The 1 chain and the producer | financial billion dollars Hedera Hashgraph, want to go out to the park from the alliance chain chain

 The chain and the $100 million financial | producer Hedera Hashgraph, want to go out to the park from the alliance chain chain

With the flourishing block chain, another DAG also gained attention, and based on the invention of the Hashgraph technology.

The use of this technology should be the most famous company, Hedera Hashgraph. The company received from BlockTower Capital, Currency Group, Digital Dan capital and PV Ventures institutions such as the financing of $120 million last year.

According to public information, Hasitu (Hashgraph) proposed by the Swirlds team, Hashgraph has been the consensus algorithm using the Gossip network (communication protocol communication with each other through the Gossip about Gossip (Virtual) and virtual voting Voting) strategy to achieve faster consensus. CTO Leemon co-founder Swirlds Baird and Hedera Hashgraph and chief scientist. Mance Harmon was the company’s LIAN and CEO, worked at the U.S. missile defense agency, the U.S. Air Force Academy and the director of network security course Wright laboratory machine learning research project leader.

 The chain and the $100 million financial | producer Hedera Hashgraph, want to go out to the park from the alliance chain chain

Leemon Baird (Photo by Hedera Youtube)

On the market a lot of view that Hedera Hashgraph is the alliance chain or private chain, at the same time only for large enterprises.

Odaily did an interview with the daily planet of Mance Harmon, his response is not so, in fact Hedera strategy is to large enterprises, entrepreneurial companies two top-down and bottom-up routes are taken into account, but there will be a gradual phase route. General: private chain to chain alliance (Mance formulation is public permission Public License chain, chain), and then to the public completely (permissionless chain) chain.

 The chain and the $100 million financial | producer Hedera Hashgraph, want to go out to the park from the alliance chain chain

Mance Harmon (Photo by Hedera Youtube)

Using a hash map to improve performance

Hash map not block chain, Mance the first sentence to try to clarify the misunderstanding of many people there: “Hasitu is another solution to block outside the chain (Alternative), but it does not block chain, to solve the same problem. Our co founders invented the hash map, in 2012. The purpose is to find a consensus algorithm, which satisfies certain security, while allowing maximum performance. In 2015, the solutions available.”

“Bitcoin per second can handle 7 pen, 15 pen Ethernet square, we can do 100 thousand pen.” Hedera Hashgraph stressed the most is fast. “But the transaction confirmation delay of only a few seconds.”

As mentioned earlier, the hash map is based on a directed acyclic graph (Directed Acyclic, Graph, DAG) improved data structure, the data structure does not block the concept, you can also be seen as a block of only one transaction, transaction can select the link to any one or more of the old trade, through the new deal verify and references to the old transaction verification, referred to as “consensus DAG”. There is little difference between the temporary allows users of the books, weakening the whole network data block consistency within a short period of time, so it is not easy to be blocked, can improve transaction concurrency. Obviously, drawbacks of the DAG consensus is that the trading frequency is low, the old trading access to timely verification.

The hash map is using Gossip + virtual voting protocol.

What is the Gossip protocol transfer? Like Hedera in the white paper said: “It is based on a gossip protocol, in which the participants don t just gossip about transactions.” They gossip about gossip. (in this protocol, participants / nodes not only spread trading information, also spread the history.)” Gossip protocol communication includes transaction, signature and time stamp, known as the “event” of a transaction; node signature (a new event) spread has been spread to all the nodes neighbor.

 The chain and the $100 million financial | producer Hedera Hashgraph, want to go out to the park from the alliance chain chain

Gossip protocol + virtual vote (pictures from Hedera Youtube)

The Gossip protocol by history directed graph (directed graph) said that the representative of each transaction is seen order. Each node can according to whether there is more than the whole network 2/3 tickets to confirm the transaction, the witness votes are influenced by stake, who got the trading order by 2/3 tickets (judged according to the time stamp). This process is called virtual voting.

According to public information, the Gossip protocol is good scalable, fault-tolerant and natural news spread fast; the disadvantage is delay and redundant messages. As a state of the transaction is not necessarily the same for each node at a time, but there is a node will reach all the nodes know that a deal was confirmed, the result is called “asynchronous byzantine”.

Hedera has three core services: support for small micro payment encryption currency, distributed file storage, intelligent contract (Solidity).

From the alliance chain gradually transition to the public chain

At present, the market doubts and questions about the Hedera Hashgraph is three:

1, to the extent of the center is: Hedera alliance chain or private chain, at the same time only for large enterprises?

Mance said not so, Hedera can’t be denied that now enterprise customers a lot of resources, but the fact is Hedera strategy is to large enterprises, entrepreneurial companies two top-down and bottom-up routes are taken into account, but there will be a gradual phase route.

Private chain (private network)

Hedera does business as early as focusing on private network. Mance revealed that their 2015 with the United States Credit Union (Credit Union) to deploy a private chain cooperation.

Chain Alliance (permission chain)

“In 2017, we decided to publish the chain Hedera. We set up the Hedera Hashgrpah of this company.”

This chain is already on the line, but not the public form of chain, but the chain alliance. Hedera called this “test online test network, there are more than 300 distributed applications, are large companies by the Hedera cooperation arrangements, covering health, digital rights management, security tokens, supply chain, game etc..”

