Hedera Hashgraph

Basics

• Announced on:
• Based in the USA.
• Has been launched (18-9-2019)
• "Hedera Hashgraph has officially launched its public network after testing with a small group of clients since Dec. 2018; with the network live investors in the project, which raised $124M in a token sale, will start to receive their HBAR tokens; according to CoinDesk, twelve cryptocurrency exchanges and over-the-counter (OTC) desks plan to list HBAR for trading: AlgoZ, BitOoda, Bering Waters, Bittrex, Galaxy Digital, GSR, Liquid, OKEx, OKCoin, OSL, Upbit, and xFutures"

History

• Comes from the US Air Force University

Token

Utility

• “The Hedera hashgraph network will have a native cryptocurrency, which is a utility token that grants token holders access to distributed applications on the platform. The token may also be “staked” and used to run a node (for example, adding CPU to the Hedera public network), thereby providing the network security within the public ledger.”

Technology

• Whitepaper can be found [insert here].
• Code can be viewed [insert here].
• Programming language used: The Hedera hashgraph platform will initially support smart contracts written in the Solidity language.

Transaction Details

• Capacity (TPS):
• Latency:

How it works

• “Hashgraph is the first asynchronous Byzantine Fault Tolerant (aBFT) consensus algorithm that results in fair ordering, fast finality, and secure propagation. The Hedera hashgraph platform uses a new kind of consensus mechanism, based on gossip about gossip and virtual voting.”

Staking

• Google Cloud is a node operator for Hedera (11-2-2020).

Oracle Method

• From CoinDesk (25-5-2021):

"Chainlink will be integrated into the Hedera Token Service and will be Hedera’s preferred oracle service."

Governance

• Will have a governing body called the Hedera Hashgraph Council. As their own website says: “The council will consist of up to 39 leading organizations and enterprises in their respective fields, with membership designed to reflect a range of industries and geographies, to have highly respected brands and trusted market positions, and to encourage a wide variety of perspectives. The Governing Members will elect the Governing Board and also contribute expertise through subcommittee membership.”
• The Hedera foundation selects the first 39 companies globally, some in competing industries to reduce collusion. 3 year terms, 2 consecutive terms max. Council selects future members.
• The governance structure of Hedera (which will make all the decisions about hashgraph) is just a 39 person board. Each spot is occupied by a representative of a big (multi-billion dollar) company. All decisions go through them. This company will own 60% (!) of the supply for the foreseeable future. All dapps and companies that run on hashgraph will have to pay Hedera directly to use the chain. This makes hashgraph very much a permissioned chain, since just running a dapp on them requires not just permission, but also payment to the for-profit company.  the chain will also have a PoS component, and the corporate council will own 60% of the supply, meaning that by definition the chain is compromised from the start, since the security of any PoS chain relies on no one entity controlling the majority of supply to be staked.
• Hedera Hashgraph Council plays the role of rule-maker, indirectly sets the rules, fees, and approve new software updates via Governing Board which is elected by HH Council, and the community just plays the role of rule-enforcer, running nodes to verify transactions and apply only the rules of the software written and approved by the Governing Board. Hedera Hashgraph Council is a for-profit LLC
• Hashgraph is patented by a company called Swirlds. Swirlds gets 10% of all profits from Hedera, a for-profit company that will manage hashgraph. The patents are to prevent hard forks - it is literally illegal to hard fork hashgraph unless you own the patent.
• “The Swirlds platform is the official implementation of the hashgraph algorithm. It is maintained and licensed by Swirlds Inc. The Swirlds platform is included in the Swirlds SDK along with a number of example applications.”
• IBM, Boeing and Chainlink Labs are part of the 21 member council. In the future, Hedera plans to have a total of 39 council members (25-5-2021).

Roadmap

• Can be found [Insert link here].

Audits

• Bug bounty program can be found [insert here].

Usage

• From CoinSpice (26-12-2019):

"Hedera Hashgraph, the company behind the supposed breakthrough technology capable of beating blockchain in scaling, is having price issues with their HBAR token which has declined 90% since September. The company is proposing token investors delay the unlocking of their coins to the market in exchange for token rewards over time. Mance Harmon, CEO of Hedera, declared: “The rate of adoption and demand for [HBAR tokens] to use on the network has not been what we originally expected.”"

Projects that use or built on it

• So far, Satori, Machine Zone, Intiva Health, CULedger and Artbit have said they would use the platform.

• Interestingly enough, one of the first media news mentions (7-2-2020) of Hashgraph being used was connected with the Coronavirus.

"Acoer, a company using open source and blockchain-based applications for healthcare purposes, designed a pilot application for tracking the evolution of the Coronavirus disease all over the world. Jim Nasr, CEO of Acoe, reinforced the importance of data-driven solutions as a tool to visualize the evolution of the disease. The solution uses Hedera Hashgraph DLT to record each contagion and death as relayed from epidemiologists, so other epidemiologists can trust the information is legit."

• From Cointelegraph (17-11-2020):

"Hedera Hashgraph to be used for crowdsourced airstrike warning app in Syria."

Team, Funding, Partnerships, etc.

Team

• Full team can be found [here].
• Cohen, David A.; part of the team
• Mance Harmon, CEO
• Leemon Baird; co-founder

Partners

• A partnership (2-2020) between Hedera Hashgraph and Google Cloud pumped HBAR more than 50 percent. However (14-2-2020):

"Google said it has no plans to use the Hedera Consensus Service, which allows members to plug private networks into the public network. The service launched on Hedera’s mainnet this week.

Rather, Google joined to “provide technical guidance and validate the technology,” Day said. “We are focused on developing solutions that drive real business value across the financial services ecosystem, from capital markets to retail banking and the DLT space.""