Last night Hedera Hashgraph accomplished a significant milestone. Following 18 months of intensive development and preparation, Hedera completed the beta launch of its “Mainnet” open access network.
Hedera Hashgraph is the public permissionless distributed network operating on the revolutionary Hashgraph distributed ledger technology, created by Swirlds.
The Hashgraph distributed consensus algorithm was invented by Dr. Leemon Baird. As background, Dr. Baird received his Ph.D. in Computer Science from Carnegie Mellon University. His vision was to enable developers to create distributed applications with unlimited scope and scale. Leveraging the Hashgraph algorithm, developers can build trusted applications that are always available, without the use of centralized servers.
Developers worldwide are now able to build distributed applications (dApps) and run mirror nodes, which provide a public record of all consensus decisions made on the public ledger. Applications built on the Hashgraph platform are fair, blazing-fast, and achieve consensus quickly, giving the user 100% certainty in the consensus order.
In recent weeks, Boeing and IBM have joined the Hashgraph DLT revolution. Both companies have joined the governing council for Hedera Hashgraph, which further expands the council’s diversity. The council includes leading global enterprises from the telecommunications, technology, financial services, law, aerospace, and retail sectors. The governing council brings stability and guarantees continued decentralization to the Hedera Hashgraph distributed public ledger.
The governing council is now comprised of 10 members, including FIS Global, Tata Communications, Deutsche Telekom, DLA Piper, Magazine Luiza, Nomura Holdings, and Swisscom Blockchain. Each member will operate its own node running on Hashgraph technology. These member companies will also be able to use the consensus service, allowing users to plug private networks into the public network to take advantage of its transaction ordering system.
The Hashgraph distributed ledger technology facilitates micropayments and distributed file storage, as well as smart contracts.
Mance Harmon, (Swirlds co-founder and CEO of Hedera Hashgraph) was quoted, “
…. the Hedera Governing Council is a powerful endorsement of the Hashgraph consensus mechanism, and further decentralizes the governance of Hedera Hashgraph. Our governance model, which includes a robust system of checks and balances, ensures power can’t be consolidated, while at the same time providing a stable and scalable platform on which developers can build.”
“Distributed ledger technology is vital to the future of digital trust and commerce. The Hedera Governing Council’s pioneering approach to decentralized DLT governance lays the foundation for a fair and stable commercial platform, while the Hashgraph distributed consensus algorithm provides the security and performance required by enterprise customers. Though Council members come from all over the world and from many different sectors, they all share the vision of a better digital future.”
Hash Labs is proud to have been among the first to complete a license agreement with Swirlds for their Hashgraph technology. Hash Labs is developing and testing its own private-permissioned DLT network, powered by Hashgraph. Hash Labs private DLT network will support the Q4 launch of Coro, our next-generation global payment application.