What is Hedera Hashgraph?

Hedera Hashgraph

After the popularity of blockchain due to robust features such as decentralization and distribution of the transaction data on a ledger, the world required a technology that has the same features but is much quicker. Bitcoin, an application of blockchain, ┬átakes around an hour to complete one transaction. To overcome this, “Hedera Hashgraph” was introduced.

Hedera Hashgraph is a distributed ledger technology and consensus algorithm that provides faster, fairer and more secure infrastructure to run the decentralized applications. It has significant implications for both the public and private distributed networks. It does not require proof-of-work, instead, it uses gossip about gossip protocol and virtual voting which makes the throughput through Hedera Hashgraph lightening fast.

HederaHashgraph

Why Hedera Hashgraph?

There are mainly three reasons for why one would build a decentralized application on Hedera Hashgraph over Blockchain:

Fairness

Hedera Hashgraph uses a uniform time-stamping technique which makes it fairer than all the other algorithms.

Security

Due to an asynchronous Byzantine Fault Tolerant System in Hedera Hashgraph, it is very difficult for a member to stop the community from reaching a consensus or change it after consensus has been reached.

Speed

Hedera Hashgraph has the capability to compute more than 250,000 transactions per second which makes it easier for an application to scale it to millions of users.

Hedera Hashgraph Development Process

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Ideation and
Proof of concept

  • Brainstorming the idea with preliminary analysis including the requirements definition
  • Identify the existing system and the change to a distributed ledger
  • Define technical element
  • Define the Roadmap
  • Prioritise and pick use case
  • Develop PoC

Team members

  • Business Analyst
  • Solution Specialist
  • UX Lead
  • Product Manager
  • BlockChain Architect
  • Developers

Deliverable

  • NDA
  • Design Sample
  • Presentations
  • Use Cases
  • Off Chain & On Chain Data
  • Proposal for development of PoC
  • PoC on the test network
  • Audit report of speed and scalability
  • Proposal to build MVP, v1.0 blockchain application
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Design

  • Create UI for all components
  • Design technical Architecture
  • Create milestones

Team members

  • Business Analyst
  • Solution Specialist
  • UX Lead
  • Product Manager
  • BlockChain Architect
  • Developers

Deliverable

  • Flow diagram
  • System blueprint
  • Block definitions
  • Design assets
  • UI Marvel prototype
  • Epics and User stories
  • Document scalability and security
  • Requirements
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Development

  • Pre-alpha
  • Alpha
  • Beta
  • Release Candidate
  • Production

Team members

  • Developers
  • Quality Assurance
  • Team Leads
  • Scrum Master
  • Technical Architect

Deliverable

  • Source code
  • Smart Contracts
  • Builds
  • Test Blockchain Deployment
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Deployment

  • Deploy on main chain
  • Deploy on Cloud (Hybrid)
  • Deploy on App Store (Hybrid)

Team members

  • DevOps
  • Quality Assurance
  • Delivery Manager

Deliverable

  • Internal distribution
  • If public blockchain:
    • -Main Network Release
    • -Rollout execution
  • If hybrid solution:
    • -App Store release
    • -Play Store release
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Upgrades

  • Requirements gathering
  • Backlog prioritization

Team members

  • Developers
  • Quality Assurance
  • Team Leads
  • Scrum Master
  • Technical Architect

Deliverable

  • Upgrades Smart Contracts
  • Deploy new contracts
  • Upgrade apps and microservices (Hybrid)

Portfolio