Hedera Hashgraph, a decentralized public network where “anyone can carve out a piece of cyberspace to transact, play, and socialize in a secure, trusted environment,” has released its mainnet.
Supported by Fortune 100 companies including Boeing, IBM, and the Telekom Group, Hedera Hashgraph aims to deliver faster transaction processing and the ability to scale more effectively than blockchain-based platforms.
Hedera’s testnet was launched in December 2018, however, it was only available to a small group of companies and developers.
As of September 17, Hedera Hashgraph is open to everyone. Users can create an account and develop decentralized applications (dApp) on the network, which is somewhat similar to a blockchain but uses a different approach to reaching consensus regarding the current state of its distributed ledger.
Following the launch of Hedera’s mainnet, the project’s treasury is planning to distribute the initiative’s native HBAR tokens, starting at around 01:00 UTC.
The first set of tokens (around 379 million) will be distributed to investors who took part in a $124 million crowd sale that was conducted between March 2018 to August 2018.
Project advisors, vendors, and other project participants will receive a total of 1.95 million tokens. The remainder of the 50 billion HBARs token supply will be gradually released during the next 15 years by the Hedera Hashgraph governing council.
Initially, twelve digital asset exchanges and over-the-counter (OTC) trading platforms will be listing HBAR tokens, including AlgoZ, BitOoda, Bering Waters, Bittrex, Galaxy Digital, GSR, Liquid, OKEx, OKCoin, OSL, Upbit, and xFutures.
Hashgraph’s creators say that the platform works more efficiently than blockchains, which makes it ideal for enterprise-level applications and e-commerce solutions.
Hedera’s management claims that the network can handle up to 10,000 transactions per second, compared to just 3 transactions per second settled by the Bitcoin network and only 15 for Ethereum.
Hedera CEO Mance Harmon, in a company release, stated:
“We are thrilled that, through open access, dozens of decentralized applications are now live and running on the mainnet.”
Hashgraph’s supporters say that its proof-of-stake (PoS)-based consensus algorithm is fairer than Bitcoin’s proof-of-work (PoW)-based consensus mechanism, allowing transactions to be processed in the order they were registered, while settling them all in the same amount of time.
Unlike open-source public blockchain projects, Hedera’s source code is patented. The project’s development team noted that the code is protected in order to prevent others from copying it or forking it into another network.
Large corporations including IBM, Deutsche Telekom, Tata, Nomura, and Boeing will form part of the Hedera Hashgraph governance council, and they’ll also be operating nodes and voting on future software upgrades.
Compared to blockchains that store gigabytes of data, the hashgraph is a lot smaller because it does not keep records of the transaction history. Hashgraph’s developers promise faster speeds, near-instant transaction finality and quick payments, which would be a big improvement over Bitcoin’s ten minute block times.
Hashgraph is currently in a beta testing phase, because its network has not yet integrated the Hedera Consensus Service (HCS) and several other features which will be added in the upcoming version 1.0.
The HCS will link the hashgraph with private (permissioned) blockchains. It works by allowing a hash of transactions generated by an external network to be ordered in the Hedera platform by time. The ordering shows records of when transactions took place, with the added trust of a decentralized computing network.
For instance, drug development firm Certara will be using the HCS to enable “tamper-proof” recording of health data records, while using a permissioned platform like Hyperledger Fabric to maintain privacy.
The HCS will allow Fabric to execute on top of mirror nodes that allow developers to examine all the transactions taking place over the hashgraph. Those viewing the transactions will not be required to participate in the network’s consensus process like regular nodes.
A list of the decentralized applications and solutions now live on the Hedera Mainnet are posted below:
ADPROV: “AdProv.io’s platform exists to identify, measure and eliminate digital ad fraud and discrepancy within the AdTech industry. We looked at alternative DLT and blockchain technologies but could find none that were fit for purpose for the AdTech Industry. AdProv finally chose Hedera to be part of our anti-fraud platform stack because it’s the only solution fit for fast transactions in the ad tech ecosystem auction environments and because of its true immutability, complete transparency of transaction and decision history. We are delighted to be one of the first companies to be involved for their open access and to be part of the next wave of the exciting new global distributed technologies that are transforming businesses,” said Tommy Kearns, CEO of AdProv.
ADSDAX: Ian Mullins, Founder and CEO of AdsDax, said, “AdsDax has ambitious plans to solve the problem of ad fraud in the ad industry. Currently, advertisers are unable to guarantee whether their campaigns have reached the audience they were promised, or if their campaigns have generated any real results. AdsDax is leveraging Hedera Hashgraph to build a platform that will track and verify advertising events and engagement, while providing security, resilience, scalability, and transparency, without the need for middlemen. Hedera Hashgraph has proven it has the scale, speed and reliability to handle all of the live advert tracking data and programmatic event data that we have been handling in recent campaigns.”
