The Vision and Working Principles of the Hedera Hashgraph Initial Coin Offering
DLTs (distributed-ledger technologies) are transforming and improving present markets in a number of ways. Despite certain existing roadblocks, the Hedera Hashgraph ICO (coin launch) enters the global market by offering a game-changing public ledger that can run and support a wide range of applications. Hedera has a good possibility of becoming a widely used distributed ledger that can solve a range of problems.
Hedera is a platform that was created with the intention of implementing its own technology (Hashgraph). It features a novel consensus mechanism that supports smart contracts and can run a wide range of DApps.
The Hashgraph Initial Coin Offering (ICO) (Coin Launch) is a platform that allows users to cooperate and transact online without the use of a third-party or intermediary. Hedera Hashgraph stands apart from other existing platforms because to its high-speed performance, better security, and fair terms. It also does not necessitate proof of labour. The technology enables developers to create distributed apps using more dependable and transparent sets of code than ever before, ensuring complete control over the apps.
The company's objective is to provide all users with a secure and dependable internet platform that allows them to:
Personal safety and security are ensured while working, developing, creating, doing trades, and collaborating socially.
enable everyone to be a part of the digital future by increasing confidence and ensuring trust in all interactions
How Does the Hashgraph Initial Coin Offering Work?
Hedera Hashgraph serves as a decentralised governing council and network that addresses all traditional market needs.
The council is made up of well-known and prestigious entities and institutions from all around the world.
It will list up to 39 top entities/enterprises from a variety of reputable industries. Participants will represent a variety of major sectors from around the world, with well-known and well-proven brands, extensive expertise, and community positions from which to work out and build fresh perspectives.
The council will appoint the managing board. Hedera assures that all users are treated equally while voting, and that no single person or small group can influence overall decision-making. Everyone will be allowed to participate in democratic decision-making.
Hedera's major goal is to build a cyberspace that is trustworthy and secure without the use of centralised servers. Splitting/forking will be prevented, and all users will have full code-base access and integrity.
Key Features of the Platform
Hedera Hashgraph offers a platform that combines high-performing, safe, governed, legal solutions to guarantee stability and optimal performance in order to boost any industry and give it the possibility to completely realise itself.
Let's look at these traits in more detail.
Performance
The Hedera platform, which is based on its own technology, offers a high degree of performance, including:
enhanced usage efficiency
enhanced speed, allowing for the processing of multiple transactions in a matter of seconds
Due to the fact that it is processed in seconds, there is a very short latency period.
Hedera's performance includes the following features:
1. Cost-effectiveness. The technology is low-cost because it does not require proof of work. Users are not required to purchase expensive mining rings; instead, they can use readily available and accessible hardware that is fast, economical, and easy.
2. Effectiveness. Hashgraph eliminates the need to mine blocks, demonstrating its bandwidth efficiency. Furthermore, the voting method makes no claim to further node-voting messages.
3. Productivity. Hashgraph ensures great speed and low latency, allowing transactions to be completed in seconds. There are evident tradeoffs between throughput, delay, the number of machines, and geographic distribution in the graphs below. Consensus finality is attained in three seconds (across eight regions) with 32 computers running at 50,000 transactions per second, and can be as low as 1.5 or 0.75 seconds in other locations.
4. The effectiveness of the state. All participants will be aware of any occurrence as soon as it occurs and will know exactly where it should be recorded in the history/records. This comes with a 100% warranty.
Security
Hashgraph employs the following methods to achieve an ideal level of security:
Cryptography. Within the system, cryptographic hashes are used to encrypt messages and interactions, as well as to sign a variety of events. The TLS1.2 algorithms adhere to security standards for the protection of private data.
aBFT. Asynchronous Byzantine Fault is a type of Byzantine Fault that occurs when two Tolerance ensures that no single person or small group can prevent others from reaching an agreement. BFT defends against DDoS attacks and ensures attack resistance.
Compliance with the acid.
A community of nodes must comply with the following requirements in order to obtain consensus on transaction order:
- atomicity
- dependability
- seclusion
- Longevity
DoS resiliency that is distributed. A DoS attack occurs when an attacker floods nodes with malicious messages, preventing them from working properly (performing its role). Because no single node or small node group is in charge of creating consensus, Hashgraph technology provides DDoS resilience.
Fairness
Everyone on Hashgraph has the same rights and opportunities. There is no single individual who is in control of everything or who is in charge of assigning a timestamp to a particular transaction. It is calculated through a voting mechanism in which nodes democratically build consensus.
