2-Year Anniversary of Hedera's Open Access

hedera is the most used sustainable public distributed ledger in the world with use cases from preserving testimony to anchoring warning systems ensuring the safe storage of vaccines and allowing us to get back to life as we knew it offsetting our carbon footprint while enjoying the new token economy these are just a few of the game-changing applications built on hedera which is governed by the world's leading organizations and fueled by hbar the world's greenest cryptocurrency what future will you build [Music] welcome hedera community to the two-year anniversary live stream of open access hello future here's co-founder and ceo mance harmon hello everyone i am delighted to be here with you to sort of memorialize celebrate the fact that we've launched the network now two years ago um very glad that we have this opportunity to take a look back in time at some of the projects that we've completed along the way and then also say hello again to the future and talk about what is on the horizon for the project in the coming months and years so with that let's dive right in next slide please thank you one more so as many of you that have been with the project from the beginning understand and know already there were a number of problems that we wanted to directly address when we began to design the project from the start um low processing speeds predictability and cost security vulnerabilities transparency and then of course we knew then that the proof of work systems and the amount of energy that they were consuming would not be sustainable at scale that the market would wake up understand that something had to change we designed hedera from the beginning to be very low in terms of energy consumption and we're going to talk about that in a little bit a little bit further low processing speeds were a big problem of course back in 2017 when we initially kicked off the project thinking back to that point in time bitcoin and ethereum seven transactions and 15 transactions per second on a global scale obviously nowhere near what is required to scale enterprise class applications or even applications that we're seeing today that are not enterprise class we address those directly with the hashgraph algorithm high unpredictable processing costs if a developer is building an application on top of of one of these layer one platforms they need the ability to predict accurately what their costs are going to be for the use of the platform we directly address that in the platform by having usd denominated uh costs associated with api calls and we have ultra low costs uh associated with those api calls today security vulnerabilities we built hashgraph lehman baird invented hashgraph from the beginning understanding that as the market matured and the value of the applications running on top of the platform continued to go up that the amount of money that would-be attackers are willing to spend to attack the network or attack a given application will also go up and therefore from the beginning lehman wanted to create an algorithm that achieved the theoretical limit of what can be achieved in terms of security for a distributed consensus algorithm of course hashgraph achieves that so we directly address security vulnerabilities in the consensus algorithm with hashgraph and then finally centralization and transparency concerns we built a governance model that is by design meant to be the most decentralized governance model of any of the layer one platforms and it's fully transparent you know who the council members are that are running the nodes you know where they are running the nodes you know what decisions they make in regards to the network so in terms of performance we achieve 10 000 tps in a beta version of the product that we're planning to move to v1 in the near future we'll talk more about that later in the in the live stream 10 000 capacity for 10 000 transactions per second today with finality measured in seconds for security as i've mentioned hashgraph checks the box it's asynchronous byzantine fault tolerant that means it doesn't have a leader it's not a leader-based algorithm there is no single point of failure like there necessarily can be if you're not asynchronous byzantine fault tolerant and it's a proof-of-stake system which means that the consumption energy consumption is incredibly low for for the platform in terms of stability we've made from the beginning a commitment to the market that the network will never fork we achieve that both through legal and technical controls and we've created price stability in the api costs by denominating those in usd for governance we've created a world-class governing council by design to be the most decentralized in the market and those members run the initial network nodes we have a roadmap to adding additional nodes outside of the the nodes run by the governing council members i'll touch on that in a few moments as well and of course the governing council manages treasury sustainability we are the greenest of the platforms in the market and ucl published a paper recently a report that describes in detail the work that they've done to analyze the different layer ones and they concluded that the hedera hashgraph is the greenest so let's start from the beginning back in 2017 lehman and i decided it was time to take the work that had been accomplished over years in developing the hashgraph algorithm the initial code base and build a public network from that in the fall of 2017 we hired the initial team members in march of 2018 we announced to the world hedera hashgraph we then raised a lot of money through the spring and into the summer we raised 123 million dollars those were through shaft sales in the fall of 20 2018 we launched the network we minted 50 billion tokens and we then invited a small number of partners to begin using the platform as we continued to harden it to the point where we could open it for general use in 2019 we announced our first five council members in february from seoul korea 2019 really as a year was marked by the opera by our operationalizing or creating the council and making it possible for the council to actually govern in the way that we had envisioned through 2019 we added an additional five council members we had open access in the fall of 2019 that's what we're here uh celebrating today the two year anniversary of open access and then with open access at the time of open access we launched or announced 26 apps that went live with open access in 2020 we began to observe how the community was using the platform what things seemed to work what things weren't quite right what features needed to be tweaked or what features needed to be added to the platform in order to give the community the tools that they need to very quickly and efficiently build out the dapps that they they cared about through that process we decided to add a couple