Hedera Hashgraph can be described as a platform that provides an innovative and new form of distributed consensus. People can interact and collaborate online with others who are not known to them without any trusted intermediary. Moreover, this platform is very fast, fair and secure and does not need any computer generated proof of work. Hedera Hashgraph allows developers to create new distributed applications that were not possible before. Hashgraph thus offers the benefits of blockchain without its design limitations.
The Hedera Hashgraph Council and Machine Zone (MZ) have divulged the Hedera Hashgraph Platform, a new distributed public ledger in New York City at an event in March 2018. This technology will revolutionize the online world with its capability of performing several transactions in a second with security and a high level of trust. Cybercrime, identity theft, hacking, spam and digital spying are all creating a big problem in our lives. Hedera aim is to bring about a change with this simple yet robust platform with strong API that will help developers to build globally distributed applications. With this Hedera will be able to provide a secure, trusted and equitable online world.
A decentralized system is provided by the Public Distributed Ledger for all to participate in. But the ‘Decentralization in Bitcoin & Ethereum’ examined several networks in the last two years found that this was no longer the case. It is the top four Bitcoin and three Ethereum mining operations that control over half the world’s hash rate. In fact, the entire blockchain is determined by less than 20 mining entities that are causing a lack of governance which provides assurance of sustained decentralization over time.
The main aim of Hedera is to separate governance from consensus. The Consensus model of Hedera will diversify to millions of nodes in a distributed network while the cryptocurrency platform makes sure that there is continued decentralization as far as consensus voting is concerned. Hedera claims that a node can be run by anyone without paying for electricity or a mining rig. A council of organizations will govern in multiple industries thus bringing the much-needed expertise and experience in the process. No one single entity or group of people will have control over the body as a whole. According to Hedera a combination of legal and technical control will be given to the governing council that will maintain stability and security on the network. Opt-in-Escrow Identity mechanism of the Hedera technical framework will provide users with a verified identity in comparison to the anonymous cryptocurrency wallets. This will provide oversight to the government to ensure regulatory observance. Although this is optional, Hedera intends to work in collaboration with the government to provide public ledgers with a certain level of security as is the case in the current financial system.