- Live from: 2018
The Hedera blockchain is proof-of-stake public network, powered by hashgraph consensus and achieves the highest-grade of security possible with its asynchronous Byzantine Fault Tolerant (aBFT) consensus algorithm.
The hashgraph technology is currently patented, and the only authorised ledger is Hedera Hashgraph. Unlike blockchains, a hashgraph does not use miners to validate its transactions. Instead, it uses a “gossip about gossip” protocol to create directed acyclic graphs for time-sequencing transactions without bundling them into block.
Hedera Hashgraph passed the total number of Ethereum (ETH) transactions on May 6th 2021, making it one of the world’s most used crypto networks. In theory, Hedera Hashgraph could process more than 100,000 TPS, which would allow it to easily rival Visa and other mainstream payment systems.
- Very high security, even when malicious actors are present on the network, through a system called ABFT (asynchronous Byzantine Fault-Tolerant) that is employed by nodes.
- Fast speeds due to transactions being processed in parallel, not serially, and fast latency hence only taking a few seconds for transactions to be confirmed by the network.
- Hashgraph platform is 250,000 times more energy efficient than Bitcoin.
- Network is governed by a council made up leading global organisations, including Google, LG & UCL.
- Technology is patented preventing developers from forking the protocol to create their own public versions.
- It is not fully decentralised – with just 19 Governing council members, it is questionable whether Hashgraph offers the decentralised solution that blockchain purists believe in.