Hedera Hashgraph | Moving Beyond Blockchain
Tags: blockchain, web3, hedera, ai
Published: 2023-08-24 09:28:00

The year 2009 marked the advent of a revolution with the introduction of Bitcoin. This innovative cryptocurrency sought to address the flaws within the existing financial system by presenting the world with a novel method of value exchange — an electronic cash system. As a result, it also laid the foundation for the emergence of distributed ledger technologies (DLT) like blockchain, currently among the most rapidly expanding fields in the world of technology.

However, with the launch of Bitcoin, early Blockchain technology exposed various limits over time, particularly in terms of scalability and latency.In response to these challenges, numerous blockchain projects have been dedicated to exploring solutions. Simultaneously, the DLT landscape has been evolving in various other directions. One noteworthy endeavor in this regard is Hedera Hashgraph, a well-known initiative striving to push the boundaries of DLT beyond traditional blockchain structures with the help of [blockchain development services](https://blockchain.oodles.io/).

What is Hedera?
Hedera operates as an open-source, decentralized public ledger, utilizing a leaderless, asynchronous Byzantine Fault Tolerance (aBFT) hash graph consensus algorithm. It functions as a proof-of-stake network, providing a secure and efficient platform for decentralized transactions and applications.

With its performance-optimized Ethereum Virtual Machine (EVM) smart contracts and user-friendly native tokenization and consensus service APIs, developers have the means to construct [web3 applications](https://blockchain.oodles.io/blog/web3-app-development/
) and ecosystems with ease.

Use Cases
Payments

Empower secure, real-time, and highly affordable payments by utilizing HBAR, stablecoins, or your cryptocurrency.

DeFi

Use performance-optimized EVM smart contracts to build decentralised exchanges, lending protocols, network bridges, and other applications. Alternatively, current DeFi systems can be effortlessly ported to the platform.

NFTs

Forge unique tokens representing digital media, physical goods, and more, enabling the creation of thriving NFT marketplaces or communities.

Decentralized Identity Management

Safeguard privacy while managing decentralized identification through a secure, standards-based approach.

Why Build Your Next Big Thing on Hedera
Hedera prioritizes developers as first-class citizens, offering user-friendly APIs and EVM smart contracts. With Hedera’s native network service SDKs, EVM equivalency, and a suite of tools, innovation, and development become straightforward, whether you’re working on a side project or pioneering the next major Web 3 application.

Low-Cost, Swift Transactions

Hedera transactions come at a minimal cost of approximately $0.001 and are complete with absolute certainty within 3–5 seconds, eliminating the need to wait for block confirmations.

Enhanced EVM Tooling & Libraries

The EVM on Hedera is optimized for speed and scalability, enabling developers to seamlessly deploy smart contracts using their preferred web3 environments, libraries, and tooling.

Commitment to Sustainability

Hedera boasts exceptional sustainability, being the most energy-efficient public network, with an average energy consumption of 0.000003 kWh per transaction, according to a study by University College London.

[Hire blockchain develope](https://blockchain.oodles.io/blockchain-app-development-services/)r who in [Hedera Hashgraph](https://blockchain.oodles.io/blog/hedera-hashgraph/) creates, maintains, and optimizes decentralized applications, smart contracts, and services using the platform’s directed acyclic graph (DAG) technology.

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