Hedera Hashgraph (HBAR) is a distributed public ledger technology that offers a secure and decentralized platform for developers to build decentralized applications and services. At its core, Hedera Hashgraph uses a consensus mechanism called "hashgraph" to achieve consensus on the order of transactions on its network.
One thing I find really interesting about this project is unlike many other blockchain technologies, Hedera Hashgraph does not rely on the proof-of-work (PoW) or proof-of-stake (PoS) consensus mechanisms. Instead, it uses a more efficient and faster consensus mechanism called "virtual voting" where nodes on the network can come to consensus on the order of transactions without the need for energy-intensive mining or complex mathematical calculations. The break down of how this works is all a bit too technical for a person like me but I appreciate how the project is trying to tackle the issue of consensus in a very different way to most of the crypto scene.
Even though Hedera Hashgraph is an innovative technology that provides a fast, cheap, secure, and efficient platform which makes it very attractive for users and developers to build on, the governance model which the project uses involves a council of member organizations, which may be seen as centralized. But the biggest problem I can see this project facing is the use of a proprietary consensus algorithm even though its unique, it may limit interoperability with other blockchain-based platforms, reducing the potential network effects and utility of the technology, therefore making this key technical bit of their project a double edged sword going forward. Show Less
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