Hedera Hashgraph and DLT Overview
Hashgraph is a new consensus protocol that has garnered attention lately by being projected as a technology that will make blockchain technology obsolete. There is so many questions in regards to this technology as it was not time-tested as blockchain. However, there are only few cryptocurrencies based on Hashgraph technology right now. Although one has been coming up more and more lately, it is called Hedera, which is planned for debut later in 2018.
What is Hedera Hashgraph and Distributed Ledger Technology?
Hedera Hashgraph is a Distributed Ledger Technology (DLT) Platform formed by a consortium of companies leveraging the patented Hashgraph Technology for building distributed consensus based fair and ordered transaction systems. Hashgraph is a patented technology from SWIRLDS leveraging the concept of gossip to gossip protocols, virtual voting, replicated state machines etc. The Swirls SDK is available in Java. Hedera Hashgraph is the platform build on the top of Hashgraph technology. Hedera is working on building a layer to author smart contracts and develop tokens on the top of Hashgraph Consensus and DLT. Following diagrams will help you to understand Hashgraph and Hedera Hashgrpah Platform architecture in better light.
Hashgraph is based on a technology called directed acyclic graph (DAG) which is an alternative to Blockchain. IOTA and Nano (formerly Raiblocks) are two other DAG-based cryptocurrencies, though they all work differently. None have so far proven they can scale, although the makers of Hashgraph have marketed a private version, and they have claimed that they can achieve large-scale transaction volumes. We’ll see.
Overview of Hedera Hashgraph platform
The Hedera hashgraph platform provides a new form of distributed consensus; a way for people who don't know or trust each other to securely collaborate and transact online without the need for a trusted intermediary. The platform is lightning fast, secure, and fair, and, unlike some blockchain-based platforms, doesn’t require compute-heavy proof-of-work. Hedera enables and empowers developers to build an entirely new class of distributed applications never before possible.
Platform token
The Hedera hashgraph network will have a native cryptocurrency, which is a utility token that grants token holders access to distributed applications on the platform. The token may also be “staked” and used to run a node (for example, adding CPU to the Hedera public network), thereby providing the network security within the public ledger. We expect the token to act as a unit of value to motivate responsible use and governance of the platform.
Governance of Hedera Platform
Hedera will presumably be governed by a 39-member council of large businesses, law firms, etc. This is not exactly the permission-less, decentralized ledger envisioned by the designers of Bitcoin, but Hedera’s creators believe such a council will allow improvements to happen more smoothly and will spur mainstream adoption. Hedera’s governance terms ensure no single member will have control, and no small group of members will have undue influence over the body as a whole.
Summary of Hedera Platform
The Hedera hashgraph platform will offer a public, distributed ledger that enables anyone to easily develop globally distributed applications. Developers can build secure, fair, lightning fast distributed applications on top of the Hedera hashgraph platform. For more information, visit hederahashgraph.com, or follow us on Twitter @hashgraph, Telegram at https://t.me/hashgraph, or our forum at https://hashgraphboard.com.
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