Hedera Hashgraph launches mainnet, hopes to compete with global business networks

Hedera Hashgraph, an electronic public ledger developed for corporate use, launched its mainnet beta today, allowing developers to create an account and build decentralized applications (dApps) for it.

The distributed ledger technology (DLT) is a direct competitor to blockchain distributed ledgers such as Ethereum and Hyperledger, and claims it can outperform traditional financial and business networks.

“There is no direct equivalent to Hedera Hashgraph today,” said Martha Bennett, a principal analyst at Forrester Research. Hedera is potentially competing with public networks and all the enterprise DLT frameworks (such as Hyperledger Fabric & Sawtooth, R3 Corda, and others) and their commercial providers, which include AWS, IBM, Microsoft, Oracle.

At the same time, Hedera has garnered support from telecom players and tech vendors, even those that have their own blockchain services. Indian tech giant’s Tata Communications, IBM, Deutsche Telekom, and FIS Global, which acquired WorldPay earlier this year, are among 10 companies on Hedera’s governing council.

Once the beta is completed, the Hedera Hashgraph network will offer its “hbar” cryptocurrency, which the start-up said can achieve to 10,000 transactions per second on the network.

“Transactions per second,” Bennett said, is a term that’s almost meaningless because while you can feed transactions onto a network at a high rate, that means little unless they can also be finalized quickly.


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