Solving for Performance & Security at Scale, FULL EPISODE with Mance Harmon, CEO of Hedera Hashgraph

TL;DR

Hedera Hashgraph is a decentralized public ledger platform that utilizes the hashgraph algorithm to achieve high performance, security, and scalability for various real-world applications.

Transcript

welcome to real vision hi ash thank you for having me it's such a pleasure to have you here you know i interviewed your co-founder lehman baird uh two three years ago so long ago uh that i don't believe it was called hedera hashgraph yet you know that's possible we there was a lot of talk about the project before we revealed the name so yeah that t... Read More

Key Insights

• ✋ Hedera Hashgraph aims to revolutionize distributed ledger technology by offering high performance, security, and scalability for real-world applications.
• 🪡 The platform's consensus algorithm, virtual voting, eliminates the need for participants to directly send votes to each other, resulting in improved scalability.
• 💄 Hedera Hashgraph's governance model involves council members who provide oversight and expertise, ensuring a decentralized and diverse decision-making process.
• 🔊 The platform has already processed over a billion transactions and is being used in various high-volume applications such as ad fraud detection and supply chain tracking.

Questions & Answers

Q: How does Hedera Hashgraph's consensus algorithm, virtual voting, eliminate the need for each participant to send their votes to each other?

By including metadata in the form of hashes of previous transactions in each new transaction, all nodes in the network can create a hashgraph that represents when and what information was known. This allows each node to calculate voting outcomes without directly asking other participants.

Q: How does Hedera Hashgraph ensure security in the face of potential distributed denial of service attacks and other threats?

Hedera Hashgraph achieves asynchronous Byzantine fault tolerance, which means no assumptions are made about an attacker's capabilities. Even if the attacker controls the internet, the network can still reach consensus on transaction order. This ensures the network's security even in the presence of various threats.

Q: What advantages does Hedera Hashgraph offer over traditional blockchain technology in terms of performance?

Hedera Hashgraph's beta version can process 10,000 transactions per second, compared to the 7 transactions per second of Bitcoin and 15 transactions per second of Ethereum. The platform's scalability allows for millions of transactions per second, enabling high-volume and high-value applications that were not feasible with first-generation blockchain technology.

Q: How does Hedera Hashgraph's governance model work and what role do council members play?

Hedera Hashgraph has a decentralized governance structure where council members, consisting of world-class organizations, each have one vote. The council members provide oversight, policy-making, and expertise in various industries and jurisdictions. The council is term-limited, and new council members can join as others rotate out, ensuring dynamic and diverse governance.

Summary & Key Takeaways

• Hedera Hashgraph was created by co-founder Lehman Baird to solve the problem of creating a consensus algorithm that maximizes both performance and security simultaneously in distributed ledger technology.

• The platform uses a directed acyclic graph (DAG) data structure and a consensus algorithm called virtual voting to achieve asynchronous Byzantine fault tolerance.

• Hedera Hashgraph has already processed over a billion transactions in a span of 18 months and is being used in real-world applications such as ad fraud detection, supply chain tracking, and digital coupon standards.