Unbeknownst to many within the crypto industry at large, the Hedera Hashgraph Network is about to become a major player in the smart contract space in the coming months. Most people likely know Hedera because of its unique currency logo, the aptly named HBAR (ℏ) but aside from the logo they may know a little about it having something to do with a ‘hashgraph’ though likely not much else. With that being said we’re going to spend a short time discussing Hedera’s cutting-edge development and how it’s arrived at its current position in the industry, and why Hedera releasing smart contracts is shaping up to be one of the biggest events of 2022.
What is Hedera?
To be upfront with it, Hedera isn’t a blockchain in the traditional sense, it is a Hashgraph. A hashgraph is a distributed consensus algorithm invented by Dr. Leemon Baird (who also Co-Founded Hedera and is the Chief Scientist) and this feature is primarily why Hedera is about to take the smart contract industry by storm. The Hashgraph algorithm provides near-perfect efficiency in bandwidth (data upload/download) usage and is thus able to support and process hundreds of thousands of transactions per second in a single shard (A shard being a fully connected peer2peer mesh of decentralized nodes in the network.) A further illustration of this Hashgraph Distributed Consensus Algorithm is depicted below:
Typical blockchain ordering vs. the hashgraph ordering.
So now that we’ve gotten that out of the way and we all understand that Hedera isn’t a blockchain per se, let’s discuss some of the further goings on which haven’t really been picked up by the public but demonstrate why Hedera’s introduction to the smart contract space is significant, to say the least.
Hedera has actual real-world business support. The network is actively being researched, and utilized by industry leaders in enterprise settings. Titans of industry by the likes of Google, IBM, LG, Boeing and now Ubisoft comprise a group of twenty-seven industry leaders which make up the Hedera Governance Council (which will eventually expand to thirty-nine members). This Governance Council helps foster and govern the stability of the Hedera network by directly operating high-grade nodes, guiding the direction of the Hedera Hashgraph codebase to ensure it is capable of servicing the industry represented by each council member, and managing the Hedera treasury to guide the network’s continued growth and development. This partnership and guidance from companies with decades of experience in their industries is completely invaluable in the inevitable translation of cryptocurrency’s innovations, Hedera’s innovations, into industries that are in dire need of these unique developments, and they’ve chosen Hedera.
On top of these deep business connections, Hedera has gotten to the point where Smart Contracts are only a short time away. They’ve chosen to implement their smart contracts such that they are EVM compatible and coded entirely in Solidity, this means that spinning up and deploying applications on Hedera is cheaper and more efficient than doing it natively on Ethereum and makes the migration of users and developers over to Hedera much easier. Hedera is already a PoS network and combining that with its Fair-Ordering transaction system, its fees that cost fractions of a cent, and its sub-five-second finality means that it has all of the pieces in place to begin wrestling with the likes of the Ethereum, Solana, Avalanche and Fantoms of the industry. The smart contract service is the final piece to the proverbial puzzle and Hedera’s deployment of them is imminent.
“The Hedera Hashgraph network is in a prime position to experience expansive growth as the network implements EVM compatibility, allowing smart contracts to be written and deployed in Solidity. Hedera Starter will contribute significantly to this growth as the network’s leading launchpad. Unlike other launchpads, HederaStarter is able to generate a unique culture on Hedera that differentiates it from other smart contract platforms. HederaStarter’s role in the Hedera ecosystem and the recent implementation of EVM compatible smart contracts are game-changing developments for the Hedera network.”
— Shima Capital
HederaStarter and YOU!
We’ve discussed some major items concerning the Hedera Network but let’s focus on something that I’m sure many of you were curious about when clicking the link to this article, HederaStarter, what’s that?
We’ve designed HederaStarter to be the go-to launchpad for the Hedera ecosystem, our team consists of highly experienced software developers, business development professionals, and many other battle-tested cryptocurrency professionals who are all intimately familiar with growing and developing ecosystems. Hedera is at an inflexion point and it has all of the necessary pieces; the robust code base, unique features which place it far ahead of its peers *cough hashgraph cough*, and the business partnerships to implement it at the enterprise level, and we believe that HederaStarter is the last component that is needed to take the next step in growth for the Hedera ecosystem.
Conor Devlin, Co-Founder and Head of Business Development, shares:
“At HederaStarter we want everyone to be able to get in at the ground floor of ecosystem development on a network that has the necessary tech stack to move the entire industry forward. Integrity is our guiding value at HederaStarter and we want to conduct ourselves in such a manner where we work intimately with the community and launch projects that we both believe in and are going to make a difference in the Hedera Ecosystem and assist in laying the foundation for Hedera’s overall growth of the network both culturally and in terms of users and liquidity. HederaStarter is completely focused on ensuring we consistently fund and launch projects in line with the Hedera Foundation ethos while at the same time working to build the community and create a strong symbiosis between projects in the wider Hedera community. We have the chance to make Hedera a true leader in the space and we’ll do that by funding and supporting projects with integrity.”
We’ve recently completed our initial funding rounds and have already begun laying the foundation for the HederaStarter Launchpad dApp. We are testing the dApp internally and expect a release in late Q1 of 2022, following the IDO of the native HederaStarter token, ticker: $HSTART. In coming articles as well as videos we will be discussing the complete ins and outs of HederaStarter and unveiling the hard work that we’ve put into the project.
The Hedera Hashgraph Network is about to open the floodgates with its approaching release of smart contracts, join HederaStarter and help us build the Hedera ecosystem into the best in the entire market.
About HederaStarter:
HederaStarter aims to become the leading launchpad platform on the Hedera Hashgraph Network. Run by a team of highly-experienced builders capable of funding and launching projects that will be designed to serve both the users of the Hedera ecosystem and help expand the ecosystem as a whole. Our primary goal is to ensure that we build with integrity. We want to build authentic relationships with all the teams and projects we launch and more importantly build healthy relationships with the Hedera community. We serve them at the end of the day and our success is their success.
Follow HederaStarter’s social media channels to stay up to date with the latest news:
Website: https://www.HederaStarter.fi
Telegram Announcements: https://t.me/HederaStarterAnnouncements
Telegram Community: https://t.me/HederaStarterCommunity
Twitter: https://twitter.com/HederaStarter
Discord: https://discord.gg/hederastarter
Youtube: https://tinyurl.com/HederaYT
Medium: https://hederastarter.medium.com/
