When Bitcoin burst onto the scene in 2009, it kicked off a revolution, offering a fresh way to exchange value through an electronic cash system meant to fix the flaws in traditional finance. This breakthrough also spurred the rapid rise of blockchain technology and the broader world of distributed ledger technologies (DLT).
But let's be honest, early blockchain tech had its hiccups—scalability issues and high latency being the big ones. Over the years, as Bitcoin evolved, these limitations became glaring. Various blockchain projects have been working hard to tackle these challenges, and the DLT landscape has branched out in fascinating ways. One standout project pushing DLT beyond the conventional blockchain is Hedera Hashgraph.
With a savvy approach and a keen focus on exploring this complex field, Hedera Hashgraph is a prime example of the forward-thinking, technically adept initiatives shaping the future of distributed ledger technologies.
Hedera Hashgraph's journey began back in 2015-2016, thanks to Dr. Leemon Baird's groundbreaking invention of the hashgraph protocol. Dr. Baird dove into the blockchain world with the goal of crafting a superior method for distributed consensus. His innovative work led to the hashgraph protocol, which leverages directed acyclic graphs (DAGs) to offer unmatched speed, scalability, fair transaction ordering, and asynchronous byzantine fault tolerance (ABFT) security—leaving traditional blockchain protocols in the dust.
Over the following years, Hedera evolved significantly, establishing the Hedera distributed ledger and the Hedera Governing Council. This council includes a diverse mix of organizations that oversee the network's operations and governance. Today, major players like Deutsche Telekom, IBM, Boeing, and LG Electronics are part of this influential consortium guiding Hedera's path.
Engaging with the ongoing conversations within the blockchain world, Hedera Hashgraph presents a forward-thinking model. It pushes us to think not just about advancing current technologies but also about dreaming up and building the next frontier of decentralized consensus mechanisms. This kind of reflection is crucial for understanding the broader impact and future potential of blockchain technology.
As Hedera's project scope quickly expanded, they needed top-notch blockchain developers to create world-class software applications on their protocol. Enter LimeChain, a team with an impressive portfolio of blockchain projects and highly skilled developers. After a promising initial meeting, Hedera saw a great opportunity to bring LimeChain on as an external technology partner and open-source contributor. “We were particularly impressed by their extensive experience and the breadth of work completed to date,” says Nigel Clark, SVP, Partners & Industries. “The LimeChain team had significant experience with Ethereum, Baseline, and other blockchain networks like Polkadot, and we were eager to collaborate.”
The collaboration kicked off when Hedera agreed to an open-source demo showing how the Hedera Consensus Service (HCS) could integrate existing corporate systems for a supply chain use case—specifically Microsoft Dynamics ERP and Google Sheets. The demo, crafted by LimeChain, impressed with its timeliness and quality. Following this, LimeChain was invited to become an open-source contributor for core Hedera services functionality. After several follow-up discussions and navigating the Hedera roadmap process, Hedera entrusted LimeChain with leading the development of the Hedera Token Service. During development, the team demonstrated a deep understanding of the project's technical aspects and quickly gained momentum with efficient processes and project management. LimeChain will continue to be a key player in future Hedera open-source contributions.
With a reliable and skilled development and client delivery partner on board, Hedera is on a mission to push its technology forward and shake up the DLT landscape. So far, the results have been really promising.
“The number of transactions we've seen on the Hedera network in such a short time is pretty amazing for the industry,” says Zenobia Godschalk, SVP of Corporate Communications at Hedera. “The applications being built on this platform are super impactful,” like those monitoring specific populations at schools and helping manage Covid-19 outbreaks.
As more public and private entities start using distributed ledger technologies, the need for scalable DLT solutions is only going to grow. With its innovative approach, Hedera is positioning itself as a key player ready to meet this demand.
Hedera Hashgraph's journey began back in 2015-2016, thanks to Dr. Leemon Baird's groundbreaking invention of the hashgraph protocol. Dr. Baird dove into the blockchain world with the goal of crafting a superior method for distributed consensus. His innovative work led to the hashgraph protocol, which leverages directed acyclic graphs (DAGs) to offer unmatched speed, scalability, fair transaction ordering, and asynchronous byzantine fault tolerance (ABFT) security—leaving traditional blockchain protocols in the dust.
Over the following years, Hedera evolved significantly, establishing the Hedera distributed ledger and the Hedera Governing Council. This council includes a diverse mix of organizations that oversee the network's operations and governance. Today, major players like Deutsche Telekom, IBM, Boeing, and LG Electronics are part of this influential consortium guiding Hedera's path.
Engaging with the ongoing conversations within the blockchain world, Hedera Hashgraph presents a forward-thinking model. It pushes us to think not just about advancing current technologies but also about dreaming up and building the next frontier of decentralized consensus mechanisms. This kind of reflection is crucial for understanding the broader impact and future potential of blockchain technology.
As Hedera's project scope quickly expanded, they needed top-notch blockchain developers to create world-class software applications on their protocol. Enter LimeChain, a team with an impressive portfolio of blockchain projects and highly skilled developers. After a promising initial meeting, Hedera saw a great opportunity to bring LimeChain on as an external technology partner and open-source contributor. “We were particularly impressed by their extensive experience and the breadth of work completed to date,” says Nigel Clark, SVP, Partners & Industries. “The LimeChain team had significant experience with Ethereum, Baseline, and other blockchain networks like Polkadot, and we were eager to collaborate.”
The collaboration kicked off when Hedera agreed to an open-source demo showing how the Hedera Consensus Service (HCS) could integrate existing corporate systems for a supply chain use case—specifically Microsoft Dynamics ERP and Google Sheets. The demo, crafted by LimeChain, impressed with its timeliness and quality. Following this, LimeChain was invited to become an open-source contributor for core Hedera services functionality. After several follow-up discussions and navigating the Hedera roadmap process, Hedera entrusted LimeChain with leading the development of the Hedera Token Service. During development, the team demonstrated a deep understanding of the project's technical aspects and quickly gained momentum with efficient processes and project management. LimeChain will continue to be a key player in future Hedera open-source contributions.
With a reliable and skilled development and client delivery partner on board, Hedera is on a mission to push its technology forward and shake up the DLT landscape. So far, the results have been really promising.
“The number of transactions we've seen on the Hedera network in such a short time is pretty amazing for the industry,” says Zenobia Godschalk, SVP of Corporate Communications at Hedera. “The applications being built on this platform are super impactful,” like those monitoring specific populations at schools and helping manage Covid-19 outbreaks.
As more public and private entities start using distributed ledger technologies, the need for scalable DLT solutions is only going to grow. With its innovative approach, Hedera is positioning itself as a key player ready to meet this demand.
