LIVE NOW

Hedera Hashgraph goes live with 500+ companies using it

Posted: 17 September 2019 4:19 pm
News

Picture not described

Hashgraph is picking up an array of business users despite, or more likely because of, its trust model.

Hedera Hashgraph (HBAR) launched today. The decentralised network system, known for its emphasis on sheer speed, will initially be throttled to 10,000 transactions per second while it finds its feet.

According to its website, there are 500+ companies currently "decentralising the future on Hedera". It's a mixed bag of users, with many startups and some established names.

For example, the blockchain-powered AdsDax advertising platform says it already handles hundreds of millions of ad requests per month, and that it's already being used by some of the world's largest advertising firms. It's been operating on Hashgraph for several months, but made an open move to the new platform with its formal launch.

"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," said AdsDax CEO and founder Ian Mullins. "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."

Others are even more prominent in their fields.

Certara, for example, announced last year that its regtech brand, Synchrogenix, would be building on Hashgraph. About 90% of all FDA-approved drugs in the last three years made it to market with the assistance of Certara products or services.

But the biggest names in Hashgraph probably come from its governing council, whose members now include IBM, Boeing, Deutsche Telekom, Tata and others of similar ilk.

So, what's the catch?

Opinion: Different networks for different folks

Some of the most common critiques of Hashgraph are that its governance is not truly decentralised, that it will initially not be as perfectly trustless as people are hoping, that its governing council of businesses is a disaster waiting to happen and that its claimed 10,000 TPS may be dependent on compromising trustlessness.

In the broadest strokes, all of these issues come down to questions of decentralisation and on whether Hashgraph is adequately decentralised, whether it can be trusted and whether its council can be trusted.

For this reason, the level of enterprise interest Hashgraph is apparently seeing is quite interesting and quite telling in that it highlights the compromises that are acceptable for different organisations and different applications.

A cypherpunk probably wouldn't be comfortable trusting a bunch of private companies to maintain the network they want to use and would rather place their faith with miners or token holders. Conversely, a large business probably doesn't see any reason to entrust any operations to "people who buy tokens in China" when they could get a contract with a professional service provider instead.

Decentralisation is a complicated and multi-faceted principle, spanning variables like hashrate distribution, how consensus is formed, governance models, physical jurisdiction and many more. Hashgraph is deliberately balancing these factors in its own way because not all applications require that 100% pure medical grade trustlessness, and there's still a rich field of use cases in partial decentralisation.

To date, there's no blockchain that offers complete trustlessness. Instead, there's just an array of different flavours of trust to choose from at a trust buffet composed of all the different distributed ledgers available. Bitcoin users have to trust the miners not to fork unduly, and Ethereum users have to trust the core developers to navigate a tricky series of upcoming changes.

Meanwhile, Hashgraph users have to trust the clearly defined council and network rules. Judging from the business interest in Hashgraph, it's not too much to ask.



Also watch


Disclosure: The author holds BNB and BTC at the time of writing.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Latest cryptocurrency news

Picture: Shutterstock

Latest crypto guides

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Ask a question
Go to site