Hedera Hashgraph launches its long-awaited public network, backed by some of the largest corporations in the world, promising faster transactions and greater scaling capacity than any blockchain so far.
Since December 2018, the network has been made available in a testing environment to a small group of corporations and developers. As of 00:00 UTC Tuesday, anyone can open an account or build a decentralized hash graph application (dapp) that is similar to the blockchain but uses a different mechanism to reach consensus on the status of the book.
With the public network now live, the Hedera Treasury is set to begin distributing HBAR symbols to the system around 01:00 UTC. The first tokens ̵
Another 1.95 million tokens will go to advisers, salespeople and other participants on the first day. The remainder of HBAR's $ 50 billion supply should be released within the next 15 years by the network's board of directors.
Twelve cryptocurrency and OTC exchanges plan to list HBAR for trading: AlgoZ, BitOoda, Bering Waters, Bittrex, Galaxy Digital, GSR, Liquid, OKEx, OKCoin, OSL, Upbit and xFutures.
A year and a half into creation, hashgraph stands out from other book distribution technologies (DLTs) in several ways, its creators claim to work more effectively than blockchain, making it more suited to businesses and commerce. In particular, Hedera says the network can support up to 10,000 transactions per second, compared to 2.8 per second for bitcoin and 15 for ethereum, the two largest blockchains.
"This is the first ever hash test to be tested globally," Hedera CEO Mance Harmon told CoinDesk. "It's a different data structure, different technology, and it doesn't look like blockchain, but it solves the same problems with better security and better performance."
Hashgraph supporters also claim that its consensus mechanism for Bet Proof is fairer than Bitcoin Proof of Work, which allows transactions to occur in the order in which they were recorded and all settled at the same time. Hedera's code is patented, not open source, a condition that the network says will have to stop copying the codebase or forcing.
Last but not least, Hedera boasts of blue chip name imprints, with IBM, Boeing, Deutsche Telekom, Tata, Nomura and the FIS banking technology provider represented on its board of directors, whose members manage the nodes and vote for software updates.
Praise and Invitation
At the beginning of the launch, Hedera Hashgraph won a share of fans and critics.
Among his fans are Steve Wilson, chief analyst at emerging technology consulting firm Constellation Research, who says Hedera's size is the key to her speed. since it does not store the entire transaction history in the general ledger (though it can optionally be stored in a "mirror" network). In addition to its speed, hashgraph promises finality and instant payments, as opposed to about 70 percent of transactions settled every ten minutes for bitcoins and a handful of transactions that never reach completion, Wilson said.
"If we think that cryptocurrency will be viable for retail transactions, it is not acceptable to go out with a merchant, unsure if they will be paid," he said. "Hedera has a quality of service that others are not so committed to."
However, this speed only applies to certain types of transactions, said Eric Wall, the former leading blockchain owner of Nasdaq fintech provider Cinnober.  "Dapp requires smart contracts, and since Hedera currently closes 10 transactions per second with smart contracts, this does not make it more interesting than ethereum," says Wall, who recently wrote a pair of skeptical middle publications about Hedera.
Hedera consensus service is also nothing new, maintains the Wall. Sidechains have also been created outside of public blockchains that take advantage of the consensus power of the core system.
"I cannot predict the future of what Hedera will go to in the future, but I move away from a model that is based on economic and game theory guarantees for a reliable model is a severe reduction in the model of system neutrality."
Private Network Connection
Since October, hundreds of developers have been building the network and 25 are now operating Dapps that were integrated into the network before launch, Harmon told CoinDesk.
However, the hash is considered a beta phase as the network still lacks the Heder service a Consensus (HCS) and several other features that will be included in version 1.0
HCS will serve as a link between private blockchain networks and the hash. It allows hash transactions from another network to be ordered on the Hedera network during
For example, Certara, a drug development and decision support company, plans to use HCS to create a "counterfeit" health transaction record. data while using your private network, such as Hyperledger Fabric, to ensure privacy, said Jim Nasr, vice president of technology and innovation at Certara Synchrogenix, a subsidiary.
HCS will also allow Fabric to work on mirror nodes that give an idea of all transactions occurring over a hash, but do not participate in the consensus mechanism as a regular node.
"Gaining computer confidence is why you want to go down the blockchain path to healthcare," Nasr said. "By consensus service, your transactions are finalized online, but private blockchain can still be used."
Co-founders of Hedera Hashgraph Leemon Baird and Mance Harmon, courtesy of the company.