Posted 1 year ago | by Ben Armstrong
Will Hedera be the One to Dethrone Ethereum?
Hedera, the public distributed ledger and a governing body built to support decentralized applications (Dapps), has seen an increasing interest from different industries and companies. But will it be the network that ends with Ethereum’s reign?
To learn about Hedera’s and BitBoy Crypto’s prediction for this network, make sure to check the latest video on Hedera!
Hedera is Promoting Integration and Security
By integrating Hedera’s distributed ledger into an application to build computational trust, developers can increase the security and trust in its operation when interacting with third parties.
This allows individuals and businesses which do not know or trust each other to collaborate easily without the need for slow and expensive third-party auditors or brokers.
Public distributed ledgers allow the creation and exchange of value, proving identity, and authenticating important data, with Hedera achieving the same result in a way that is fast, fair, energy-efficient, and secure.
These advantages are the result to a great extent of the hash graph consensus algorithm that works as Hedera’s backbone.
What is Hashgraph Consensus?
The Hedera public network is built on the which provides efficiency in bandwidth usage and can process hundreds of thousands of transactions per second in a single shard which is a fully connected, peer-to-peer mesh of nodes in a network.
Unlike a traditional proof-of-work blockchain, which selects a single miner to choose the next block, the community of nodes running hashgraph comes to an agreement on which transactions to add to the ledger.
Through virtual voting, the hashgraph network comes to consensus on both the validity and the consensus timestamp of every transaction with the ledger’s state being updated to include it once consensus is reached.
In hashgraph, every container of transactions is incorporated into the ledger with none being discarded when the chain forks, making it more efficient than blockchains with all branches continuing to exist forever into a single whole.
Furthermore, blockchain fails if the new containers arrive too quickly because new branches sprout faster than they can be pruned, this is not an issue with hashgraph.
Smart Contracts can do so Much More and Hedera Knows it
Written in Solidity, large libraries of public and reusable smart contracts exist in the platform to be run and unchanged on the Hedera mainnet and testnet.
Smart contracts allow for distributed applications to be written on top of Hedera or to be imported from any network running Solidity contracts allowing them to call smart contract functions or get smart contract bytecode.
File Managing Should be Flexible and Secure
Hedera’s file system allows users to store information, with complete transparency over what is and is not stored, with information only being deleted by those that were given permission when the file was instantiated.
The file system can operate as a revocation system by allowing the deletion of the hash someone tries to store the hash again without the issuer's permission, it will be evident that the hash was stored by tampering.
A file can be accessed by its hash, so people can rely on the fact that it is immutable, while also having a File ID that lets the user create a new file with the same File ID, allowing users to find the latest version of a file by accessing the File ID instead of the hash.
This provides security as well as flexibility without compromising any of them while allowing developers to modify files in any way they need as well as getting its contents and information.
The Team Behind Hedera
Hedera’s Governing Council is formed by 39 leading global enterprises and organizations, across 11 different industries and spanning a wide range of nations. Hedera also sports over 40 partnerships with companies like Chainlink, Google, Acoer, IBM, and Adsdax.
The company has thousands of developers building applications on the testnet and over 33 applications live on the Hedera mainnet, pushing hundreds of thousands of transactions per day.
A report by the research firm Fundstrat shows that Hedera’s platform has handled over 36 million transactions since September 2019 when the network became publicly available for anyone to build, test, and deploy applications on it.
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