Bringing an idea to the Accelerator
Hashing Systems is proud to be one of the 12 startups accepted into Mind Fund’s Hashgraph focused Helix Accelerator. Amongst our peers, we stand in good stead to build projects and systems, helping scale the alternative distributed-ledger technology to reach its potential.
Innovation has brought each and every one of us to the table in Hong Kong, so it goes without saying that lateral thinking plays a big part in terms of the platform’s protocols.
Brainstorming and discussion at the incubator have led Hashing Systems to create a solution to do just that. And one that’s sure to spark ideas, implementations, and innovation in the Hash Improvement Proposal (HIP).
All that came before
Having risen from point of intrigue to serious contender to DLTs and the blockchain. Rather than disregard the success of other platforms, we decided to take a closer look at them.
Bitcoin still makes headlines as the go-to cryptocurrency for the media, but for those in the know, Ethereum (as a ledger technology) is widely regarded to have already overtaken it.
Put simply Bitcoin is a currency. But Ethereum, as a platform, goes one further by making it possible for developers and companies to build new apps and programs on it.
From talking to Mance Harmon (CEO) and Leemon Baird (CTO) about the progress required for the Hashgraph community, we knew that there must be standards put in place.
In respect to the leapfrog that Ethereum has made with Bitcoin, at Hashing Systems we identify that a pivotal step they had taken was to introduce the Ethereum Improvement Proposals (EIPs).
This provided the groundwork protocol for people to build standards in smart contracts, changes in the network, and is documented and can be accessed through the EIP system at GitHub.
That’s not to say that Bitcoin doesn’t have its own repository on the software development platform. The first BIP (BIP 0001) was submitted way back in 2011 so Improvement Proposals are nothing new in the grand scheme of the things. It’s when you couple them with the capabilities of these technologies, innovation becomes a denominating factor that pushes them on.
Noting how Ethereum surpassed Bitcoin by Improvement Proposals, Hedera can equally supersede Ethereum.
And that’s how we came to the conclusion that we need to take a page from Ethereum’s book by creating the Hedera Improvement Proposal (HIP).
Reaching a Consensus
Discussing the idea, its features, and benefits with core Hedera developers on the 10-week accelerator, we knew by their interest, that the HIP showed promise.
Developers can download the Hashgraph SDK to play with and create applications. By creating an issue in the HIP, this acts a measuring stick for users to bring standards and build consensus, document options and bring to the fore noteworthy proposals to implement.
The Purpose of the Proposal
As a point where everyone can put together their ideas, record what they’re working on and what they’ve implemented, the HIP repository can become an official place for the Hedera community.
Types of HIP range from a Standard HIP to cover changes that affect virtually all implementations like network protocol and transaction validity rules to an Informational HIP which focuses on design issues and general guidelines (but don’t propose a new feature).
We believe that fostering innovation on the Hedera platform by way of the HIP will becoming a driving force. Acting as a hub that covers technical specifications of a proposal, network standards, and non-coding issues, it can concentrate the community on how to push the Hedera platform forward.
Find out exactly what makes up a HIP and how they can improve the Hedera ecosystem at https://github.com/hashingsystems/HIPs/blob/master/README.md