Hedera Hashgraph Consensus Service (HCS) Released
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Hedera Consensus Service Released
Hi. The Hedera Hashgraph Community is hugely excited to announce that the highly vaunted HCS (Hashgraph Consensus Service) is released! This is a highly anticipated launch and a number of companies ranging from IBM to TCS have been included in the governing council (a consortium of companies), a perfect form of centralization with controls without monopoly or a BDFL.
Decentralization in Bitcoin and Ethereum is actually more of a myth than a practical reality (read this article on Medium if you want proof on that, do some googling as well). Having over 40 companies control the cryptocurrency and not let hard forks and wild fluctuations in the cryptocurrency take place is great news and a fantastic security check by the experts in the Hashgraph governing board, all of whom have fantastic credentials and industry experience.
The Hedera Hashgraph addresses four key problems in the blockchain sector completely and effectively — performance, security, scalability and governance. For performance, see the next section. For security, Hedera Hashgraph is ab Asynchronous Byzantine Fault Tolerant (ABFT) distributed ledger system, the gold standard in security for distributed systems.
Hedera Hashgraph is scalable to any number of nodes, because of the nature of the underlying consensus algorithm (majority voting and gossip about gossip). Finally, where most blockchain systems and cryptocurrencies have failed miserably is governance. The experts behind Hashgraph have addressed that in the best possible manner by creating a consortium of 39+ industry giants to govern the entire cryptocurrency usage including Google, IBM, TCS, Boeing and numerous others.
Why the Hedera Hashgraph is the Next Quantum Leap in the Evolution of Blockchain
The Hedera Hashgraph is biggest thing to hit the blockchain industry since the Ethereum smart contract. Blockchain projects keep struggling with high latency times, high cost of creation of a new transaction, and miserably small TPS figures. In case you don’t know what that means, I will explain that quickly and as simply as possible.
Latency time is the time taken for a new transaction to be recorded on the blockchain. The TPS figure or transactions per second for Bitcoin (3+) and Ethereum (12+) pales in comparison to Hedera Hashgraph (10,000). The average time for finality (latency) for Bitcoin (10–60 minutes) and Ethereum (10–20 seconds) is well and truly eclipsed by Hedera Hashgraph (3–5 seconds). Finally, as per cost of transaction goes, BTC is at 0.2 USD, ETH at 0.13 USD, and HBAR (the cryptocurrency used by Hedera Hashgraph) is a mind-boggling 0.0001 USD.
(all figures from the hedera.com website)
(By the way, consensus is the term used to arrive at an agreement that the latest transaction addition to the blockchain system is error-free, fault-tolerant, and final, which means it can be added to the set of existing immutable transactions. This is a big bottleneck for Bitcoin and Ethereum and prevents them from being used in industry-ready applications. Not only does Hedera Hashgraph make consensus an industry ready application, it also can be ‘plugged’ into existing blockchain systems that run on cryptocurrencies, making its applications pervasive and ubiquitous).
The Hashgraph Consensus Service is the technology on which the four services offered by Hedera (cryptocurrency transactions, smart contract, file service, and of course, consensus itself) are dependent upon. This opens up an entirely new world of possibilities with these services being offered at these speeds. It was once said that the only limit on the use of blockchain was your imagination. The limits turned out to be latency and scalability. Well, in Hedera Hashgraph, it is entirely and completely true that the only limits to what systems you can build are your imagination.
The Mind-Boggling Applications of this Technology
All the numerous infinite applications of blockchain technology also apply to Hedera Hashgraph. And the Hedera Consensus Service (HCS) can be plugged into any existing blockchain or dApp platform. This is the killer feature of HCS. Hedera Consensus Service can be used by any network that requires a consensus mechanism.
Which means that HCS can now be used with the thousands of dApps running on IBM’s Hyperledger Fabric!
This means that the entire blockchain industry will undergo a sea change.
The impossible will become possible.
Billions of USD will be made.
An entire sector will be flipped on its head!
Don’t believe me?
Sceptical?
Have a look at the articles below!
Google’s Partnership with Hedera Hashgraph can generate 1.9 Billion by 2024 (cointelegraph.com, a ludicrously pessimistic estimate)
Hedera Hashgraph Launches Hedera Consensus Service, Making It Possible To Add Decentralized Trust To Any Application (finance.yahoo.com)
Hyperledger Fabric DLT Can Use Hedera Hashgraph Consensus Service (finance.yahoo.com)
So, believe it.
We are on the tipping point of a new breakthrough in the blockchain industry.
I envy the numerous dApp developers that are about to switch to Hedera.
A new age is dawning.
So much so that this content writer is launching a startup himself!
Everything to gain and nothing to lose.
The dApp industry will never be the same again.
And did you hear?
The world is yours for the taking!
Build a dApp on Hedera or switch your Blockchain consensus mechanism system to HCS today.
Cheers!
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