In this quick guide, find out how Hedera Hashgraph carves it places among names like Ethereum, Hyperledger, and more
The year 2009 marked the advent of a revolution with the introduction of Bitcoin. This innovative cryptocurrency sought to address the flaws within the existing financial system by presenting the world with a novel method of value exchange - an electronic cash system. As a result, it also laid the foundation for the emergence of distributed ledger technologies (DLT) like blockchain, currently among the most rapidly expanding fields in the world of technology.
However, early Blockchain technology revealed certain limitations over time, particularly concerning scalability and high latency, post the inception of Bitcoin. In response to these challenges, numerous blockchain projects have been dedicated to exploring solutions. Simultaneously, the DLT landscape has been evolving in various other directions. One noteworthy endeavor in this regard is Hedera Hashgraph, a well-known initiative striving to push the boundaries of DLT beyond traditional blockchain structures with the help of blockchain development services.
Hedera operates as an open-source, decentralized public ledger, utilizing a leaderless, asynchronous Byzantine Fault Tolerance (aBFT) hash graph consensus algorithm. It functions as a proof-of-stake network, providing a secure and efficient platform for decentralized transactions and applications. Overseeing this network is a decentralized council comprised of top businesses, academic institutions, and web3 projects from across the globe, ensuring decentralization and resilience.
With its performance-optimized Ethereum Virtual Machine (EVM) smart contracts and user-friendly native tokenization and consensus service APIs, developers have the means to construct web3 applications and ecosystems with ease.
Distinguished by its unique architecture, Hedera offers a robust codebase that ensures scalability and reliability throughout its network infrastructure. Furthermore, it enforces fair transaction ordering through consensus timestamps, offers affordable and predictable fees, and achieves rapid throughput with swift finality, all contributing to the establishment of a fair transaction ordering model. With responsible governance by world-renowned organizations, Hedera remains steadfast in its commitment to resisting collusion and maintaining a secure network.
Empower secure, real-time, and highly affordable payments by utilizing HBAR, stablecoins, or your cryptocurrency.
Leverage performance-optimized EVM smart contracts to create decentralized exchanges, lending protocols, network bridges, and more. Alternatively, seamlessly port existing DeFi solutions to the platform.
Forge unique tokens representing digital media, physical goods, and more, enabling the creation of thriving NFT marketplaces or communities.
Safeguard privacy while managing decentralized identification through a secure, standards-based approach.
Establish low-cost, scalable, and publicly verified data logs to record payment events, supply chain provenance, IoT sensor data, and other valuable information.
Implement, access, or create sustainable solutions with top-notch governance, harnessing the low-energy network capabilities of Hedera.
Also, Explore | Deploying a Smart Contract on Hedera Hashgraph Network with Java
Integrate ERP, CRM, or EAM programs with DLT for numerous benefits, including enhanced data integrity, increased cooperation, and automation, improved security, transparency, traceability, reduced costs with fewer intermediaries, and heightened security.
Hedera prioritizes developers as first-class citizens, offering user-friendly APIs and EVM smart contracts. With Hedera's native network service SDKs, EVM equivalency, and a suite of tools, innovation, and development become straightforward, whether you're working on a side project or pioneering the next major Web 3 application. The platform's robust codebase ensures a highly scalable and dependable network infrastructure, making it an ideal choice for developers seeking to create essential web3 apps and protocols for the ecosystem.
Hedera transactions come at a minimal cost of approximately $0.001 and are complete with absolute certainty within 3-5 seconds, eliminating the need to wait for block confirmations.
Powered by Hedera's native services, even the most demanding and mission-critical web3 applications and protocols can scale reliably to 10,000 transactions per second (TPS) and beyond.
Hedera operates as an aBFT hash graph-constrained leaderless proof-of-stake network, ensuring fair transaction ordering with a consensus timestamp.
The EVM on Hedera is optimized for speed and scalability, enabling developers to seamlessly deploy smart contracts using their preferred web3 environments, libraries, and tooling.
Hedera boasts exceptional sustainability, being the most energy-efficient public network, with an average energy consumption of 0.000003 kWh per transaction, according to a study by University College London. Moreover, Hedera is committed to achieving a carbon-negative public network, investing in quarterly carbon credits to offset the negligible emissions from all publicly interacting infrastructure.
If you have a project that you want to build on this unique DLT, you may consider connecting with our skilled blockchain developers.
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