Decentralized Network Wants to Return the Internet to Users

The service allows any private application or distributed ledger to send “high-throughput transactions through its public network for decentralized trust.

A decentralized public network that aims to ensure the internet belongs to its users is taking Facebook to task — and alleges “it’s been their internet for too long” in reference to the social media giant.

Hedera, “the only public decentralized network that utilizes the hashgraph consensus algorithm,” has recently paid for a full-page ad in the weekend edition of the Wall Street Journal that said: “Thank you Facebook Libra. Imitation is the sincerest form of flattery.”

Mance Harmon, the company’s CEO and co-founder, said he shared his vision for Hedera with Facebook’s David Marcus in February 2018 — setting out the startup’s technology roadmap and model to deliver stable, decentralized governance.

Hedera’s governing council consists of 39 prominent organizations across 18 unique industries and 11 global regions; it thus far includes names like IBM, Tata Communications, Deutsche Telekom, Swisscom Blockchain, DLA Piper, Nomura and Magazine Luiza. Members of the governing body have no rights to profit from the network, and their tenure is term-limited — a distinction it says Facebook missed when it unveiled the Libra Association. The team notes it has released its governing body LLC agreement in full along with all council meeting minutes.

According to the company, it also offers an advantage over Libra and existing public decentralized networks through its Consensus Service, recently announced in partnership with Hyperledger Fabric. The service allows any private application or distributed ledger to send “high-throughput transactions through its public network for decentralized trust.” The team says it expects 10,000 cryptocurrency transactions per second, with a goal to achieve 100,000 over time. Hedera adds that stability is achieved through technical, legal and governance controls designed to deliver a network that doesn’t fork. With over 2,000 developers actively building on Hedera’s testnet, and Open Access (the first time everyone is able to use the mainnet) approaching by the end of this summer, it’s “looking forward to quickly getting this service into the hands of builders,” the company notes.

In a letter last month, Harmon said Facebook’s imitation has validated Hedera’s contrarian approach, writing: “While we welcome Libra to the market we helped pioneer, we believe our governance model, security and performance are superior to it. We want the world to know there is a faster, fairer, more secure alternative out there.”

Get started with Hedera here

Diving into consensus service

Hedera says its consensus service has a multitude of potential use cases — including for financial marketplaces and matching engines, not too dissimilar from those relied on by the likes of Airbnb and Uber. The team describes it as “the first public distributed ledger technology (DLT) to offer consensus-as-a-service for transactions, with fair ordering, incredibly high-throughput, and privacy (encryption) for all transactions.”

The company argues that the market is ready for this type of service, which is also interoperable with existing public and private systems — offering an antidote to “slow and expensive” public ledgers like Bitcoin and Ethereum, which are striving for mainstream adoption but take hours to confirm transactions.

The value of decentralization

Hedera says it is initially offering three services that make decentralization easily accessible to application developers: Cryptocurrency, Smart Contract, and File Services, with its Consensus Service available soon after open access.

The company emphasizes that its native cryptocurrency, HBAR, will enable value to be transferred between accounts “quickly, inexpensively and without an intermediary.” At the same time, Hedera’s Smart Contracts service, which uses the Solidity programming language, paves the way for code to be executed deterministically without the need to trust a centralized application operator. Hashes of data can be stored and validated across the network via its File Service — enabling users to create decentralized and revocable registries and records.

The company’s vision is to create a public, decentralized network in which everyone can participate — ensuring no single entity can have undue influence technologically or through decision making processes. The team says its governing council will always work in the best interests of the network.

Members of its council have a three-year maximum term, can sit for up to two consecutive terms, and will be involved in voting on decisions concerning Hedera’s network and platform. Swirlds, which created the hashgraph algorithm, the beating heart of the ecosystem, has a permanent seat.

Learn more about Hedera

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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IBM and Tata join governing council

Hedera Hashgraph, an enterprise-ready distributed ledger platform, revealed that IBM and Tata Communications have joined the Hedera Governing …

Hedera Hashgraph, an enterprise-ready distributed ledger platform, revealed that IBM and Tata Communications have joined the Hedera Governing Council. The Council, which will comprise up to 39 multinational entities from a diverse array of industries, was designed to ensure decentralized and responsible governance for a next-generation Distributed Ledger Technology (DLT) platform.

“The addition of IBM and Tata Communications to the Hedera Governing Council is a powerful endorsement of the hashgraph consensus mechanism, and further decentralizes the governance of Hedera Hashgraph. Our governance model, which includes a robust system of checks and balances, ensures power can’t be consolidated, while at the same time providing a stable and scalable platform on which developers can build,” said Mance Harmon, CEO of Hedera Hashgraph.

All members of the Hedera Governing Council have equal say in approving updates to the Hedera platform codebase and in setting policies for the many nodes that will constitute Hedera’s decentralized network. Hedera’s governance model protects users by eliminating the risk of forks, guaranteeing the integrity of the codebase, and committing to making the source code open for review. Council members serve a maximum of two consecutive three-year terms and act as stewards of the platform.

The addition of these two firms further expands the Council’s diversity; it now includes leading enterprises from the telecommunications, technology, financial services, law, and retail sectors.

Hedera Governing Council

“We are excited to join the Hedera Governing Council and explore relationships between public networks and industry-specific networks. Hyperledger has proven to be the de facto standard enterprises use to build, manage, and deploy blockchain-based ledgers. We believe Hedera could help provide an interesting way to enhance and simplify the deployment of Hyperledger Fabric in the enterprise, making it easier for groups to build and grow their networks,” said Jerry Cuomo, Vice President of Blockchain Technologies at IBM.

“Innovations such as DLT, AI, and IoT change the way organizations and people interact with each other and with the world. These emerging technologies can be harnessed to strengthen our efforts to improve operational efficiencies and enable our customers’ digital transformation worldwide. We look forward to engaging with other forward-looking businesses on the Hedera Hashgraph Governing Council to help deliver the potential of DLT to the wider digital economy,” said Ankur Jindal, Global Head of Corporate Venturing and Innovation at Tata Communications, a global digital infrastructure provider.

“Distributed ledger technology is vital to the future of digital trust and commerce. The Hedera Governing Council’s pioneering approach to decentralized DLT governance lays the foundation for a fair and stable commercial platform, while the hashgraph distributed consensus algorithm provides the security and performance required by enterprise customers. Though Council members come from all over the world and from many different sectors, they all share the vision of a better digital future. We are excited to welcome IBM and Tata Communications to the Council,” concluded Mance Harmon, CEO of Hedera Hashgraph

Hedera Governing Council App Developer Magazine

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IBM and India’s Tata join Hedera Hashgraph’s governing council

Hedera Hashgraph, founded in 2018, has thirteen investors including ICONIUM, BlockTower Capital and Digital Currency Group among others.

Hedera Hashgraph, a public distributed ledger platform for building decentralized applications, announced on Monday that IBM and Tata Communications have joined the Hedera Governing Council. The Council, as the company says is “designed to ensure decentralized and responsible governance for a next-generation Distributed Ledger Technology (DLT) platform.” Thirty-nine multinational companies and firms will be a part of the Council.

The Council members will serve for 3-year terms, with a maximum of 2 consecutive terms, and have an equal say in all decisions regarding Hedera’s decentralized policies and approval of Hedera platform codebase updates.

“The addition of IBM and Tata Communications to the Hedera Governing Council is a powerful endorsement of the hashgraph consensus mechanism, and further decentralizes the governance of Hedera Hashgraph. Our governance model, which includes a robust system of checks and balances, ensures power can’t be consolidated, while at the same time providing a stable and scalable platform on which developers can build,” said Mance Harmon, CEO of Hedera Hashgraph in a press release.

Tata Communications which is based in Pune, India, has a market cap of $1.9 billion and is a digital infrastructure provider. Tata Communications has its presence in over 200 countries. Whereas, IBM is a multi-technology enterprise and an enterprise blockchain provider. IBM has a market cap of $120 billion.

The Hedera Governing Council consists of enterprises from diverse sectors like telecommunications, technology, financial services, law, and retail sectors. Magalu, Swisscom Blockchain, Nomura, Swirlds, Deutsche Telekom and DLA Piper among others are members of the Council.

Ankur Jindal, Global Head of Corporate Venturing and Innovation at Tata Communications, said, “We look forward to engaging with other forward-looking businesses on the Hedera Hashgraph Governing Council to help deliver the potential of DLT to the wider digital economy.”

“We believe Hedera could help provide an interesting way to enhance and simplify the deployment of Hyperledger Fabric in the enterprise, making it easier for groups to build and grow their networks,” said Jerry Cuomo, Vice President of Blockchain Technologies at IBM, remarking the Hyperledger (which is an open-source collaborative endeavor created to advance cross-industry blockchain technologies).

Hedera Hashgraph, founded in 2018, has thirteen investors including ICONIUM, BlockTower Capital and Digital Currency Group among others. According to CrunchBase, the company has raised $118 million in funding in over 5 rounds.

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Blockchain is not just for techies

It’s also essential to have knowledge of both the foundational development aspects (of Ethereum, Hyperledger Fabric and Composer) and functional …
NEW DELHI: Blockchain technology has gone far beyond its association with crypto currency and is finding relevance in a variety of fields including banking, healthcare and logistics.

Blockchain is particularly useful when cross-organisational data is involved. The technology makes it near impossible to modify the data, and that enables trust within the network of organisations involved.

In India, over 14 states, including Karnataka, Andhra Pradesh and Telangana, are running blockchain pilots and projects, and various organisations that have traditionally been competitors are coalescing into industry consortiums to leverage the technology.

Blockchain in India is still in its initial stages, says Manish Jain, partner, digital and fintech, KPMG India. “We could see hiring happening more at the senior architect level. Mass hiring is still some time away,” he says.

Digital lending company CredRight’s co-founder Neeraj Bansal says the startup has been looking for Ethereum (blockchain-based platform) developers who can work with other blockchainbased third-party products. “The demand for blockchain developers and project managers is very high, but availability of talent that can guide startups is very limited,” he says.

Who should upskill?

Blockchain technology is relevant for coders who could look to build blockchain products. It is also relevant for tech managers/ project managers/ tech architects looking at product development and architecting solutions.

It is relevant for banking and finance, legal and other professionals who are evaluating use cases for blockchain application.

Blockchain coders need to have coding experience, preferably in Java, and a good sense of mathematics. It’s also essential to have knowledge of both the foundational development aspects (of Ethereum, Hyperledger Fabric and Composer) and functional aspects (hands-on projects and case studies).

Mayank Kumar, co-founder of edtech platform upGrad, says while the majority of the learners who enrol for the blockchain programme is from tech backgrounds, 30% are finance professionals and 10% are healthcare professionals. “We have seen over 120% quarterly rise in enrollments for our programme launched in September 2018,” he says.

Job roles

Development enthusiasts: Professionals with 2-5 years of experience who aim to understand, develop and deploy the network from scratch. They are wellversed in development platforms like Hyperledger and Ethereum.

Tech architects: Professionals with 7-10+ years of experience in the IT industry, with a strong affinity towards development and implementation of technology.

Blockchain managers: Professionals who have spent over 10 years in the IT industry and who understand the business applications of the technology, and are domain experts

RACE360 Conference

If you are thinking of a career in emerging technologies like blockchain, cybersecurity or artificial intelligence, you should be at RACE360, an emerging technology conference in Bengaluru organised by REVA Academy for Corporate Excellence (RACE) and supported by The Times of India. Among the speakers are Dilip Khandelwal, MD, SAP Labs; Deep Thomas, chief data and analytics officer, Aditya Birla Group; Vishal Salvi, CISO and head of delivery cyber practice, Infosys; Pravin Hungund, CTO, Wipro; Sandeep Vijayaraghavan, VP, cybersecurity practice, Terra Logic; and many more. Apart from the knowledge sessions, there will be workshops, hackathons and panel discussions.


Who should attend: Working professionals


Where: Hotel Lalit Ashok, Bengaluru


When: August 28


To register, log onto: www.race360.in

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Off The Block: IBM Joins Hedera Hashgraph Governing Council

IBM isn’t just about blockchain anymore. In addition to their joint efforts with Hyperledger Fabric and World Wire, Big Blue is now pitching in for a …

IBM isn’t just about blockchain anymore. In addition to their joint efforts with Hyperledger Fabric and World Wire, Big Blue is now pitching in for a different form of DLT: Hedera Hashgraph. The tech giant is now joining Hedera’s Governing Council, along with Tata Communications and a growing cast of council members.

The Governing Council will comprise up to 39 organizations, which currently include Nomura Holdings, Deutsche Telekom, DLA Piper, Magazine Luiza, and Swisscom Blockchain, along with a variety of companies from a diverse range of industries. By joining, IBM hopes to ensure decentralized and responsible governance for the distributed ledger platform.

The addition of IBM and Tata Communications “is a powerful endorsement of the hashgraph consensus mechanism, and further decentralizes the governance of Hedera Hashgraph,” said the CEO of Hedera Hashgraph, Mance Harmon. The Hedera governance model, he explains, “ensures power can’t be consolidated, while at the same time providing a stable and scalable platform on which developers can build.

SIMETRI ResearchSIMETRI Research

Hedera’s Governing Council eliminates the possibility of forks occurring on the platform, with each member having an equal say in updates and policies for Hedera’s network nodes. Each council member may serve a maximum of two consecutive three-year terms.

Jerry Cuomo, Vice President of Blockchain Technologies at IBM, says that the company represents a chance to explore relationships between public and private ledgers. Touting Hyperledger as the “de facto standard” for enterprises to design and deploy distributed ledgers, he believes Hedera could “enhance and simplify the deployment of Hyperledger Fabric in the enterprise, making it easier for groups to build and grow their networks.

Ankur Jindal, Global Head of Corporate Venturing and Innovation at Tata Communications, explained how his company can contribute to Hedera as a global digital infrastructure provider. Innovations in DLT, AI, and IoT can change the way the world interacts, he explained. “These emerging technologies can be harnessed to strengthen our efforts to improve operational efficiencies and enable our customers’ digital transformation worldwide.

Tata Communications will contribute to the council in an effort to “help deliver the potential of DLT to the wider digital economy,” Jindal added.

Hashgraph CEO Harmon expressed the vital role of distributed ledger technology “to the future of digital trust and commerce.” Hedera’s Governing Council, he explained, “lays the foundation for a fair and stable commercial platform,” allowing Hashgraph’s distributed consensus model to provide strong security and high performance for enterprise adoption.

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