ALL OVER CHAIN: “All Over Chain offers an end-to-end platform for digitization, custody, trading, and settlement of digital assets. Our platform provides trust, transparency, and access to capital to organizations that promote alternative lending in developing countries, offering an innovative method to raise funds that, otherwise, concentrate around traditional financial institutions, said Jaime Plata, Co-Founder, All Over Chain. “Open Access marks a key milestone in the evolution of the Decentralized Finance, providing access to a new generation of applications in banking and capital markets. All Over Chain is proud to be part of this event and will strive to perfect a model that facilitates inclusion and promotes financial alternatives to those communities that need it the most.”
ARMADA CHAIN: “Using Hedera Hashgraph, the Armada platform allows companies to seamlessly share and audit data amongst their partners, providing transparency in real-time actions while maintaining privacy, and ultimately providing the opportunity to leverage data from the full supply chain through an application ecosystem. Hedera Hashgraph allowed us to redefine supply chain and change how companies collaborate globally, and we at Armada Chain are proud to be one of the pioneer companies to build with Hedera Hashgraph and a part of Open Access,” said Kent Makishima, Founder, Armada Chain.
BINSIGNIA: “Binsignia leverages the inherent trust of the network to sign and validate binaries, mitigating the security pitfalls of traditional checksums. Hedera provides security as an elementary building-block for developers. I am thrilled to launch this application as part of Open Access, and to help usher in a new era for distributed applications,” said Regan Koopmans, Founder Binsignia.
CARBON: “Hedera is setting a new standard for public distributed ledgers with regards to its speed, security, fair ordering, and council governance. We are thrilled about our collaboration with Hedera to make stablecoin payments more user-friendly and the distributed application ecosystem more accessible,” said Miles Albert, Co-Founder and Chief Strategy Officer at Carbon.
CERTARA: “This is a day that the whole community has been eagerly looking forward to, and we are delighted to have launched Hasharc in conjunction with Open Access,” said Jim Nasr, Certara VP for Technology and Innovation. “With Hasharc, we are also leveraging the newly released Hedera mirrornet functionality to provide insight on transactions on the Hedera network, with the ultimate goal of providing advanced analytics and demonstrate data provenance on health related transactions.”
CHAINLINK: “Chainlink is excited to be part of Hedera’s Open Access and to provide their community’s initial implementations with reliable oracles and connectivity to off-chain data,” said Daniel Kochis, Global Director of Business Development, Chainlink.
COINSQUAD: “Hedera has tremendous potential to change how we use the internet. DLT’s will no longer be looked upon as nascent technology in terms of performance, security, stability, governance, and regulatory compliance. The bar has been set high,” said Frederic Rough, CEO of Coinsquad.
EARTHTILE: “earthtile chose Hedera because its micropayments, low energy use, speed, security, and scalability make it possible for the first time to transform planetary ecological stewardship into the largest economic opportunity in human history,” said Tim Winton, earthtile Co-Founder.
EVEC: “EVEC is an IoT (Internet of Things) and DLT startup based in the Netherlands. It stands for EVolutionize the Ecosystem that Connected. We are building a distributed IoT platform to enable IoT developers to easily build distributed IoT applications to make the connected world more secure, more transparent, more powerful and achieve true data privacy. Hedera provides us a super-fast and secure distributed network for IoT that no other blockchain systems can currently achieve,” said Yudi Xu, Founder, EVEC.
HASH-HASH: “Hash-hash.info has started out as a leader-board, which was monitoring earning and account activity during Hedera’s community test program. In its early days, it simply kept track of current account balances and had simple stats. The community quickly embraced its utility so we sped up efforts to produce an analytics platform akin to extant block explorers, and today, it keeps balances and historical data for the entire network,” said Dr Nikolaos Siafakas of Hash-hash.info. “Hedera Hashgraph’s high throughput allowed us to introduce novel ways of analysing network performance; we incorporated a browser mini game to generate a large stream of real time transactions, which in effect allowed us to test the network performance from an end user’s point of view. The recently introduced mirror nodes allow us to introduce a wider variety of stats and analyses on the network and we’re looking forward to evolve and continuously increase hash-hash.info‘s utility.”
HASHING SYSTEMS: “We are thrilled to see increasing enthusiasm for decentralized domains. These domains provide users with critical advantages: the ability to engage in crypto like one does in the web today, through simple human readable names, and a platform for creating true web 3.0 websites.” Said Pablo Peillard, Hashing Systems CEO.
HBARPRICE: “hbarprice.com has developed an HBAR wallet on the Hedera Hashgraph network because we believe its superior performance, stability and governance will provide unparalleled utility that will lead to Hashgraph becoming known as the most important invention in the 21st century,” said hbarprice.com Co-Founder Joel Bruce.
HEX: “HEX is a decentralized exchange built on Hedera Hashgraph. We chose Hedera not only because of the speed, security and fairness of the Hashgraph algorithm, but more importantly, because we believe in the character and vision of its founders, Leemon and Mance, and the great team they have built. Congratulations on sucessfully reaching Open Access, we are honored to be part of this historical moment,” said Jim Gao, Founder Hashgraph Exchange.
