- Hedera Hashgraph achieved over 21 billion transactions, showcasing its speed and efficiency in the blockchain world.
- Its unique hashgraph consensus method ensures security and no discarded data, setting it apart from traditional blockchains.
Hedera Hashgraph has recently surpassed a staggering milestone of over 21 billion transactions on its mainnet in a remarkable feat of technological advancement. This achievement highlights Hedera’s unwavering commitment to delivering a high-speed, low-fee standard in blockchain technology.
🚀 Hedera's unstoppable journey hits new heights, surpassing over 21 billion transactions on its mainnet! 🌐 With its EVM-compatible Layer1 blockchain and hashgraph consensus, it's setting a high-speed, low-fee standard.
Despite market fluctuations, it boasts a $35 million TVL… pic.twitter.com/Z2roLk6JiQ
— LG Art Lab (@LGArtLab) September 28, 2023
Hedera Hashgraph has marked its journey towards this remarkable milestone by overcoming various market challenges. Even in the face of adversity, the platform has emerged stronger than ever. Despite these obstacles, the platform currently boasts a Total Value Locked (TVL) amounting to $35 million, a testament to its flourishing ecosystem.
Innovations and Collaborations
A noteworthy aspect of Hedera Hashgraph is its compatibility with the Ethereum Virtual Machine (EVM), which positions it as an EVM-compatible Layer1 blockchain. This feature significantly enhances its appeal to developers and businesses seeking a versatile blockchain solution.
Its ecosystem thrives with key integrations and partnerships, including notable names like Mastercard, Kia, and Shinhan Bank. These collaborations highlight mass institutional adoption and further solidify Hedera’s position in the blockchain space. Beyond transactions, Hedera has ventured into groundbreaking innovations, such as CO2 tracking, in partnership with Hyundai and Kia, contributing to sustainability efforts.
They call it mass institutional adoption, we call it August on @Hedera 🛠️
Welcome to the #HBAR ecosystem @HMGnewsroom, @Kia, @Mastercard, @FreshSupplyCoAu, Shinhan Bank, Cathay Bank, @CalaxyApp, @ValidationCloud, and @StakingRewards.
Can't stop, won't stop. pic.twitter.com/k07FAjYI9r
— HBAR Foundation (@HBAR_foundation) September 28, 2023
At the core of the Hedera public network lies the hashgraph consensus algorithm, envisioned by Dr. Leemon Baird, who serves as Hedera’s Co-founder and Chief Scientist. This algorithm is widely recognized for its exceptional efficiency in bandwidth utilization, facilitating the processing of hundreds of thousands of transactions per second within a single shard—a fully interconnected, peer-to-peer mesh of nodes.
A Groundbreaking Consensus Mechanism
In contrast to the conventional proof-of-work blockchains, where a single miner selects the next block, the hashgraph operates differently. The network’s nodes collectively agree on which transactions to incorporate into the ledger. This consensus is achieved through a process involving “gossip-about-gossip” and virtual voting, guaranteeing each transaction’s validity and consensus timestamp with absolute certainty, ultimately ensuring finality.
Hashgraph includes every container of transactions in the ledger, ensuring nothing gets discarded. This intrinsic efficiency eliminates the need for mechanisms like proof-of-work to slow down the growth of the blockchain, a problem frequently encountered in traditional blockchains.
The hashgraph consensus algorithm underwent rigorous validation and earned recognition as Asynchronous Byzantine Fault Tolerant (ABFT). This validation involved meticulously verifying mathematical proofs using the Coq system. This validation solidifies hashgraph’s status as a highly secure distributed system, offering its users the highest level of security.
Hedera Hashgraph empowers developers with three main services: Smart Contracts, Consensus, and Token, all accessible through an easy-to-use API and officially supported or community-supported SDKs.
Hedera Smart Contracts
Smart contracts are instrumental in establishing trust on the internet. Hedera’s Smart Contract service enables developers to program in Solidity while leveraging the Besu Ethereum Virtual Machine (EVM). This optimized EVM ensures exceptional performance with hundreds of transactions per second, low and predictable fees, a carbon-negative footprint, and 15 million gas per second.
The Hedera Consensus Service offers applications direct access to the native speed, security, and fair ordering guarantees of the hashgraph consensus algorithm. This service allows clients to submit timestamped and ordered messages to the Hedera public ledger while preserving user privacy through message encryption.
Hedera’s native Token Service empowers applications to configure, mint, and manage fungible and non-fungible tokens. Offering remarkable speed at 10,000 transactions per second and minimal transfer costs of $0.0001 in HBAR, this service gives developers fine-grained control over tokens and accounts.
The Future of Hedera Hashgraph
Hedera Hashgraph is on a path to gradually transition from a public permissioned network to a public permissionless one. As the platform matures in performance, security, and incentives, it plans to open node operation to a broader audience, thereby achieving its mission of becoming the most decentralized public permissionless ledger in the market.
With its innovative features, robust governance, and diverse use cases, it remains a prominent player in the blockchain industry, poised to shape the future of blockchain technology and pave the way for mainstream adoption.
Recommended for you:
Subscribe to our daily newsletter!
No spam, no lies, only insights. You can unsubscribe at any time.
