What happens when someone builds a distributed ledger technology that is safer than the competition and operates at 50,000 times the speed?
“This is the thing that will change the world,” says Mance Harmon at a panel with the world’s leading experts on the Hashgraph, a groundbreaking distributed ledger technology. Harmon (CEO & cofounder of Hashgraph
) joined with technology and media experts Jordan Fried (Co-founder, Buffered VPN
) and Andrew Masanto (Co-founder, Altitude Shoes
) for a panel led by Demetri Kofinas (Podcast host, Hidden Forces
) to explore what separates the Hashgraph technology from its predecessors, particularly Blockchain.
Hashgraph, according to Harmon, promises a level of security that has not yet been possible with Blockchain. By including in each transaction the details of the previous, the Hashgraph creates a cryptographically secure system which assures consent amongst each and every user. This adaption first and foremost settles concerns of security and trust held by many Blockchain critics. Beyond that, this type of security will in turn allow the Hashgraph to operate well within the required storage limit for DLT, and thus at a speed unmatched by previous systems. As Andrew Masanto notes: “The sky’s the limit when it comes to speed.”
For those who do not often speak the language of distributed ledger technology, it may be difficult to determine what this may mean for the global economy. So what visible effects may we predict from the Hashgraph? Jordan Fried says that the switch from “chain” to “graph” allows the Hashgraph to run with enough efficiency to function as an actual electronic currency, whereas Blockchain’s potential only peaked as a store of assets.
Jordan Fried predicts that the “property of fairness” allowed by the Hashgraph will attract larger corporations who are looking to transition to this e-currency. Looking beyond that, an e-currency under the Hashgraph technology may offer users the opportunity to contribute to the global economy without the constraints of their prospective governments. Soon, we may see people all over the world benefit from the Hashgraph system, regardless of the stability and economic success of their environment.