I have uploaded a video about this hedera hashgraph on youtube with subtitles. But if you prefer to read, please scroll down the screen. Because I still write this article as complete and detailed as possible.
This time we will discuss Hedera Hashgraph with its Hbar token.
Hedera Hashgraph is quite different from the concept of blockchain in general. because Hedera Hashgraph uses a directed acyclic graph or abbreviated (DAG) approach. But this time we will not discuss DAG in detail, but rather discuss the potential of the Hedera project as a whole.
Hedera confirmed the carbon negative status of its network after they purchased an additional three metric tons of offset.
Maybe there are still many who don't know, what is carbon offset?
In essence, carbon offset is an effort to reduce the carbon created by a company. Carbon offsets usually occur or are carried out by companies that produce carbon and then invest in other companies that produce carbon credits.
This is quite important.
Why?
because we know that blockchain technology actually consumes a lot of energy and produces a lot of carbon in the air. This will have an impact on the future of this earth. There will also be many (possibly) activists as well as environmentalists who will try to thwart CryptoCurrency projects.
Now Hedera Hashgraph by publishing that they have a negative carbon status or do not have carbon from the results of their technology, they will also indirectly avoid boycotts of creators or environmentalists.
Then about what Hedera Hashgraph will look like in the future, I began to realize when August 9, 2021. On that date I realized that Hedera Hashgraph wanted to be one of the global micro-payment transactions.
Why can I realize on that date They want to be a means of payment for Global transactions?
because on that date they collaborated with drop.
The next question, What is a drop?
Drop it and an application or you can also say a platform developed by a special team that has deep capabilities in the banking sector. Drops are also created on top of the Hedera Hashgraph network.
This Drop application focuses on micro payments and if we open their website it says that they facilitate payments with fiat USD and also with Hbar tokens up to a fraction of around $0.25 cent.
We have to admit that Hedera Hashgraph with its Hbar token is indeed very suitable for microtransactions.
Why?
Because they have very fast transaction speed. up to 10,000 transactions per second, then also they have an average fee of about $0.0001 US Dollar or around Only 1.4 rupiah per transaction.
Then besides that, the transaction was completed very quickly. Hedera Hashgraph acknowledged or claimed that they had a transaction finality of only 3-5 seconds.
Then I also found news about board members from Hedera Hashgraph allocating funds with Hbar tokens of 10.7 billion Hbar tokens or about $5 billion. (at the end of this article, we will discuss this board member) but the point is this.
I really like this development fund.
Why?
Because almost all the videos on my youtube channel (in kadena videos, then also BTT Chain, and also my other videos) I like it when there is development funding.
Because it means that the development funds indirectly guarantee that the network or the ecosystem will continue to grow. The more it grows the more retail users are expected to be able to use the network. Compared to no growth funds, development funds. Look at network chains that don't have development funds. It's the moving average or the growth the flop.
Simply put, the development funds provided by board members of Hedera Hashgraph for the Hbar foundation are around 10.7 billion Hbar tokens or also around $5 billion dollars (when announced yes) it is for the development of Defi, NFT, Games, then also CBDC and several industries other.
So it is hoped that with the development funds, Hedera there will be more growth.
Then I found out that Hedera Hashgraph has collaborated with Sparkle to launch digital receipts and digital coupons.
The collaboration between Sparkle and Hedera Hashgraph will allow Sparkle to deploy digital receipts and digital coupons applications on a large scale through POS.
What is pos?
The post is point-of-sale.
The point-of-sale belongs to the retail data system or RDS for short (its theirs, yes). We need to know that retail data systems or (RDS) is one of the largest companies in North America that is a retailer for hardware and point of sales software.
The biggest company in North America Okay?
So it's a pretty good collaboration for Sparkle which ends up being pretty good for Hedera Hashgraph too.
Why?
Because sparkle leverages the Hedera Hashgraph network
Because of the speed of Hedera Hashgraph, Sparkle is able to run the digital receipt application and also the digital coupon. Which directly can also be a track record of Hedera Hashgraph for when he submits an application for CBDC development in his network with a central bank from another country.
So it's good, they already have indirect evidence that they are fast enough to be used in various kinds of transactions.
At the end of September 2021, there was a Hedera hackathon in India. Then also on March 17, 2022, the headera22 hackathon.
I think this is good.
Why is it good?
Why is it good?
This is because the main purpose of the aforementioned hackathon is to create ideas, build, and create solutions based on the Hedera Hashgraph service.
On October 8, 2021, the header on the official blog announced that they would cooperate with emtech. But not emtek in Indonesia, but emtech outside Indonesia.
What is the purpose of their collaboration?
The goal is to build CBDC infrastructure together.
As we know CBDC is a digital currency issued by a central bank of a country. Hedera from here, it can be seen that they want their network to be used as a global transaction tool.
At the end of October 2021 Hedera launched Hasport. Hasport is an enterprise-grade public utility that enables the flow of digital assets between decentralized networks in a fast, secure and cost-effective manner.
Or in short.
The hasport allows Hedera to communicate with ethereum and Polygon.
Why is hasport important?
Because the hasport that regulates cross-network applications. In the end, this hasport will increase the adoption of the Hedera network itself.
