IBM Backed Blockchain Firm Announces Beta Launch Date for Crypto Platform

Hedera Hashgraph has announced the launch of the beta version of its mainnet from September 16, 2019. The firm raised $124 million last year to develop an “enterprise-grade blockchain alternative.” It combines the features of Libra (in governance) and Ethereum (as a smart-contract platform) to provide the next-gen of the blockchain platform.

The beta network will allow any developer to design decentralized applications (Dapps) on the system. It also announced today that it has open-source its mirror network. They provide access to consensus decision and network state. CEO of Hedera Hashgraph, Mance Harmon, told the media,

“Open Access also marks the next step in our journey to become the industry’s most decentralized, permissionless, public network.”

‘Hbar’ Coin Distribution

The firm has also announced the distribution of Hbar cryptocurrency for 16th Sept. It will begin with those who participated in the Simple Agreement for Future Tokens (SAFT). However, the process would extend to 15 years. To induce complete decentralization in the system, the incubation period is necessary.

Leemon Baird, co-founder and chief scientist at Hedera noted,

“Hedera Hashgraph is taking a thoughtful approach to this deployment, and we see interest in our protocol by both enterprises and developers as a strong endorsement of our strategy.”

Nevertheless, currently, it is a public, permissioned network; that enables parties to build on it; i.e., the validating nodes are controlled by centralized authorities.

The coin distribution mechanism would ultimately lead to public staking of the coins. However, building the entire ecosystem would take a lot of time and effort.

Moreover, the governance model of the cryptocurrency will be dynamic; the validators will shuffle after every three years.

As reported earlier on Goingape, the network is already backed by 39 esteemed institutions. These include IBM, Nomura, Deutsche Telekom, Tata Communications, and so on. Moreover, while the proposed plan could take much longer, it is devised carefully to become a public, permissionless network like Bitcoin is today.

Hedera Hashgraph also assures that the “network and its cryptocurrency have a no-fork guarantee.” Also, Hedera promises to reach speed to 10,000 transactions per second for its cryptocurrency.

Do you think Hedera will outdo Ethereum and players in the market or will lag because of its slow planning? Please share your views with us.  

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