of new features a couple of new services one was the hedera consensus service which we added in the late summer of 2019 and then the second one was the hedera token service which we added in february of of this year so through 2019 uh through 2020 we continue to observe and refine and build to get to the point where it was easy for the community to go to market with the solutions that they cared about and we continue to add more council members this year the world's changed not just for for us but for the crypto industry at large but certainly for us the amount of traction and usage of the platform has skyrocketed which is a great indicator in terms of our understanding of the features that needed to be built back in 2020 and getting those built and deployed this year we've seen fantastic growth in tps on the network the usage of the network we've seen fantastic growth in a pipeline of projects that are building for the platform we have seen the number of accounts explode and these are accounts that are real accounts based on the need to use dapps on the platform these are not accounts just for trading crypto but but accounts that are real in that they need the the use of the platform for things that are other than for staking rewards or or trading crypto so it's been a fantastic year for us this year the council today is 23 members it's grown since february of 2019 it continues to grow we will continue to add members until we reach 39. the most recent member that we announced just this week was iit very glad to have them and what we've seen is on average about one new council member per month some months uh we haven't announced a council member in other months maybe we will announce more than one but we've seen a steady growth a steady number of council members being added to the council and we're right on track in terms of attracting the caliber of council members that we want to provide the governance of the platform that we've that we've built if we look at actual statistics use of the network back about five months ago we crossed one billion transactions on the network having been processed that's a fantastic number it took about 18 months from the time we opened the network to the point where we had actually processed a billion transactions a few months later today we've processed another 600 millions where more than 1.6 billion transactions having been processed today i think it's noteworthy to say that that's far more than ethereum has processed since that's the beginning of ethereum back in 2015. the use cases are broad and deep in terms of their coverage and and applications and they are taking advantage of the throughput and the capacity that we have in the network today user accounts were more than 420 thousand user accounts we are aware of more than a hundred dapps being built and i i caveat it by saying aware because like i've said previously there's no requirement for anyone to use to talk to us in order to use the network all that's required is that they have hbar and can make an api call so what we believe is that there are hundreds more than 400 that's actually using the network today it's not directly possible to measure that but for those that we are aware of we we know that there's more than 100 apps that are using the dap the platform today for their for their solutions so let's just take a look at some of the use cases that have been deployed and are being deployed at this stage and these are primarily focused on enterprise so avery dennison has gone to market with atma.io it's a platform that unlocks the power of connected products by assigning unique digital identities to every item that flows through a supply chain this provides unparalleled in the end transparency in the supply chain and the widgets flowing through the supply chain by tracking them from source to consumer and then finally beyond to enable circularity in the understanding of the life cycle of those widgets in the supply chain if we look at suku infinite by suku slide please infinite by suku provides a platform to manage your digital closet through claiming ownership and instant sales and exchange of each of your products of course built on the hedera hashgraph platform servicenow next slide servicenow has implemented trusted service level agreements on hedera via our consensus service they have new capabilities that are enabled by distributed ledger technology our services in particular that are now converging with core enterprise applications that represent a new wave of service innovation the coupon bureau it's a data exchange connecting all stakeholders in the u.s coupon ecosystem they will record all u.s coupon lifecycle events through again the hedera consensus service the world's largest consumer package goods manufacturers are registering coupons on the network and redemptions at us retailers will record those use the use of those coupons in retailer sites through point of sale systems on the network using the hedera consensus service if we look at dla piper dla piper's toco platform is a digital asset creation engine that couples compliance and the regulatory rigor that one gets with a global law firm with innovative technology that's again underpinned by hedera toco is addressing a server a serviceable market that is measured in billions and trillions ultimately trillions of dollars of value if we look at edf the largest utility company in europe and a council member is exploring the tokenization of renewable energy credits to be traded on decentralized marketplaces built on top of hedera standard bank it's is providing decentralized identity and verifiable credentials on hedera they're expected to bring a new range of services to their customers across the african continent in addition standard bank is creating a digital bond issuance platform that paves the way for issuances of tokenized financial assets to a larger portfolio of clients than what is possible today without the use of the platform these are just some representative examples of the types of distributed applications that are being built on hedera today i believe hedera is the market leader hands down for enterprise applications in the dlt space let's take a look now briefly at sustainability um of course today there is a lot of attention and focus on the environmental impact of the distributed ledger technology in our industry and rightly so we're happy to note that the center for blockchain technologies at the university college of london published a sustainability impact report in which they examine the energy consumption of proof-of-stake deal dlt platforms what you see here is a url for that report you certainly are welcome to go and download it and read it for yourself the research paper found that hedera network had the lowest overall energy consumption of the system studied these included algorithm cardano ethereum 2.0 polka dot and tazos to give you a sense of scale just