Hedera network to be time-ordered and a searchable record to indicate when transactions with the trust of a remote network have taken place.
For example, Certara, Drug Development and Decision Support According to Jim Nasr, Vice President of Technology and Innovation at Certara's Synchrogenix subsidiary, the company plans to use HCS to create a tamper-proof record of health data transactions using a private network such as Hyperledger Fabric to ensure privacy.
With HCS, Fabric can also be executed on mirror nodes that provide insight into all transactions flowing through the hash graph, but do not participate in the consensus mechanism like a regular node.
The blockchain path for healthcare, "said Nasr. "The Consensus service will close your transactions in Mainnet, but you can still use a private blockchain."
Leemon Baird and Mance Harmon, co-founders of Hedera Hashgraph, by courtesy of the Company.