🌐Why Hedera
Hedera Network's Characteristics
Hedera is a distributed ledger technology (DLT) platform that aims to offer fast, secure, and fair transaction consensus for a variety of Enterprise and Web 3 use cases. Some key features and advantages of the Hedera network include:
Speed: Hedera can process hundreds of thousands of transactions per second, making it the fastest DLT in the world. Currently network is throttled down to 10k+ Tps with plans to raise the throttle in the future as more applications onboard and TPS starts to rise.
Security: Hedera uses a novel consensus algorithm called "hashgraph" which is based on a type of directed acyclic graph (DAG) and is designed to be secure and resilient against all types of attacks. Hashgraph consensus is the only public DLT network which was able to achieve the highest form of security possible called Asynchronous Byzantine Fault Tolerance (ABFT).
Finality: Because of Hashgraph consensus algorithm, Hedera network is able to achieve complete transaction finality within 3-5 seconds. Competing blockchain networks on the other hand are probabilistic, which means transactions are never 100% confirmed but users become more certain over time that transactions won't be reverted.
Leaderless: Hedera network is leaderless, which means no single node determines or dictates the order of transactions at any point in time for rest of nodes in the network. All nodes come to the same consensus independently which makes the network resliliant against DDoS attacks.
Fairness: Hedera's consensus algorithm is designed to ensure that all transactions are processed in a fair and deterministic manner and each message or transaction submitted to the network is fairly ordered and timestamped by all participating nodes independently.
Cost: Transaction fees on Hedera network are extremely low and on average cost $0.0001 per transaction. They are also fixed for each transaction type and are pegged to a US Dollar but paid in HBAR. Hedera network is designed to provide a sustainable and predictable fee model to Enterprises and business who can plan their expenses ahead of time regardless of HBAR price volatility.
Governance: Hedera is a decentralized platform that is operated by a consortium of trusted organizations called "governance council members." These members play a crucial role in the operation and development of the platform, but they do not have sole control over it. There will ever be up to 39 Council Members in Hedera network, which are term limited to 2 times and 3 Years each terms. Besides Council nodes Hedera network will add more community nodes over time and eventually opening up the network to anyone who would like to run a node.
Energy: Hedera network has been recognized as the most energy-efficient public distributed ledger technology (DLT) network in the world, according to a study conducted by University College London (UCL). This makes it a highly sustainable and environmentally friendly option for businesses and individuals seeking a secure and efficient means of conducting digital transactions.
Flexibility: Hedera supports a variety of use cases including DeFi, NFTs, Gaming, Tokenization, Payments, CBDC, Data Integrity, Digital Identity, Stablecoins, Supply Chain, IoT and more. It also offers APIs and SDKs that make it easy for developers to build on the platform.
Compliance: Hedera is designed to meet regulatory requirements and has partnerships with various organizations and agencies to ensure compliance with relevant laws and regulations under different jurisdictions.
Scalability: Hedera is designed to scale as the number of users and transactions on the platform increases, making it suitable for large-scale deployments. Initially network will scale vertically by increasing numbers of transactions per second processed by a genesis shard. Eventually Hedera will scale horizontally by adding as many shards as there is demand for.
We are excited to be launching our Hardware Wallet exclusively on Hedera, a reliable and scalable network that is essential for Web 3 to reach the mainstream. We believe that Hedera's robust infrastructure is crucial for the success and widespread adoption of Web 3, and we are proud to be able to bring these benefits to our users.
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