Hedera believes it has an alternative solution in mind that can provide decentralization, scalability and security – without compromising throughput or speed – but none have managed to live up to these promises so far.
Hedera Hashgraph is a high-speed distributed ledger technology platform designed to facilitate business-to-business trust in applications. Unlike its blockchain competitors, which use proof of work for transaction verification, Hedera employs gossip-about-gossip and virtual voting in order to quickly reach consensus without expending significant energy resources. Hedera can handle hundreds of transactions per second with finality reaching three or five seconds making it suitable for supply chain management, identity verification, decentralized finance applications as well as supply chain management or identity verification tasks – among many others!
Hedera stands out from competitors not through its scalability but rather its simplicity and low costs. By forgoing central authorities and adopting fixed transaction fees that don’t fluctuate during market fluctuations, Hedera reduces operational costs by up to 50% when compared with Ethereum – providing real-time app experiences at fraction of their cost compared with many competitor networks.
Hedera takes an innovative approach to network governance. Instead of being controlled centrally, Hedera’s network is guided by its community using an democratic process called Hedera Improvement Proposals (HIPs), submitted from ecosystem developers and node operators. This decentralized method provides greater transparency while taking into account a range of opinions and solutions presented by HIPs from ecosystem developers and node operators.
Hedera has employed this approach in reaching an astounding consensus rate of over 10,000 TPS while maintaining the integrity of their blockchain. Their speed, scalability, and security features make them attractive platforms for use across industries like supply chain management, identity verification, decentralized finance and more.
Hedera’s cryptocurrency, HBAR, serves as an incentive system that incentivizes participation by linking rewards with network throughput and utility. Holders of HBAR coins can earn rewards by acting as nodes on Hedera network nodes to ensure stability and quality service for its users; this promotes adoption and growth for Hedera as an initiative.
Hedera has established the infrastructure necessary for it to scale and remain operational when others falter, without depending on virality or hype cycles to propel growth. Instead, Hedera is focused on building real systems at scale with real assets registries: payment rails, identity, carbon markets and asset registries that must remain up and running at scale and under pressure.
Hedera’s people reflect this dedication; its team includes Hedera co-founder Leemon Baird (inventor of hashgraph consensus), Mance Harmon, an executive with extensive experience in enterprise systems, product engineering, and security; as well as its core team consisting of CTOs, CISOs and ex-military cybersecurity experts – forming an unbreakable bond of stability and expertise.
Hedera’s been steadily evolving since its debut, making steady progress and real-world integrations. Its governing council comprises global enterprises who rotate through defined terms to oversee protocol decisions and safeguard Hedera’s future, while its codebase and ecosystem standards are open source and feature contributions from the community of app and node developers.