A sneak peek at the decentralized public network of tomorrow
It has been our great pleasure to invite David Hsiao (@CryptoGodfatha), CEO of Block Journal, and Jordan Fried (@jordanfried), Senior Vice President of Global Business Development, Hedera Hashgraph, to introduce the whys and wherefores of Hedera Hashgraph (HBAR) at a Twitter live stream on 13 Sep.
To make long story short, the following is a condensed version of this session’s Q&A. Not only the 2,000+ audience can revisit the details, any one of you who would like to know more about HBAR are also highly welcome to watch, retweet and comment on this here: https://twitter.com/cryptogodfatha/status/1172679052806647808.
1. Brief introduction of HBAR
As the world’s first enterprise-grade public network, HBAR is aimed to provide a well-performed platform that deals with tens of thousands of transactions per second for major mission-critical firms. Adhering to the novel concept of asynchronous byzantine fault-tolerant consensus algorithm, it enjoys the highest level of network security, expecting to transcend the existing blockchain framework. Also, no-fork guarantee enables it to work as the most stable global distributed ledger technology.
2. Origin of name
The first word of HBAR’s compound name, Hedera, was brainstormed by Natalie Furman, general counsel of HBAR. As the name implies, Hedera, a genus of climbing plants in tangled form, is analogous to interlinking nodes in blockchain networks. It represents the world’s only decentralized public network running hashgraph consensus algorithm. On the other hand, the second one, Hashgraph, comes from the fact that it is not a chain of blocks. It is, in fact, a directed acyclic graph developed by Dr. Leemon Baird, founder and Chief Scientist of HBAR, who incorporated a gossip protocol, rather than a voting-based algorithm, to achieve consensus more effectively. The lexeme, “graph”, is bound together with another one, “Hash”, by a clear link between “directed acyclic graph” and accelerated “cryptographic hash function”, which stands out among the most common algorithms in blockchain technology.
3. Is HBAR’s nickname “blockchain killer”?
This funny nickname is probably coined by sensational reporters in the communities. HBAR has the same decentralization properties and elements as traditional blockchain that are basically about sending transactions anonymously through a trusted third party. What’s more, it is exceptionally capable to calculate consensus timestamps and spin-off ad-hoc marketplaces in a more reliable manner. Since HBAR is an active agent to advance blockchain technology in the crypto ecosystem, it is better to nickname this in a more positive way.
4. Why HBAR outshines other platforms?
On one hand, HBAR is an order of magnitude more secure than other alternatives. It completes transactions, especially micro-payment and itty-bitty ones, much faster and cheaper without compromising security. On the other hand, users can access to the best properties of HBAR. For example, it is fork-resistant and double spend-resistant under good governance. Besides, its council members, including Nomura, Magazine Luiza, Boeing and DLA Piper, from different continents and sectors help form a diverse governance body that makes the platform relevant to as many people in the world as possible.
5. Number of HBAR council members
HBAR’s Governing Council plans to include 39 members, 10 of which have been listed on HBAR’s website. All members’ specific details will be announced in the coming months and years when HBAR believes that the partnerships make sense enough. Its biggest priority is to attract the participation of engaged and motivated leaders that can help shape the new platform.
6. Efforts to attain partnerships
HBAR started working on the platform in the early fall of 2017. After firms applied for joining HBAR’s Governing Council, internal approvals were required from managers, presidents and C-suite officers to sign off on lengthy legal documents. This has been an arduous process. Nevertheless, Dr. Leemon Baird, Edgar Seah, Head of Asia, Sami Mian, Head of Japan and Korea, and other incredible team fellows have led HBAR to succeed in recruiting some of the council members as part of the organization today.
7. What can developers create on HBAR platform?
HBAR’s philosophy is to put developers and communities first. This is evident by allowing them to build applications through an open-source software development kit (SDK). Most importantly, the three core services that it offers are cryptocurrency, smart contract and file storage. HBAR has a native cryptocurrency, called HBAR coins, making micropayments feasible. To cater for Solidity communities’ needs in the first instance, smart contracts support Solidity language to execute codes. They can also make use of file storage service to store and delete decentralized files after paying storage fees.
8. Which platforms are HBAR’s potential competitors?
People usually see Amazon Web Services (AWS), Hyperledger and Aetherium, etc. as HBAR’s rivals, but HBAR itself does not consider that it is competing toe-to-toe with them. HBAR is in another league since the change it has made is evolutionary rather than gradual. Instead, its potential competitors are some cloud companies with great ambitions to expand use cases.
9. What obstacles are HBAR facing?
One of the key obstacles is a lack of understanding about how HBAR works. It is never easy to educate people and get them to adopt HBAR. Moreover, many publicly traded and multibillion-dollar multinational companies seldom use public networks to draw investors’ attention. The market moved from on-prem to cloud and now the trend is slowly shifting away from cloud to distributed cloud. It takes time for people to change their own mindset. To help speed up the process, HBAR is actively developing open-source tools that make it easier for some of the world’s largest companies to use HBAR. It hopes to serve as a key differentiator to unlock adoption over the next few years and decades.
10. What are some of the coolest applications currently being built on HBAR platform?
For example, there are a lot of cool codes and side chains created by HBAR’s discord community members. For HBAR, it provides Hedera Name Service for users to register their own domains. In addition, AdsDax is using HBAR to identify and prevent click fraud on the platform. For details of more go-live apps on HBAR, please visit https://www.hedera.com/users/.
11. Details of HBAR’s open access virtual event on 16 Sep
Celebrating the open access of Hedera’s mainnet, a dozen of council members and startup founders shared their amazing stories and insights about HBAR’s development on 16 Sep. For more details, please visit https://www.youtube.com/watch?v=FpZdvGlbi0A.
12. What HBAR will be after a year?
Apart from helping firms tackle business issues, HBAR expects to release equally impressive mission-critical applications that solve real-world problems. You can imagine patients will benefit from HBAR applications that can balance drug shortages across the supply chain since they will have the right medication available. The platform is impactfully making a great difference in the world. It is a technology not just for speculation.
13. How long it will take to achieve mass adoption of blockchain and crypto technology?
Blockchain is a team sport. It requires groups of companies that in some cases are competitors to work together. This assures more and more people of the industry’s rosy prospect. Central Bank is exploring to issue cryptocurrency as a sovereign currency. Fidelity and Nomura have made moves to enter the digital asset space. Samsung and HTC start to roll out innovative handheld devices that offer native crypto wallets for ordinary users. It makes us accessible to cryptocurrencies easier and easier. A mass application of blockchain and crypto technology will happen sooner or later.
Trade now at OKEx
Also, don’t miss out on our 500,000 HBAR giveaway: https://okexsupport.zendesk.com/hc/en-us/articles/360033765071-500-000-HBAR-Giveaway-Celebrating-HBAR-Listing !
Please don’t hesitate to drop us a line on our social channels if you have any queries or comments. Stay tuned for the next AMA session!
Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involves significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.
Follow OKEx on: