Aug 5, 2018 at 13:46
Aug 5, 2018 at 13:46 UTC
Hedera Hashgraph Eliminates Trade-off Between Safety and Security to Bring New Alternative to Blockchain
BTC Wires: Hedera Hashgraph is attempting to come up with an alternative to blockchain which would make it both speedy and secure simultaneously without having to sacrifice one at the cost of another. Of late, blockchain has become the technology of choice for several industries and sectors seeking to make their operations more cost-effective, speedy, transparent and secure. However, it suffers from a key handicap: the fact that it cannot always guarantee speed and safety together. This is the very gap Hedera is trying to fill.
With a name derived from an algorithm and based on a technology called hashgraph consensus, it is out to overtake blockchain, the technology that has moved beyond powering virtual currencies to a bunch of other sectors.
An interesting new development in a world where blockchain is increasingly becoming the apple of our eyes, this company has managed to raise an impressive sum of $100 million. This amount was raised by the firm through a future token sale to institutional investors and they have decided to utilize the funds to create a new and more effective commerce network. This network is aimed at eliminating the cons of blockchain and building on advantages such as security and speed with the hashgraph consensus technology lying at its core.
The company started out from Dallas, a city in Texas and plans to put these funds to use for building a Hashgraph network and setting up a micropayment system powered by the core technology itself. CEO of the firm, Mance Harmon stated that the company wishes to transform the existing financial system of the world and refashion it using its own technology.
Harmon added that the technology they are hoping to implement is an advanced form of tech not yet brought to the financial industry till now. He is also proud of the fact that it can boast of stellar performance and the most reliable security system that can be expected in this sphere.
As he continued further, systems working on a smaller scale have accomplished blending security with speed but the scale has always been a concern. According to him, Hashgraph eliminates the need to make that sort of a sacrifice or trade off and it maintains great performance alongside maximum security. He took the example of Bitcoin to opine that although it had given users great service in terms of speed and ease, security had been a major point of concern, with loopholes for.
Hashgraph technology aims at handling a large number of transactions each second, numbering in millions, without compromise the security of the users who place their trust in the technology.