The recent fight for blockchain implementation by Tech companies getting more and more demanding. This week has seen significant progress made by Tata communications and IBM. The two technology giants have joined hands with the governing Council of what stands to be among the most successful blockchain projects of this decade. They have named it the Hedera Hashgraph. Asia’s richest man Reliance Jio owns the Telecom company in India and aims to build the largest blockchain network in the world.
In retrospect, Tata communications and IBM partnered with the governing Council of Hedera Hashgraph. As per the charter of the Hedera Hashgraph LLC, the members are equal owners of the company. Hedera Hashgraph-pos network with a native cryptocurrency HBAR. Hbar will be the native cryptocurrency pedaled on the public system. Hbar is among the network that fuels and secures the proof-of-stake, POS network. There is proof of stake network will be used to support decentralized applications (Dapps), built peer-to-peer payment and micropayment business models, and at the same time, protect the network from malicious actors.
There are plans to release the tokens by the end of summer (US) 2019 It will commence for SAFT (simple agreement for future talking investor)s. Additionally, he also expects to release the tokens on exchanges in 2019 as well. It will have a fixed supply of 50 billion coins and will be denoted by the hbar (h) symbol.
It has been noted by several crypto enthusiasts that the system shows a lot of resemblance with the Libra Association which was announced by Facebook. The crypto-currency and their data network are expected to be independent of the LLC. In addition to the over 29 members will form the governing Council for the network.
IBM and Tata communications are the first two giant technology companies to join the initiative. They follow the recent move by Nomura and Deutsche telecom to join the Council.
Hyperledger the de facto standard.
In the whole system of operation of the crypto industry, the cryptocurrency is just but the tip of the iceberg. Blockchain, on the other hand, has a vast and multiple arrays of potential. IBM has, in the recent past, been exploring and developing the blockchain space. This has seen the company deploy many projects with leading firms like Maersk and Walmart. The IBM world wire is just another of the many arms working with the financial services industry.
Hyperledger is one o open-source collaborative effort to advance cross-industry blockchain technologies. It is a software presently being hosted by Linux Foundation and includes leaders and various other Industries. It is forming the foundation of a standard for blockchain implementation for the firms. Among other members of the hyper ledger include Microsoft and Ethereum Foundation. Jerry Cuomo, the VP of blockchain technologies at the IBM Company, has stated we are excited to join the Hedera governing council and look into relationships between public networks and industry-specific networks. Hyperledger has proven to be the de-facto standard Enterprises used to manage and deploy blockchain-based ledges.”
The Hedera Hashgraph will now provide the implementation of Blockchain and cryptocurrency by the several technology giants that are currently using the principles of Hyperledger. Cuomo additionally states “we believe that it could help provide an exciting avenue to better and make easier the deployment of Hyperledger fabric in the Enterprise making it easier for groups to build and grow their networks. “
Many global enterprises are making moves to embrace and join the bandwagon of Blockchain. All across the globe, the crypto industry is appearing to draw in new players that are seeking to better their services via Blockchain and claim a share in the crypto industry. The announcement of Hedera Hashgraph is among the developments that attest to this fact.