Hashgraph provides the following features:
access to all
timestamps that are accurate
order for a fair transaction
Governance
The public-ledger governance model lays down the groundwork for software, coin issuance, and a reward/incentives scheme.
Hedera provides a permissioned governance model with open consensus to ensure a higher degree of confidence, which is critical when dealing with cryptocurrencies around the world.
The governance model allows members of the board and subcommittees to be elected.
They have the authority to:
Managers are elected to work out the participation policy, regulate and vote on coin rules, and discuss codebase updates.
The model demonstrates security, dependability, and trustworthiness.
The open consensus model is concerned with nodes entering the network and finally coming to an agreement (order of transactions). The featured approach establishes a decentralised network with a million nodes, which avoids the potential of assaults such as bitcoin forging, improper ledger alterations, and so on.
Stability
Hedera prioritises stability. Technical and legal measures are developed and tested to ensure that stable working conditions are not jeopardised by the prospect of forking.
Technical controls include the following:
State proofs signed by a third party: a third party can verify that the received state represents the whole network consensus state.
Stability of the Hedera Hashgraph
ledger ID: a proof that comprises all members' public keys as well as directly or indirectly owned stakes recorded in the "address book," which is required for signature validation. handling forks: Certain users (a minority, for example) will have to create a new ledger if they want to build a distinct ledger from an existing one (and therefore fork an existing one). This is technically conceivable, but they won't be able to utilise the original address book because other users won't approve it. A new ledger with a new contact book and unique features must be constructed, avoiding all users from being forced to follow the fork if they don't want to.
Legal controls give users access to a codebase that is open, visible, and accessible, allowing anyone to inspect the code and its sources while validating its validity.
Hedera will also use licencing to ensure platform and crypto stability, as well as provide a transparent and stable codebase.
Regulatory Adherence
Anti-money laundering (AML) and know your customer (KYC) policies are prioritised. Participants will be able to link their verified identity to other private crypto-accounts via an opt-in escrowed identity system, providing the government with the necessary oversight to prove regulatory compliance. This is an optional feature, as each user can choose whatever information/credentials they want to give.
Review of the Hashgraph Initial Coin Offering (ICO): Technology
Hedera supports sharding, staking, and smart-contract usage from a technology standpoint. Let's take a closer look at these.
Sharding
Hedera's network will most likely start out as a single shard with a few nodes. The number of nodes will increase as it develops, justifying several shards.
Because consensus may be processed simultaneously, sharding is advantageous because each node does not have to process every transaction (in parallel). Because shards trust each other, anyone can send other action requests, as long as they represent the consensus of the other shards.
This multi-shard structure avoids illegal behaviour such as double-spending and achieves aBFT.
Other sharding properties include:
Different shards will be made up of nodes that are grouped in a random order.
Every shard will have a subset of nodes that will be in sync with other ledger subsets.
Within individual shards, transactions will be placed into consensus order in the usual way.
A master shard will distribute nodes to shards at random.
Members of shards connect with one another by exchanging messages.
Every shard saves the previous shard's history of records (messages).
Staking
All coin holders will be able to build up their own nodes in order to establish network consensus. To prevent Sybil attacks, Hedera uses a method that assures that each node's contribution to the consensus is proportional to the quantity of cryptocurrency it owns. It is critical to stake all of the cryptocurrency to ensure that the network continues to function.
When a new node is introduced to the network, proof of stake will be utilised to verify that it must declare many accounts that it is capable of controlling and give existing private keys. Funds from these accounts will only be used in voting algorithms in this situation.
If a coin holder does not wish to establish his or her own nodes but owns a large number of coins, he or she can delegate the right to utilise this stake to another account and still gain, because the money for node-running will be distributed among the participants. Proxy-staking is the term for this mechanism:
Smart Contracts are a type of contract that is used to
Hedera works nicely with a set of existing Solidity-written smart contracts to considerably simplify the DApp operating process. Because of the vast number of Solidity libraries available, the routines can be run without modification on the platform.
Learn how smart contracts handle problems and some of the most common use cases. If you'd like help designing your smart contract for future use, please reach out to Applicature for assistance.
Usefulness of Coins
The coin's full specifications and attributes will be disclosed soon. There is currently no accurate information about coin metrics or fund allocation.