The governance mechanism of Hedera design and general public chain is slightly different. Mance explained that they want to be selected node 39 international enterprises from 18 industries in different parts of the world, also joined the management committee. The committee members’ value is at least more than $10 billion, only 6 years of tenure. The Design Committee of product Roadmap, how to charge, how to pay, but also the property management network (like the Ministry of finance). “They are the business owner, can fire CEO, which is also my. Haha.”

Last month, Hedera announced the Committee of 5 member companies, including Deutsche Telekom (Deutsche Telekom), a British law firm (DLA Piper), Brazil business platform Magazine Luiza, Japan’s Nomura Securities (Nomura Holdings Inc.) was founded and the Swiss telecom giant Swiss Telecom Company Swisscom Blockchain AG chain block.

Public License chain (public permission chain)

Now, the network in each user, need to go through KYC and AML. “After the summer released a network, we would not have to register their personal information, each account here only a number.”

This summer, Hedera will be the main line. Then, everyone can set up a Hedera account (and buy Hedera utility token). Developers can also use Hedera by calling API, takes Hedera utility token HBAR Token network to pay. Interestingly, although the token to pay, but the currency denominated.

At this time, everyone can open an account and call API, but not everyone can do node. “It sounds a bit like WeChat.” Hear me say, Mance did not deny that “the difference is our governance structure. So we call the public license chain.”

Public chain (permissionless chain)

As a public chain, Mance said, Hedera will implement this vision in the grid (sharding) after the implementation of 2 years, after about 18 months to.

“Now the first batch of members of committee plan is 39; if the next slice, each node is 100-1000.” At that time, everyone can become a node of the network.

“We think that the dispute is meaningless, because the two should be combined together, what were the scene.” Mance stressed that do not need all of the content on the public chain: “we will focus on the future in the hybrid network, combining public and private chain chain.”

Hedera in the main line will be announced after the first edition of the source code; however, developers can directly into the Hedera node view code, may be 2 years after the incident. For some developers, the code can be publicly audited, is a very important factor of network selection. Compared to the etheric Fang and EOS have free to join the network, Hedera is slow.

Mance said, very concerned about this point developers, indeed to wait until Hedera slice. “But, in order to network stability and availability, we do not want premature delivery network. “He added, in fact, developers are most concerned about the stability of big companies, it is.

2, security: how to prevent the witch attacks? This is a puzzle of the Hashgraph outside.

A malicious node may attempt to manipulate multiple nodes to destroy the system, and the impact of any decision making process based on the majority node. This is known as the witch attack (Sybil Attacks).

In order to save the cost of transaction, Hedera uses the PoS mechanism. “Because we are using PoS instead of PoW, we make every cost minimum, only 0.0001 points.”

However, PoS security problem is that initial tokens must be sufficiently, otherwise if the most stake concentrated in the hands of a few people have very high risk witch attacks.

Mance Odaily told the daily planet, Hedera released last year in the main 8 month, token issued limit is 500 billion dollars, the Ministry of finance will hold Hedera 94%, first made a 6%, then gradually released at the end of the year, will become 10%; until after 4-5 years, probably made a 1/3. “We token holdings wide enough to prevent the witch attack. (security boundary Hedera is malicious network stake less than 1/3.)”

3, too good to be true: Hashgraph can really so fast?

Most of the public chain TPS only a few thousand, but Hedera says they can reach 100 thousand. This makes many of the chain project doubt, after all gossip itself has more than the history of gossip, transmission capacity compared to bitcoin just a lot, so we think this is mainly because Hedera is a chain alliance.

In fact, after understanding the above route, we will find that Hedera is not solely the Gossip protocol can achieve the public chain 10 TPS, the follow-up will be introduced into the film. In addition, Hedera is the future direction of hybrid network. Director of Partnerships Jason said, this is also a need for enterprises to do the design of the DApp architecture, not everything needs to be placed in the public network.

 The 1 chain and the producer | financial billion dollars Hedera Hashgraph, want to go out to the park from the alliance chain chain

Big company resource advantages

Even if Hedera wants to seize the market of individual developers, but denied that its main advantage is in large company resources.

In addition to invited a number of large multinational companies settled the Committee and deployed in the chain, Hedera also invited B terminal services giant Oracle block chain team members joined their team.

Former Oracle innovation division vice president of Lionel Chocron, we CPO (chief product officer), she joined us in the month before; we hired her deputies, one is responsible for the product, a responsible industry and partners, they are dealing with the company before, now docking we each system integrators.”

Cooperate with the University Hedera is the direction of the force, the cooperation not only in the United States, there are many Chinese in Colleges and universities.

In short, Hedera believes that there is a long way to do the application block chain.

“Last year is really a great challenge, many companies do not want to join our management committee.” Jason recalls, persuade firms to take the first step is not easy. And now, was asked to think what is the biggest problem of large-scale application block chain, Mance answer:

“Time.”

In

I’m Odaily the daily planet editor Lu Xiaoming, exploring the real exchange block chain, broke the news, please add lohiuming, please note Name, unit, position and reason.

Reference article:

Hedera White Paper

The most popular on the Hashgraph

P2P core network technology: Gossip protocol

Zillqa CTO on Hashgraph

Conflux on Hashgraph

Hedera Hashgraph announced from the world’s leading brand of the first members of the Council

The blockchain record prices of Hedera Hashgraph won $100 million financing

InterValue want to use DAG and double network structure, improve the general public performance chain

Improve the blockchain concurrency, TrustNote want to use the bottleneck of acyclic graph break chain structure

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