“Changes call for innovation, and innovation leads to progress.” -Li Keqiang
When it comes to cryptocurrency, we’ve talked about a wide variety of different projects. Bitcoin and Ethereum, Tezos and Cardano, Algorand and Solana… the list goes on. We’ve seen the variety. Variety in technology, innovation and application. Though each comes with their own niche or unique qualities, none quite compare to the Hedera Hashgraph Network.
A Unique Foundation:
After the rise of blockchain technology in the early 2010s, Dr. Leemon Baird developed the foundational piece to Hedera in 2015. Later to join his friend and business partner, Mance Harmon, in building this revolutionary innovation into something much bigger. They sought out to play a big part in bringing a trustless internet to life.
So what is this treasured innovation exactly?
Differing in numerous ways from other decentralized, trustless projects, the distinguished feature of Hedera is the technology behind it. Most any DeFi, web 3 or Decentralized technology that you’d find is a blockchain. Dr Baird came up with something similar, but very unique in distributing consensus on a ledger in a decentralized manner: The Hashgraph.
Blockchain Vs Hashgraph
Some call it the successor of blockchain. Hashgraphs, like blockchain, are distributed consensus mechanisms that aim to bring speed and security to users. Operating in their own unique fashion, Hashgraphs have proved to be faster and more secure than blockchains.
So what the heck is a hashgraph?
This technology marks transaction data with timestamps, signatures and hashes through a “gossip” protocol. Valid nodes on the network communicate to one another about transactions. Each node that is involved in the transaction must verify the validity of a transaction in order for it to pass through. A blockchain uses either miners or nodes to validate and they form blocks of information that add to a sequenced chain.
Each node on a hashgraph’s network is known and validated by the network after it receives a consensus timestamp when it joins. In decentralized and open source blockchain, it’s harder to connect nodes and miners to others on the network because of how openly distributed they are. This is the main point of criticism for the hashgraph.
Hedera Hashgraph
Coming to the field in 2017 as a company, launching their mainnet and minting HBARs soon after. They brought a vision and an innovation to fruition in just a few years after the company’s chief scientist and Co-Founder set out on a journey in 2012. They acquired the initial funds needed and set forth to show the value of this technology. Their growth has been exponential in development and influence over the years and Hedera Hashgraph now sits in a prominent position with innovative icons sitting on their governing council.
Hedera Hashgraph just so happens to be the only authorized ledger using hashgraph. It’s a patented technology with Swirlds having the licensing rights. Hedera is in a spot to be very successful in this field, especially when you look at who’s got their noses in it.
HBAR
HBARs are the native cryptocurrency to the Hedera network. They act as both a currency and a means of validation in transactions. There are 50 billion total HBARs. The crypto brings security and speed to the network and allows for dapps, rewards, NFTs and overall network fluidity.
A Solid Network
Most definitely a possible successor to blockchain- Hedera Hashgraph has a key to success being the lone wolf of the hashgraph world. They’re already known for speed and security exponentially more admirable than most blockchains, it’s no wonder they’ve come so far.
If you don’t believe in the legitimacy of this ‘hashgraph’ technology like you might with blockchains like Bitcoin or Ethereum, I’d think again. Just look at the governing council of this network… World renown tech companies are and have been putting time and money into this revolutionary system.
If you haven’t already, I’d look into Hedera Hashgraph and stock up on some HBARs. NFA.
