Hedera is a public distributed ledger for building decentralized applications (DApps). It was developed by Dr. Leemon Baird and Mance Harmon and launched in 2019. Unlike blockchain, Hedera Hashgraph uses a graph-like structure and a consensus algorithm called hashgraph consensus, which allows it to process transactions faster and more securely.
Hedera Hashgraph was founded by Dr. Leemon Baird and Mance Harmon in 2016. The network was officially launched in 2019. The founders aimed to address the limitations of existing blockchain technology, including speed, cost, and security.
Hedera Hashgraph uses a unique consensus algorithm known as hashgraph consensus. This algorithm allows the platform to process thousands of transactions per second, significantly faster than traditional blockchains. It also ensures fairness by preventing any single node from controlling the order of transactions.
The network uses a Proof-of-Stake (PoS) model, where the weight of a node's vote is proportional to the number of HBAR tokens it holds. This model helps to secure the network and incentivize honest behavior.
Hedera Governing Council
The Hedera Governing Council is a group of up to 39 multinational entities that govern changes to the software run by millions of Hedera nodes. The council aims to ensure decentralization and stability of the Hedera network. As of 2023, it includes companies like Google, IBM, Boeing, and Deutsche Telekom.
Hedera Hashgraph has a wide range of use cases, including micropayments, decentralized finance (DeFi), supply chain, and identity verification. Its speed and security make it suitable for applications that require real-time transactions and data sharing.
Hedera Token (HBAR)
HBAR is the native cryptocurrency of the Hedera network. It is used for transaction fees, staking, and node services. The total supply of HBAR is 50 billion.
Criticism and Controversy
Despite its innovative technology, Hedera Hashgraph has faced criticism. Some critics argue that the network is not truly decentralized due to the control exerted by the Hedera Governing Council. Others have raised concerns about the network's scalability and the environmental impact of its PoS model.
Smart Contract Language Repository
- Baird, L. (2016). The Swirlds Hashgraph Consensus Algorithm: Fair, Fast, Byzantine Fault Tolerance. Swirlds Tech Report SWIRLDS-TR-2016-01.
- Hedera Hashgraph Whitepaper.
- Official Hedera Hashgraph website.