The year 2009 marked the advent of a revolution with the introduction of Bitcoin. This innovative cryptocurrency sought to address the flaws within the existing financial system by presenting the world with a novel method of value exchange - an electronic cash system. As a result, it also laid the foundation for the emergence of distributed ledger technologies (DLT) like blockchain, currently among the most rapidly expanding fields in the world of technology.
However, early Blockchain technology revealed certain limitations over time, particularly concerning scalability and high latency, post the inception of Bitcoin. In response to these challenges, numerous blockchain projects have been dedicated to exploring solutions. Simultaneously, the DLT landscape has been evolving in various other directions. One noteworthy endeavor in this regard is Hedera Hashgraph, a well-known initiative striving to push the boundaries of DLT beyond traditional blockchain structures with the help of blockchain development company.
What is Hedera?
Hedera operates as an open-source, decentralized public ledger, utilizing a leaderless, asynchronous Byzantine Fault Tolerance (aBFT) hash graph consensus algorithm. It functions as a proof-of-stake network, providing a secure and efficient platform for decentralized transactions and applications. Overseeing this network is a decentralized council comprised of top businesses, academic institutions, and web3 projects from across the globe, ensuring decentralization and resilience.
With its performance-optimized Ethereum Virtual Machine (EVM) smart contracts and user-friendly native tokenization and consensus service APIs, developers have the means to construct web3 applications and ecosystems with ease.
Use Cases
Payments
Empower secure, real-time, and highly affordable payments by utilizing HBAR, stablecoins, or your cryptocurrency.
DeFi
Leverage performance-optimized EVM smart contracts to create decentralized exchanges, lending protocols, network bridges, and more. Alternatively, seamlessly port existing DeFi solutions to the platform.
NFTs
Forge unique tokens representing digital media, physical goods, and more, enabling the creation of thriving NFT marketplaces or communities.
Decentralized Identity Management
Safeguard privacy while managing decentralized identification through a secure, standards-based approach.
Decentralized Data Management
Establish low-cost, scalable, and publicly verified data logs to record payment events, supply chain provenance, IoT sensor data, and other valuable information.
Sustainability
Implement, access, or create sustainable solutions with top-notch governance, harnessing the low-energy network capabilities of Hedera.
Also, Explore | Deploying a Smart Contract on Hedera Hashgraph Network with Java
ERP, CRM, and EAM Integration
ERP, CRM, or EAM programmes can be integrated with DLT for a variety of advantages, such as greater data integrity, more collaboration and automation, improved security, transparency, and traceability, as well as lower costs due to fewer middlemen and increased security.
Why Build Your Next Big Thing on Hedera
Developers are treated as first-class citizens by Hedera, which provides user-friendly APIs and EVM smart contracts. No matter if you're working on a side project or developing the next big Web 3 application, innovation and development are made simple with Hedera's native network service SDKs, EVM equivalence, and a collection of tools. For developers looking to construct critical web3 apps and protocols for the ecosystem, the platform's solid codebase guarantees a highly scalable and reliable network architecture.
Low-Cost, Swift Transactions
Hedera transactions come at a minimal cost of approximately $0.001 and are complete with absolute certainty within 3-5 seconds, eliminating the need to wait for block confirmations.
Remarkable Scalability
Powered by Hedera's native services, even the most demanding and mission-critical web3 applications and protocols can scale reliably to 10,000 transactions per second (TPS) and beyond.
Fair and Efficient Transaction Ordering
Hedera operates as an aBFT hash graph-constrained leaderless proof-of-stake network, ensuring fair transaction ordering with a consensus timestamp.
Commitment to Sustainability
Hedera boasts exceptional sustainability, being the most energy-efficient public network, with an average energy consumption of 0.000003 kWh per transaction, according to a study by University College London. Moreover, Hedera is committed to achieving a carbon-negative public network, investing in quarterly carbon credits to offset the negligible emissions from all publicly interacting infrastructure.
If you have a project that you want to build on this unique DLT, you may consider connecting with our skilled blockchain developers.
Hire blockchain development company, to design the software for your blockchain development, which will facilitate NFT transactions and offer a transparent, secure Web3 environment.
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