Welcome my friends to the almighty altcoin and today, we’ve got Mance Harmon alongside his partner Lehman Baird, who invented Hashgraph, which has been in the technology space for decades. Their latest venture Hedera Hashgraph is currently making a wave in the crypto world.
Their aim was to take all that is good about blockchain and create an enterprise-level platform that is faster, stable and more secure in today’s episode, you’ll learn about Hedera Hashgraph and why mance believes it will overrule all other cryptos? Are you ready for the ride? Well, let’s do it, but before we get into all that, you know the drip.
Let’S make sure you give this video a thumbs up by clicking the like button, smash that subscribes button and doesn’t forget to click that notification bell, trust us when we say you don’t want to miss our next video Hedera Hashgraph is a platform that provides a new form Of distributed consensus, it’s kind of like blockchain on steroids, except that it’s not a chain, it’s a graph. Also, it’s not open source, it is patented. So what inspired me? The invention of Hbar Mance explained that in 2012 The internet had sort of grown up in some fundamental ways. There were significantly sized giant tech companies.
The tech giants are what we call them today. The tech giants existed and a lot of the internet had sort of become centralized in those tech giants and the social applications. The business applications that we use, all primarily, are run in a central server, managed and owned by a single organization, and the rest of us are at the mercy of those companies that run these massive product offerings.
Today, the saas apps that we have today now what Manson Lehman wanted to achieve was the ability to change the computing model for the internet, and so today they have a central server and a bunch of clients that run on your computers and smartphones.
That connects to those central servers Manson Lehman wanted to make it so that there was no central server and basically practically what that would mean is that they envisioned a world where we, our friends and business colleagues, can carve out a piece of cyberspace and in that Piece of cyberspace, we run business applications that allow us to engage in business functions and commerce, the buying and selling of goods and services together, or makes it possible for us to play our games together without there being a central server and without having to entrust our Data and our privacy with the operator of that central server, the vision was to literally change the way the internet works, fundamentally, so that we, as consumers, are more protected than what we are today.
Mance explained further, that Hashgraph is an algorithm. Now there is no company called Hashgraph, but we have two companies that use Hashgraph as the algorithm. The first one was swirls. Swirls went to the market to address permission, use cases, private networks for enterprises. They did that first because they knew that it was going to be required to realize their vision of how a public network should work.
So they spun out a separate organization that is hedera Hashgraph, so there are swirls that still exist today and still address. Enterprise use cases for permission, networks and there’s hedera Hashgraph, which is the company that is chartered with creating the public network. The public infrastructure is built on the Hashgraph algorithm, so they continue working on the enterprise stuff in swirls and hedera is focused on the public. Okay. Talking about the potential of Hashgraph made explained that databases have been around for decades and the notion has been that there’s a single organization that is running one database or even a cluster of databases.
He explained that if you have a cluster of databases like amazon, has its bookstore, for example, it’s much broader than books today, but Amazon has its database. It’s not just a single database. There are a bunch of databases that amazon is running and they are all replicated or many of them will be replicated, meaning that there are identical copies of the same information and when people use amazon services they may hit any one of those databases.
You’Ll have multiple users, some of which are making changes to database instance a and some making changes to database instance b. Occasionally, different users will change the same location, in instance a and in instance b, and when that happens, that’s called a right conflict and there has to be some way of resolving that which one came.
First, there are consensus, algorithms for exactly that purpose. It’S for the community of databases, in this case, to come to an agreement on which right transaction happened first, and that’s how you keep the databases in sync. Fundamentally, that’s what this industry is all about.
The difference today, between what we had historically is that amazon would never have dreamed of giving google an instance c of its books database for google to run that never would cross their mind. And if you want to do something like that, if you want to give a different party an instance of your database to run, then there are a set of security concerns that you have to worry about.
What bitcoin and satori demonstrated for the first time is that it’s possible to give those instances away to different legal entities to different individuals, some of which may be competitive to you. Maybe you don’t even know who they are and you could have hundreds or thousands of these database instances being run by a large group of parties, and you can do it securely and that’s fundamentally the difference between what we had before and what we now have today.
Blockchain is just one way: the first way that we discovered to achieve this replicated database across multiple parties in a secure way. Fundamentally, blockchain, as a term refers to two things. It refers to a data structure which is this chain of blocks of transactions and these transactions.
You can sort of mentally envision as being the right transactions to the local database and conceptually so it’s linear, it’s this chain of blocks of transactions and then blockchain as a term refers to a consensus algorithm a way for the community to come to an agreement about Which block goes on top of the chain? Hashgraph is different in that it’s not a chain, it’s a graph and that’s just sort of a mathematical term.
But what it means practically is that, instead of the community coming to an agreement on which bloc to put on this single linear chain each member of the community, in our case, when they have a transaction, they don’t have to wait and put in blocks or wait For one party to solve a hard crypto puzzle and publish a block that the community considers to put on top of the chain, individuals that are nodes in the network just submit these transactions to the network whenever they want at will without anything, slowing them down.
And then Hashgraph represents this data structure, a graph, that’s cryptographic, secure using hashes and a consensus algorithm a way for the community to take the transactions that are flowing in and represented by this data structure, to put them in order so that we all have the same Common understanding of transaction order, what Hashgraph has innovated on is that, by submitting just two hashes of information, that being the last transaction sent and received, the network can chain them into a graph and conceptually represent. Who knew what and when nance envisions a world where everything is tokenized?
He thinks that the world is changing and it’s going to change very quickly. It is going to be tokenized. Everything you see and touch is going to end up having a digital token that is associated with it. Everything that flows through a supply chain will have a token that goes with it, contracts, IP and so on. According to mance, Hadera Hashgraph has various use cases with tokenization and supply chain management, currently being the main ones used by the company’s clients.
Mance believes Hbar is the future. He believes Hbar is essential for almost all industries and all this means Hbar will soon be adopted by every industry. You know Hedera Hashgraph is being used by Acor’s coronavirus, hash log dashboard, which enables scientists, as well as journalists, to easily understand the spread of coveting 19 and trends over time.
Hedera’S distributed ledger is also being utilized by holla systems, a social enterprise, developing advanced technologies, to protect citizens in Syria from misinformation and provide an early warning system to save lives.
If Hbar continues collaborations and growth with the current pace, making an investment entry right now would be the best way to make tons of money. Hbar is still considered to be a low cap coin and as the crypto boom progresses, core protocols and high utility is going to push this currency way up in the overall coin market to h bar holders, the sky is the starting point. Hbar is for everyone. Hbar is the future and the future is now okay. I hope you found this video helpful and if you do, please click the like button subscribe and click that notification bell.
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