Hedera Hashgraph Opens Public Network
The long-awaited project launched a distributed network with a graph-based architecture, to compete with traditional blockchains.
The Hedera Hashgraph project has reached its mainnet stage, after a year and a half in development. The network is yet another addition to graph-based distributed ledgers.
Hedera promises to create a vast, scalable public network where anyone can transact safely with a digital asset. The network consensus will be secured by up to 39 Governing Council members.
“The Hedera cryptocurrency service is completely censorship resistant. The Hedera network is governed by the Hedera Council, and it is not possible for the Council nor anyone else to restrict account creation, delete accounts, freeze or otherwise prevent cryptocurrency transactions, reverse or alter cryptocurrency transactions, or amend a user’s files or smart contracts,” said Mance Harmon, CEO and co-founder of the project.
What is curious in the case of Hedera is that the Governing Council is not made up of participants from the crypto space. The Council includes some of the largest businesses in the world, including IBM and Deutsche Telekom.
“Hedera has created a public distributed ledger and governing council that will ensure long-term stability, distributed governance, and security. We are thrilled to be an initial governing member of the Hedera Governing Council, to help shepherd this important technology as it is adopted by the market,” said John Callian, Senior Vice President at Deutsche Telekom.
With its approach to network building, Hedera resembles networks like IOTA and NANO. Graph-based networks do not require the vast electricity resources, and anyone can connect through consumer electronics. However, in the past, those networks faced problems with connectivity and lost coins, especially in the case of IOTA.
Hedera wants to build “the trust layer of the internet”, integrating its digital asset with current online communication. However, the Hedera project is not open-source, to avoid hard forks and copied networks. Its code will remain closed.
Hedera is yet another participant in the list of blockchain projects with links to well-established business entities. The network will launch and distribute its tokens way ahead of Facebook’s Libra, which has been met with serious regulatory backlash. Hedera also precedes the launch of the Telegram Open Network, which is scheduled for October.
Trading should begin soon, with tokens available on Bittrex. Hedera launches about a year after raising $100 million during the last good months for ICO-funded projects. The token sale price was $0.12.