For the past few years, many claims have been made from business leaders, entrepreneurs, and technologists that Blockchain will transform our world and the way in which we interact and transact. They were big ideas, the technology showed promise, and people were, and still are extremely excited.
Every industry has had advocates pushing Blockchain technology at use-case after use-case, trying to solve every problem that exists (and some that don’t), all while skeptics warned of an impending inevitable slowdown.
Blockchain is not a perfect technology. Challenges with scaling, slow transaction speeds, and immense energy consumption have slowed it’s adoption as developers, and visionaries feverishly work to “fix” these issues. All as advocates continue to sing its praises.
Then the predicted slowdown, or “Crypto Winter” arrived.
Cryptocurrency values that had soared to ridiculous levels, now nosedived, Fortunes were lost, tears were shed, lambos became unpurchased, and questions arose about the true promise of the technology.
In the months that followed, blurbs and articles from tech journalists, analysts, and industry leaders that once jumped on the bandwagon touting Blockchain suddenly started questioning its use and placed doubt on its future prospects.
Enter Hedera Hashgraph
The team behind Hedera Hashgraph sought to achieve most of the same goals Blockchain aims for. Including Trust, Security, and Fairness.
Hedera is not a Blockchain but like Blockchain, is a Distributed Ledger Technology (DLT). Hedera Hashgraph is more accurately a DAG or Directed Acyclic Graph, with a true Asynchronous Byzantine Fault Tolerant (aBFT) consensus mechanism that is fast, secure, fair and it’s mathematically proven. It has opened an opportunity for DLT developers to fix the issues that have stunted the adoption of Blockchain. Here’s a quick explanation of Hedera.
Much like Blockchain, Hedera is still in its infancy, but it offers the promise of handling hundreds of thousands of transactions per second besting even the highly coveted target of Visa’s 1,700 transactions per second (TPS). A goal that Blockchains haven’t quite been able to reach without elaborate off chain contrivances. Reaching this lofty TPS mark is opening the door to new possibilities including frictionless microtransactions, and the many uses it can potentially have in our modern day society. Take a closer look at a few DApps planning on utilizing microtransactions already being built on Hedera Hashgraph.
The truth is Blockchain still has its place, and as DLTs evolve we’ll see many more variations down the road. There doesn’t have to be a clear winner now and there may never be. There’s still room for many variations of DLT’s and diverse consensus mechanisms yet to be conceived that will find their place in our world helping to advance the way we transact in a trustless society.
If you’re not familiar with Hedera just yet, it’s time to catch up. It just may be the first to show how truly game-changing the right DLT solution can be. Hedera has many projects with partners already in the works, which you can find more about on hedera.com/about.
If you are interested in learning more about how to build your first DApp on Hedera Hashgraph or just want to find out the best DLT solution to fix your problem, reach out. At TxMQ we work with all forms of DLT’s to find the right fit. The solutions are out there, you just need to ask us to help you find them.