Bitcoin is famous as the cryptocurrency that introduced us to blockchain, a decentralized and transparent public ledger that used distributed computing to record transactions. But it was slow, and as Bitcoin became popular, that slowness in updating the ledger became obvious as it handled too few transactions per second.
Lots of entrepreneurs are working on speeding up the blockchain. But there’s something else out there called the hashgraph, another decentralized ledger that is billed as a fast and cheap alternative to blockchain. Today, the Hedera Hashgraph Council and MZ (formerly Machine Zone) are unveiling plans for a new distributed public ledger, the Hedera Hashgraph Platform.
This technology will be able to perform many transactions per second, and it could be the basis for a new level of trust and security in the online world, the supporters said. The Hedera group wants to use the ledger to enable anyone to make fast, secure, fair, and globally distributed applications. If you want to pause and watch this hashgraph video, be my guest.
The internet definitely has a trust problem. We’ve got loads of identity theft, cybercrime, spam, hacking, election manipulations, and digital spying — all things that have become the costs of living our lives online.
Hedera aims to change that with the release of a simple, powerful platform with robust applications programming interface (API) support to make it easy for developers to build global, distributed applications.
“We need a more trusted, secure and equitable online world,” said Leemon Baird, inventor of the hashgraph algorithm, in a statement. “You should be able to carve out a piece of cyberspace to create a shared world, be confident when interacting with others, feel safe online, control how you collaborate, and share only the information you want. Today we lay out the roadmap for how Hedera will make that happen.”
With the unveiling of the Hedera Hashgraph Platform, the council today also released speed test results, conducted on multiple Amazon Web Services platforms. The tests focused on achieving consensus on transaction order (resolving a ledger transaction)…
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