The public beta of the Hedera Hashgraph has finally been deployed after years of development dating back to 2017.
The project developers are promising to offer an enterprise-grade distributed ledger platform. Further, the team says that Hedera is a 3rd generational distributed system that is more advanced than not only Bitcoin but also the second-largest Altcoin on Coinmarketcap Ethereum.
Therefore, Blockchain technology enthusiasts can only hope that the new platform would offer a new technological impetus for revolutionizing DLT.
Improved Blockchain Features
According to the official website, Hedera Hashgraph improves on Blockchain technology and offers a new dimension of how an ideal system should look like.
For instance, the hash rate of Hedera is said to be powerful to process an excess of 10,000 transactions per second. This is by far faster than conventional Blockchain platforms such as Bitcoin, Ethereum, Stellar, the self-styled RippleNet, etc.
Hence, Hedera Hashgraph proffers a solution to scalability issues that slow down the speed of validating transactions on conventional Distributed Ledgers.
Secondly, Hedera Hashgraph is built on the Directed Acyclic Graph (DAG) technology. This is a unique feature in the traditional Blockchain technology where proof-of-stake, proof-of-work, or proof-of-authority consensus mechanisms are common. Consequently, DAG enables the new system to allow participants to act as nodes that validate transactions leading to instant consensus.
The only aspect of Hedera Hashgraph that may attract criticism is the fact that there is a governing council consisting of notable corporate bodies such as IBM and Boeing. Nevertheless, there is a degree of decentralization as the system is peer-to-peer based and transactions are validated by users.
A Generation Ahead Of Competitors
The new competitors of Hedera Hashgraph are all Blockchain in the market. However, as the new entrant to the field, the CEO and co-founder Mance Harmon is confident that the system has what it takes to be relevant for the current needs in industries and retail markets.
Additionally, the team behind the project is focused on adhering to compliance principles to be on the right side of the law to guarantee prospective users and investors of business consistency.
HBAR Coin And Roadmap
The self-styled Blockchain platform has native Token codenamed HBAR that promises to offer low cost, customizable, and super-fast financial solutions. A Token is exchanging at $0.038 on the official exchange where there are 50 billion Tokens.
Other solutions on Hedera include distributed management of files, smart contract-based exchange of assets, security, and fairness. Users can also build DAPPs and so far they are 26 in number.
Deployment of the Hedera Hashgraph and HBA for community use is set for anytime between 2019 and 2020 according to the website. However, early access of the mainnet is already available and everything seems to be going according to plans.