HMANAGER: “HManager aims to be the utility belt for Hedera, offering a fully-fledged desktop wallet that not only allows users to submit cryptocurrency transactions to the network, but also allows users to interact with the other core Hedera services, such as the Hedera File service. I’ve chosen Hedera because it’s probably the most secure decentralized network, which also happens to be one of the cheapest to interact with!” said Özkan Isik, Creator of HManager.
INTELLECTUAL PROPERTY VAULT: “The Intellectual Property Vault is a webapp that lets you process a digital document you have locally and store a unique signature of the file on a public ledger, to later prove you already had access or ownership of the document in the past. The document itself stays on your device. Not a single byte of it will be sent over the network. The app will process your file locally, generate a hash (SHA3-384) over it and only upload that hash to Hedera Hashgraph for safekeeping. This is a great way to store proof of business ideas you have, future predictions, unique pictures you took, or really any digital document you own,” said Michel Brinckman, Creator of the Intellectual Property Vault.
LONESTAR DATA TECHNOLOGIES: “Lonestar Data Technologies provides distributed cybersecurity solutions to mission critical systems infrastructure in the energy, telecommunications, and industrial manufacturing sectors. We typically service high transaction volumes, for example, our solution secures onsite remote terminal units in oil fields to the tune of tens of millions of transactions per month. This requires a consensus mechanism capable of high throughput, and for that Hedera is the obvious choice. We quickly determined Hedera to be the only enterprise-scale consensus algorithm capable of meeting our computing needs while providing a mathematically-proven security model,” said Nathan Stolzer, CEO, Lonestar Data Technologies.
MYEARTH.ID: “The need for a self-sovereign identity is gaining momentum in public discourse, as the right to own one’s data has become fundamental to individual rights. The success of a self-sovereign identity solution is driven by the platform it’s built upon. While choosing the underlying DLT platform, we compared many options, and finally decided to build Earth.ID on Hedera Hashgraph. Hedera not only provides an enterprise grade platform, which is crucial to achieving our vision of a digital identity for everyone, but also brings a visionary governance model supported by leading organisations, like IBM and Tata Communications. We are very excited to be a part of this innovative ecosystem,” said Shiv Aggarwal, CEO, MyEarth.Id.
MYHBARWALLET: “MyHbarWallet is a free, client-side interface helping you interact with Hedera Hashgraph. Our easy-to-use, open-source platform allows you to generate keys, create accounts, transfer hbars, and so much more. It was challenging, but exciting, to explore how to make interacting with HAPI simple. Ultimately we were motivated by the fact that we’re building something that a lot of people are going to use. That’s sort of the end-goal for any creator – to see their stuff used,” said Ryan Leckey, CTO of MyHbarWallet.
OTRAFY: “Otrafy provides a software to manage the collection and transferring of data for certifications in the food industry. Our vision is to leverage the data we collect in order to provide the food history and food safety information to all relevant supply chain participants. Hedera DLT technology will enable us to ensure the transparency and immutability of this information,” said Nhat Nguyen, CEO and Co-Founder Otrafy.
PLAYHASH: “The PlayHash team worked really hard for the last months to be ready for the Hedera Open Access. And we are really excited to share with everyone that the first lottery dapp is available and ready to be used. We had the chance to use the most technologically advanced DLT on the market, and we use the advanced capabilities of the mirror node to make this experience really enjoyable.” – The PlayHash Team
POWER TRANSITION: “Decentralized governance, security and stability will be critical to the success of the Power Transition iMaaS platform,” said Jiro Olcott, director at Power Transition. “In evaluating numerous public distributed ledger networks, it became increasingly clear to us that only Hedera Hashgraph would be able to meet our technical and governance needs, in order to deliver a stable and secure offering to our customers. In addition, Hedera’s Software Development Kit (SDK) provides excellent out-of-box tools for developers like us to build highly scalable applications that run on the Hedera public network and can be integrated with private networks.”
REJOLUT: “Last year we started to explore Hedera Hashgraph and we were amazed to see the way it is taking blockchain technology to a whole new paradigm especially on the enterprise side. Our product H-contract aims to empower non-technical founders in deploying smart contracts on the Hedera network without writing any code. We are very excited to launch on the Hedera mainnet and we’re looking forward to adding many more use cases for mass adoption. I would like to thank the Hedera team for their tireless support in this launch,” said Amit Kumar, Co-Founder of Rejolut.
TUNE.FM: “Through our extensive search for a fast and secure public ledger to tokenize micropayments on our music streaming platform, we identified Hedera Hashgraph as the only technology that truly meets our needs to run a consumer decentralized application at scale,” said Andrew Antar, Founder tune.fm.
ZABO: “As cryptocurrency and distributed ledger projects grow and gain adoption, we are working hard to make Zabo the go-to developer API for easily integrating cryptocurrency wallets into applications,” said Alex Treece, Zabo’s Founder and President. “We are thrilled to be working with Hedera as they arrive at Open Access (OA), to support the next generation of developers building financial services applications that couldn’t exist before. We are excited to help integrate Hedera accounts and add HBAR to a wide variety of use cases, including digital banking, financial tracking, investments and many others.”