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Hedera Hashgraph has launched its long-awaited public network, backed by some of the world's largest companies, and promising faster transactions and greater scalability than any blockchain to date.
Since December 2018, the network was available in a test environment for a small group of companies and developers. From Tuesday at 00:00 UTC, anyone can open an account or create a decentralized application (dapp) on the hashgraph, similar to a blockchain but using a different mechanism to reach a consensus on the ledger state .
As the public network is now operational, Hedera's treasury must begin distributing HBAR chips to the system at approximately 01:00 UTC. The first chips – more than 379 million euros – will go to investors who participated in a mass sale of $ 124 million that took place in three rounds, from March 2018 to August 2018.
On the first day, 1.95 million chips will go to advisors, vendors and other participants. The remaining 50 billion BSE reserves are to be released over the next 15 years by the network's board of governors.
Twelve Cryptocurrency and OTC exchange offices plan to register HBAR for trading: AlgoZ, BitOoda, Bering Waters, Bittrex, Galaxy Digital, GSR, Liquid, OKEx, OKCoin, OSL, Upbit and xFutures.
A year and a half later, hashgraph differs from other distributed accounting technologies (DLT) in many ways. Its creators claim that it works more efficiently than blockchains, making it more suitable for business and commerce. According to Hedera, the network can support up to 10,000 transactions per second, compared to 2.8 transactions per second for bitcoin and 15 for Ethereum, the two largest block chains.
"This is the first time a hashgraph has been tested in the world," said CEO Mance Harmon, Hedera. "It's a different data structure, a different technology and looks nothing like a blockchain, but solves the same kinds of problems with increased security and better performance."
Hashgraph supporters also stated that its consensus mechanism for proof of participation was fairer than Bitcoin's evidence of work, as it allowed transactions to be conducted in the order in which they were recorded and to be regulated at the same time. Hedera's code is patented rather than open-source, a condition that the network says it will apply to prevent copying of the code base or falsification.
Hedera claims in particular the imprimatur of big names: IBM, Boeing, Deutsche Telekom, Tata, Nomura and the banking technology provider FIS represented on its board of directors, whose members manage nodes and vote for the updates of software.
Praise and pans
In the run-up to the launch, Hedera Hashgraph gained a lot of admirers and critics.
Steve Wilson, a senior analyst with emerging technology consulting firm Constellation Research, is among his fans and says that Hedera's size is key to its speed.
While ordinary block strings have a size of a few gigabytes, the hashgraph is smaller because it does not store any transaction history in the ledger (though it may eventually be stored on a mirror network). In addition to its speed, the hashgraph promises the purpose and instant payouts, against about 70% of transactions settled every ten minutes for bitcoin and a handful of transactions never reaching the final character, Wilson said.
"If we think that crypto will be viable for retail transactions, it is unacceptable that you go out with the merchant without knowing it will be paid," he said. "Hedera has a quality of service to which others are not so attached."
This speed, however, only applies to certain types of transactions, said Eric Wall, the former blockchain leader at Cinnober, Nasdaq's fintech seller.
"A dapp requires smart contracts and as Hedera currently limits 10 transactions per second with smart deals, that does not make it more interesting than Ethereum," said Wall, who recently wrote a pair of skeptical medium publications on Hedera.
The Hedera Consensus Service also has nothing new, Wall said. Side chains have also been created from public block chains that take advantage of the consensual strength of the underlying system.
"I can not predict the future of Hedera's future transition, but moving from a model based on economic principles and game theory to a trust model represents a significant reduction in model of system neutrality, "he said.
Link to private networks
Since October, hundreds of developers rely on the network and 25 of them now use network-integrated applications before launch, Harmon told CoinDesk.
Nevertheless, the hashgraph is considered to be in the beta test phase because the network still does not have the Hedera consensus service (HCS) and some other features that will be included in version 1.0.
The HCS must serve as a link between the private blockchain networks and the hashgraph. It allows to classify in time the total number of transactions of another network in the Hedera network, thus showing a searchable record of when the transactions took place with the trust of a decentralized network.
For example, Certara, a drug development and decision support company, plans to use HCS to create a "tamper-proof" record of health data transactions, while using a private network such as as Hyperledger Fabric to ensure privacy, said Jim Nasr, vice president of technology and innovation at Synchrogenix, a subsidiary of Certara.
HCS will also allow Fabric to run over mirror nodes that provide information on all transactions running on the hashgraph but do not participate in the consensus mechanism as a normal node.
"Obtaining computer trust is why you want to follow the chain of chains for health care," said Nasr. "With the consensus service, your transactions are finalized on the network but can still take advantage of a private blockchain."
Hedera Hashgraph, co-founders Leemon Baird and Mance Harmon, image courtesy of the firm.
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