Hedera hashgraph aims to become the world’s first mass-adopted public distributed ledger that will be able to support a broad array of applications. The new technology aims to be the first to support global decentralized applications instead of the blockchain.
What is Hedera hashgraph?
Hedera hashgraph is a distributed ledger technology with the ability to scale dramatically. The proposed technology has the potential to completely change how large-scale distributed ledgers, a.k.a blockchain, will be used in business.
Hedera hashgraph allows for high-performance computing and communications for computers, devices and applications that are spread out over large areas. It also reduces the cost and increase the performance of applications.
As far as scaling goes, Hedera hashgraph uses what’s known as a non-caching networking protocol that increases the processing power of Hedera’s blockchain database.
Since Hedera is decentralized, it doesn’t hold information about users on the network.
The Difference Between Blockchain and Hedera hashgraph
Hedera hashgraph (HD) is a distributed ledger that can replace the blockchain. It is different from the blockchain in a number of important ways.
Hedera does not rely on a trustless and decentralised network of users and computers in order to operate. It’s rather like a distributed database where data is shared between users and computers that have their own software installed on it.
Hedera also uses technology called ‘memory hash tables’ in order to store and execute transactions.
Blockchain technology is the only way in which people currently store information, meaning that if you lose your phone you can’t access your online bank account information.
Hedera is a more secure alternative as information is stored across a large network of computers.
How does it work?
Hedera Hashgraph is a blockchain that offers scale to everyone by requiring only a handful of supercomputers to share a ledger while running a slew of concurrent transactions.
In comparison, blockchain networks require massive amounts of processing power and storage, a major obstacle in scaling out the tech.
Blockchain has had a few notable speed bumps on its way to global adoption, and one of the problems is that the systems are no longer optimized for the internet era.
“The underlying technology that makes this possible is extremely powerful and provides an enormous increase in scalability, performance and capabilities for blockchain applications in and of itself. However, the implementations have not kept up with the underlying technology,” explains the Hedera team.
Hedera hashgraph advantages
Hedera hashgraph is the new blockchain-based distributed ledger solution developed by Hewlett Packard Enterprise (HPE) and Hitachi Maxell. The project aims to be the world’s first private distributed ledger that will be able to support a broad array of applications.
Before its official launch, Hewlett Packard has been developing the Hedera hashgraph solution and has successfully completed a Proof-of-Concept pilot with members of the network industry. This has led to a successful collaboration with leading industry partners, which aims to advance the adoption of Hedera hashgraph technology for multiple industry verticals.
The leading industry players involved in the project include NEC Corporation, Fujitsu Ltd., Hitachi Maxell, HPE, Samsung, and Tencent.