To succeed in the project launch, you must have a well-developed token economics design and structure. Find more about the latest developments in consensus and token economics at Applicature's event.
The Hedera Hashgraph coin, in general, will serve as a network fuel, providing its holders access to Hedera DApps. The token will be able to be "staked" and used to run various nodes, as well as serving as a unit of value for responsible use and Hedera governance motive.
Milestones and a Roadmap
The plan is also in the works, and the Hedera Hashgraph Coin Launch isn't disclosing any precise information, such as the Hashgraph Coin Launch date.
Hedera anticipates its network to expand (from concentrated nodes and stakes to widespread ones) in the following steps, which depict the gradual evolution of the network and currency:
Team
The firm was established in France. Members of the team have extensive experience and specialise in the following areas:
management of products
growth of the company
startup development, distributed-ledger technology (DLT), and technology
the field of computer science
growth and development in a strategic way
Two founders make up Hedera's team:
Lemon Baird is a co-founder, chief technology officer, and chief scientist.
Mance Harmon is a co-founder of the company.
Members of the core team:
President Tom Trowbridge
Jordan Fried is the Vice President of Business Development.
General Counsel Natalie Furman
Members of the Hedera team
Among the other members are:
Hedera Hashgraph also collaborates with twelve top firms in the fields of business consulting, software/technical support, and incubators.
Hype and Social Activity
Hedera Hashgraph has already gotten a lot of attention, and even though it's still in the early stages of development, numerous institutions, entrepreneurs, and developers are eagerly anticipating its introduction.
Given the benefits of Hashgraph design, everyone is looking for solutions with high throughput and quick consensus. Many believe that gathering enough funds to cover the Hashgraph ICO price will not be a problem.
Hedera has a site, a Twitter account, and a Medium blog. Hedera can be found on the following social media platforms:
http://www.facebook.com/hashgraph
http://www.youtube.com/watch? v=ZrFrXFdRW4k
http://www.instagram.com/hashgraph/
http://www.linkedin.com/company/11297622
http://www.reddit.com/r/hashgraph/
http://t.me/hashgraph
http://github.com/hashgraph
To summarise, the Hedera Hashgraph ICO has a very good chance of succeeding since the technology underlying it is intriguing and exciting. Because of the amazing business strategy and technical architecture, long-term investors have a lot of potential. There are a few more nice features to mention:
the need for high throughput and quick consensus in order to achieve global adoption
a strong workforce and well-established ties with industry leaders
a lot of buzz about the initiative and a lot of interest from investors and companies
Opinions that are diametrically opposed
Even though complete project information has not yet been given, there are a few drawbacks.
As a result, coin metrics, as well as coin/fund distribution and allocation, are unclear. There are a number of key points to discuss.
The roadmap only defines the fundamental operating ideas; no dates or a detailed business strategy are provided for consideration. The ICO date for Hashgraph has yet to be determined.
Some experts believe that the government or a centralised authority may have too much control over Hedera. Because there is a governing council, all decisions must be approved by them. Users will be unable to vote and change the situation if the council is corrupt. However, this viewpoint is debatable; according to Hedera's information, no single person or small group of persons will be able to influence council choices.
Concerns about the technological system
Other issues about technical system characteristics are surfacing. Nodes are required for BFT-based systems (such as Tange in IOTA), but nodes are required for smart-contract execution (VM). That is to say,
With the adoption of PoS consensus, Hedera Hashgraph adds an additional layer of needs to gain computing capacity for VM. This has nothing to do with Hashgraph, yet it raises security concerns because aBFT is regarded a rapid, secure consensus. In any setup, PoS consensus will be less secure since it is more prone to potential threats.
Within these shards, there is an unanswered concern of how the system would protect bandwidth against self-DDoS. EOS takes a similar approach, and it is a well-known remark from their team that it is the responsibility of developers to avoid such problems. Ethereum is being cautious, and gas is still required for smart-contract safety. Hedera has yet to respond, at least not publicly. In any case, this will have an impact on platform performance for smart-contract execution, thus it's important to know whether their VM will be robust and secure enough to process smart contracts faster than Ethereum. This, together with transaction speed, would be a tremendous benefit (output of smart contracts). Otherwise, aBFT will add minimal value and will only significantly lower the time it takes for data to be transmitted between smart contracts, which isn't a big deal for DApps.
Let's see what else Hedera has to offer in terms of solutions and coin metrics, as coin metrics and roadmap development are only a matter of time!