Then there is also Shinhan Bank which has completed proof-of-concept development on the Hedera network. The shinhan bank project aims to test the issuance and distribution of Stablecoins for financial use cases that typically experience high fees, longer waits, and lack of tracking features.
If the Shinhan Bank project is successful, it will certainly make it easier for Hedera to work on various future CBDC projections as well as other decentralized financial projects.
Entering 2022, there are neurons that use the Hedera Hashgraph network for the Radar Drone system. This project or collaboration is directly sponsored by the UK government.
What's interesting is that this trial utilizes the consensus service of Hedera Hashgraph. Because the sensor neurons take data points at each location and direction of the drone. From there the Hedera consensus kit provides a unique method for logging and timing data from each Drone flight to the Hedera decentralized public ledger.
The point Why is hedera used?
Because hedera is fast and also cheap.
Because many times the sensor takes data or also records it in the public ledger. In essence, that speed helps neurons record a lot of data from their sensors. then also because a lot of data the price is stored but not expensive. Cheap Rp. 1.4 rupiah is about that much.
Maybe many people know that drones are small in size. actually not either.
Drones are big.
There are big ones, especially for combat scale drones, military scale, so it's big too. Well, it's prone to collisions with commercial aircraft. So we need a sensor that can record every data from the sensor into the public Ledger. And it has to be very fast.
The Hedera Hashgraph has also used its service by the British government in tracking the cooling of the COVID-19 vaccine.
In Bahrain, the consensus service from Hedera Hashgraph is used to track drug services.
While in the US Hedera Hashgraph it is used to track and write covid19 for Arizona State University. So there's a lot of use of hedera.
So it's true that Hedera isn't as busy as reporting on Solana, Ethereum, Shiba Inu, isn't it? But even so, there are so many cases of use.
Then the last update from Hedera Hashgraph that I want to convey about the mainnet smart contract 2.0. Hedera Hashgraph's Smartcontract 2.0 It focuses on compatibility with EVM or ethereum virtual machines. I often say in every of my videos When a network has compatibility with EVM or ethereum virtual machine then the growth will move very fast.
Karena ekosistem ethereum sudah sangat matang. 30% pengembang menulis kode mereka di ethereum. Jadi wajar saja jika kontrak pintar dari Hedera Hashgraph ini berfokus pada kompatibilitas dengan mesin virtual ethereum EVM.
Now on to the part I don't like.
We know that Hedera Hashgraph can process 10,000 transactions per second. But that's for the original service, if the service uses a smart contract, it's only around 400 transactions per second.
Honestly I don't like that.
because in my opinion there are still many other options whose concept is to CBDC as well. Then also for global micro payments, yes. There are many. There is Solana, there is Stellar, there is Algorand, which has a faster transaction speed above the smart contract.
So far clear huh?
So I don't like it.
Then Hedera formed 39 members of his board consisting of big companies such as Google, LG, Boeing and then also IBM and other big companies.
Now that's what makes Hedera Hashgraph questionable. Its decentralized side.
Okay, let's say hedera is very fast 10,000 per second With transaction finality only 3 to 5 seconds. Then the average cost of the most useful is Rp. 1.4 rupiah without any transaction spam issues.
This is very nice.
Solana is cheap but he has a transaction spam issue (although I think it has been fixed too) but Hedera doesn't have that issue. Hedera is close to various government projects but the 39 board members of these big companies I really don't like.
This is like getting away from the main goal of the cryptocurrency chair and also getting out of the main goal of Bitcoin. Its main goal is to create a peer-to-peer network without centralized authority, run in a decentralized manner, anyone who wants it, ordinary people can do it.
Well, because Hedera Hashgraph with 39 board members from big companies, I don't really like things like that.
It's like betraying the decentralized side of cryptocurrency itself. Yes, because in short, our rich people can't enter, random people can't enter.
Indeed, the reason for Hedera Hashgraph is that the Hedera Hashgraph network can be run or can always be maintained by competent people, by companies that have a good reputation in the world.
That's good.
But again, the essence of cryptocurrency is decentralization, everyone can do it. Here we can't.
In Hedera Hashgraph 39 board members have very strong control. While we ordinary people (retail actors) do not have any control in Hedera Hashgraph. So you could say that it is these 39 Councils that make the rules and when no one follows the rules, they have to accept the consequences. It can be said that the 39 members of the council are judges, judges, as well as the executioner.
So I still feel like I'm being controlled. Unlike in ethereum feel free, in matic free, then also cardano. As we all know, Vitalik and Charles Hoskinson attach great importance to decentralization.
Then the ApeCoin project I once covered my youtube channel. Even though the price tends to go down. Yes, (and I also discussed the potential and also the risks) but he emphasized, focusing on the system or concept of decentralization. This is good in my opinion, even though behind it he has a lot of Venture Capital.
But yes, decentralization is still emphasized, prioritized (in the future, the ApeCoin board members will be chosen by the ApeCoin holders themselves.
Apart from that, I admit that indeed Hedera Hashgraph with its Hbar token, then also Algorand, Stellar has the potential to work on various kinds of decentralized financial projects including CBDC.
Now, what do you think about? write your opinions in the comments column.
If you are interested maybe you can visit my youtube channel: Restu Hadiwijaya
I often discuss a lot of things about crypto.
Thank you.