Hey guys, welcome back to the Crypto Clan, today will be discussing an exciting project which will be using hederas hashgraph technology, aimed to eradicate plastics from the ocean, and news that hedera has hit another total transaction record On the 7th July, Hitarshi Buch, the lead architect in Service Transformation of the information technology company and Hedera council member Wipro, announced that Wipro will be using Hedera hashgraphs consensus model to enable proof of transactions for its plastic supply chain workflow.
Wipro aims to bring together different entities across the globe for reducing plastic pollution, most notably in the ocean, by enabling them to contribute to this cause collectively, and in return, they enjoy incentives based on plastic recycling ratings.
Wipro is set to implement these measures through the use of hybrid blockchains, whereby a private hyperledger and the public hedera network will be used. During the presentation, Buch went into depth, explaining the intricacies of Wipros aims to reduce plastics in the ocean. Buch also talked about why Wipro would be using a dual blockchain service to act as a means of consensus to verify transactions.
Wipro may have been encouraged to use hedera as a means of consensus to verify transactions, due to it being a hedera council member, this, in turn, means that Wipro holds a hedera hashgraph node. Hedera nodes are currently controlled by its board members which include the likes of multinational corporations and organisations such as Google, IBM, Boeing, and UCL. Despite the nodes being held by a select few organisations, Hedera has plans to roll out non- private nodes to the wider public and in turn, enable proxy staking consensus mechanism. This will help the hedera network to become more decentralized over the long run.
Wipros use of hederas public consensus to verify transactions will lead to increases in demand for HBAR tokens. Transactions involving plastic collection through Wipro will lead to the incurring of transaction fees, these fees may be paid directly using hbar tokens. Increases in the demand for hbar tokens may lead to subsequent increases in the price of hbar tokens over the long run.
On the 7th of July, the Hedera network exceeded 300k accounts on the mainnet. 100k accounts have been created since April 28th. This means that the total number of accounts has grown by 50% in about two months. This is coupled with the hedera network processing over 1.3 billion total transactions in the network.
Despite Hederas maninent only being active since 2018, it is the world’s most used crypto network, whereby over 1.3 billion transactions have occurred on its network. This is in contrast to the bitcoin and Ethereum blockchains, which have processed a total of 650 million and 1.1 billion transactions respectively.
This is another bullish aspect of the hedera network and for all hbar token holders. With the increased number of users on the hedera network and more transactions taking place on the network, the economic theory of metcalfe’s law may be induced. Metcalfs law is the phenomenon by which the value of a network is proportional to the square of the number of connected users of the system.
Metcalfs law is typically positive, resulting in a given user deriving more value from a product as other users join the same network. The capacity of Metcalfs law can be observed in the case of bitcoin and to a lesser degree Ethereum. Bitcoin wallet holders have increased exponentially over time.
The increased demand and number of people using the bitcoin network has led to synonymous increases in its price. Similar to the dynamics of bitcoin, the increased number of hedera hashgraph users will ultimately lead to more hbar transactions occurring on the platform.
Increases in hbar transactions will lead to an increased demand for the tokens on the network, thus the price of hbar will rise in conjunction with user activities; hbar token holders will experience greater returns on investment over the long term.
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