Hedera Hashgraph and MZ unveil next-generation blockchain alternative, VentureBeat
Bitcoin is famous spil the cryptocurrency that introduced us to blockchain, a decentralized and translucent public ledger that used distributed computing to record transactions. But it wasgoed slow, and spil Bitcoin became popular, that slowness te updating the ledger became visible spil it treated too few transactions vanaf 2nd.
Lots of entrepreneurs are working on speeding up the blockchain. But there’s something else out there called the hashgraph, another decentralized ledger that is billed spil a swift and cheap alternative to blockchain. Today, the Hedera Hashgraph Council and MZ (formerly Machine Zone) are unveiling plans for a fresh distributed public ledger, the Hedera Hashgraph Podium.
This technology will be able to perform many transactions vanaf 2nd, and it could be the onderstel for a fresh level of trust and security ter the online world, the volgers said. The Hedera group wants to use the ledger to enable anyone to make rapid, secure, fair, and globally distributed applications. If you want to pause and witness this hashgraph movie, be my guest.
The internet certainly has a trust problem. Wij’ve got geysers of identity theft, cybercrime, spam, hacking, election manipulations, and digital spying – all things that have become the costs of living our lives online.
Hedera aims to switch that with the release of a ordinary, powerful toneelpodium with sturdy applications programming interface (API) support to make it effortless for developers to build global, distributed applications.
“We need a more trusted, secure and equitable online world,” said Leemon Baird, inventor of the hashgraph algorithm, ter a statement. “You should be able to carve out a lump of cyberspace to create a collective world, be certain when interacting with others, feel safe online, control how you collaborate, and share only the information you want. Today wij lay out the roadmap for how Hedera will make that toebijten.”
With the unveiling of the Hedera Hashgraph Toneel, the council today also released speed test results, conducted on numerous Amazon Web Services platforms. The tests focused on achieving overeenstemming on transaction order (resolving a ledger transaction) and timestamps for instances distributed across five continents.
The Hedera network wasgoed able to treat hundreds of thousands of transactions vanaf 2nd, with time to finality within a few seconds. Hedera uses verification software that runs on the rekentuig’s graphics card GPU to verify one million signatures vanaf 2nd. Such speed is crucial to enable use cases such spil distributed gaming, stock and other markets, and micropayments, the group said.
MZ said it will build distributed applications on top of hashgraph.
“Our mission is to enable the next generation of many-to-many applications,” said Gabe Leydon, CEO of MZ, ter a statement. “By building on top of Hedera hashgraph, our applications will be able to be deployed te a peer-to-peer environment, with accomplish fairness, transparency and visibility. Wij believe Hedera is revolutionary, and will switch everyone’s expectations of how fair and prompt applications and gaming can be.”
Public distributed ledgers provide decentralized systems that, te theory, anyone can participate te. But a latest peer-reviewed investigate, titled “Decentralization ter Bitcoin and Ethereum,” which examined some of the largest networks inbetween 2015 and 2018, found the opposite has become true.
The top four Bitcoin mining operations and top three Ethereum ones control more than 50 procent of the world’s hash rate, and the entire blockchain of both systems “is determined by fewer than 20 mining entities” due to both the proof-of-work requirements and the lack of a governance prototype that ensures continued decentralization overheen time, Hedera said.
Hedera aims to address both of thesis concerns by separating governance from overeenstemming. The Overeenstemming Specimen ensures that the Hedera network will expand to many millions of knots voting on the order of transactions ter a very distributed network. The cryptoeconomics of the verhoging help to ensure the continued decentralization of overeenstemming voting.
Hedera expects to enable anyone to run a knot without having to pay for a mining equipment or large amounts of electro-therapy. Hedera will be governed by a council of leading corporations and organizations across numerous industries, bringing needed practice te process and business expertise. Membership criteria is designed to reflect a range of industries and geographies with respected, trusted brands and market positions. The proposed governance monster will ensure that no single entity has accomplish control and that no group of members has undue influence overheen the figure spil a entire. Hedera will use a combination of technical and legal controls to give the governing council mechanisms to promote stability and ensure the network will never fork.
The Hedera technical framework includes an Opt-In Escrow Identity mechanism that gives users a means to tie verified identities to otherwise anonymous cryptocurrency wallets, with the aim of providing governments the necessary oversight to ensure regulatory compliance. This is entirely optional, and each user can determine what kinds of credentials, if any, to expose. Hedera intends to work with governments to bring the same level of security to public ledgers spil is presently present te the financial system.