Hedera Fun Facts
- Hedera Hashgraph is a decentralized public network known for its impressive speed, security, and scalability.
- Hedera uses the Hashgraph consensus algorithm which is more secure, quicker, and more scalable than typical blockchain algorithms.
- Hedera has a governance council consisting of up to 39 members including top organizations such as Google, IBM, and Deutsche Telekom.
- Hedera is eco-friendly, consuming significantly less energy than other blockchain networks.
- Hedera is being used in various industries including healthcare, supply chain, and gaming.
- Hedera has low and predictable network transaction fees compared to other blockchain networks.
- The Hashgraph consensus algorithm used by Hedera is patented, protecting its intellectual property and making it distinct from other blockchain networks.
- Hedera's network has high throughput and low latency, making it well-suited for fast and frequent transactions like micropayments and gaming.
As most of us reading this know, Hedera Hashgraph commonly known as Hedera is a decentralized public network that utilizes the innovative Hashgraph consensus algorithm. The network has been gaining significant traction in recent years due to its impressive speed, security, and scalability. In this article, we will delve into some of the fun facts about Hedera and why it is becoming a popular choice among developers and businesses.
Hedera is not a blockchain.
Although Hedera has the characteristic and a similar mode of operation as a blockchain, Hedera is not a blockchain. It is a Distributed Ledger Technology on its own called a Hashgraph which is very similar to a blockchain but not a blockchain.
Hedera is one of the fastest Distributed Ledger Technologies (DLT) in existence.
One of the most significant advantages of Hedera is its speed. It can process up to 10,000 transactions per second, making it one of the fastest DLTs in existence. Bitcoin can only process up to seven transactions per second, while Ethereum can handle around 15 transactions per second. This makes Hedera an attractive option for businesses that require fast and secure transactions.
Hedera’s Hashgraph consensus algorithm is one-of-a-kind.
Hashgraph, Hedera’s consensus algorithm, is distinct from typical blockchain algorithms. Hashgraph does not employ proof of work, stake, etc which are used by other blockchain networks. Instead, Hashgraph employs two consensus techniques, Virtual Voting and Gossip about Gossip, and a directed acyclic graph (DAG) to establish consensus. As a result, Hedera is more secure, quicker, and more scalable than other blockchain networks.
Hedera has a governance council.
Unlike other decentralized networks, Hedera has a governance council consisting of up to 39 members. These members include some of the world’s most prominent organizations, including Google, IBM, and Deutsche Telekom. The governance council is responsible for making decisions that affect the network’s development, including changes to the protocol, network upgrades, and ecosystem development. This governance council also gives the Hedera community power when deciding about Hedera.
Hedera is eco-friendly.
One of the major criticisms of blockchain networks like Bitcoin is that they consume a lot of energy due to the consensus mechanism it operates on (Proof of Work), which can significantly negatively impact the environment. Hedera, on the other hand, is eco-friendly and consumes significantly less energy than other blockchain networks, and this is because Hedera’s consensus algorithm does not require the massive computational power needed for proof of work.
Hedera is being used in various industries.
Hedera’s speed, security, and scalability make it an attractive option for businesses in various industries. For example, Hedera is being used by healthcare platforms like Safe Health Systems, Inc. in the healthcare industry to store and share medical data securely, and in the supply chain industry to track products from the manufacturer to the end consumer. The network is also being used in the gaming industry to create blockchain-based games that offer players more transparency and security.
Hedera has a low and predictable network transaction fee.
Hedera’s transaction fee is relatively low and predictable, compared to other blockchain networks. The fee is calculated based on the amount of data being transmitted, and it is typically much lower than the fees charged by Bitcoin and Ethereum. This made Hedera an attractive option for NFT projects that landed on Hedera before any other DeFi projects, for its low mint fee and transaction fee, as well as for businesses that require frequent transactions without incurring high fees.
Hedera’s Hashgraph consensus algorithm is patented.
Hedera’s Hashgraph consensus algorithm is patented, which means that no other blockchain network can use the algorithm without permission from Hedera. The patent protects Hedera’s intellectual property and ensures that the network remains unique and distinct from other blockchain networks.
Hedera’s network has high throughput and low latency.
Hedera’s network has high throughput and low latency, which means that it can process a large number of transactions per second while maintaining fast response times. This makes the network well-suited for use cases that require fast and frequent transactions, such as micropayments and gaming.
In conclusion, Hedera Hashgraph is a decentralized public network that offers impressive speed, security, and scalability. Its unique Hashgraph consensus algorithm, eco-friendliness, and governance council make it an attractive option for businesses and developers. As more organizations begin to adopt Hedera, it is clear that the network is poised to make a significant impact on various industries in the coming years.