look at the chart at this chart from the ucl report it clearly shows that hedera uses orders of magnitude less energy than the other platforms that were analyzed and to discuss this further let's hear directly from juan ignacio from the center for blockchain technologies at ucl i'm here today with juan ignacio who is one of the researchers who recently published the newest study from ucl in terms of sustainability and energy consumption of various proof of stake networks um hello juan ignacio how are you hi zenobia good to be here thank you very much for inviting me good good um you know this is a really interesting piece of research can you summarize for us the purpose of the study and you know why you looked at sustainability of proof of stake networks sure well i think so it was all triggered by the will to investigate the mental impact of distributed ledger technology and the carbon footprint in particular which takes us to the energy consumption but then when you when you start looking at the energy consumption we all know that the bitcoin consumes a lot of energy we know that proof of work more generally consumes a lot of energy and we know more or less that networks consume much much less but broadly speaking i'm exaggerating here but this is as much as we know so we wanted to know a bit more ha ha are different proof of stake networks different uh do they consume more or less all the same energy or are there significant differences between one another and as it turned out this information wasn't readily available out there so we decided why why not research uh why not do this investigation ourselves at least kick start the discussion because it's uh an intensive topic great and how did you go about your criteria for selecting which networks you evaluated are we trying to take networks with a high marketation we try to take i don't think we say this um explicitly but we try to take what we thought could be interesting and what under a working hypothesis of ours would provide different results and such a and therefore something interesting to find so we looked at networks that have some slight architectural differences with each other because we thought maybe this is going to play a role at the end when we get the energy consumption file figures so um yeah we we chose i theorem 2.0 um algorand cardano polkadot tesos and hydera all right so now you've selected your set of networks can you walk us through the methodology for how you performed the research the energy consumption of distributed ledger is the energy consumption on average of each one fits of the average node times the number of nodes so we all need to know is how many nodes there are and how much each node consumes but it's not so simple because some networks they they process a lot of transactions and some not so many so it's meaningless to say if that one network consumes more than another is the transactions are different so we need to control by the number of transactions the transactions like in what period of time ever since the network was created now we need like a fixed it's a consistent period of time transactions per second this is what we call throughput so we now want to know the energy consumption per node and the number of nodes and the throughput and these are this is information that we can get now as it turns out the number of nodes and the throughput they are interrelated so we need to model this relationship to try to understand which energy consumption corresponds with which number of nodes with which level of throughput so we create a function it's a simple function describing the relationship between throughput and the number of nodes well all that we need to do is feed in data into the function and for that we can get publicly available information such as the number of nodes and the throughput now and in the past by doing that we have our function we have the number of nodes and by looking at um hardware energy consumption figures we use our model to get our results and and what were those results for those who haven't read the paper you know in detail um you know can you just summarize the results for us basically what we get is that at present hedera is the network with the lowest energy consumption we get that all the networks have in absolute term in absolute terms low energy consumption compared to what we're used to but here then is the lowest of them all now of course as i just said this is not super interesting if we cannot control by uh if all the networks they do not have the same throughput same time so our model shows um what networks would perform better or worse uh if they had the same level of throughput so this is also something we look at and we also find that itera is pretty much the best for most possible ranges of future throughput and we have a number of assumptions that could be challenged but this is precisely what the paper is for like to construe a starting point and then we can play with the assumptions change the model feed in new data make it more complex so um honestly the model itself and the learning process of how to build it and its limitations are also a takeaway that we get from this because now we can continue doing this research great well one ignacio thank you so much and we look forward to additional research coming out of um ucl and the incredible blockchain center that you have there and thank you for spending some time with us today yeah thanks to you okay great next i'd like to delve into a topic that we think a lot about in the governing council and that is decentralization our governance model is the most decentralized in the industry by design with council members in every continent except antarctica and the members span a broad range of different industry sectors also hedera is the most transparent you know who the council members are where they are and the decisions that they make for the network our nodes are also decentralized with nearly all nodes running in different infrastructure and as we continue to add council members we also add additional validator nodes we have a well articulated path to full decentralization of the nodes starting with council members running the initial set of nodes followed by permissioned community nodes which is on the roadmap as you will see in a few minutes and then finally to allow permissionless nodes to participate in the network this is a well-considered path that sets hedera apart from every other ledger in the market that leaves decentralization of our hbar ensuring that they get into the hands of the people that will drive the network in its adoption forward this is a topic that the council has been discussing and working on for a long time we created a task force earlier this year we convened a special task force of council members hedera staff and industry experts to discuss how to further create independence in decision making and to develop the ecosystem as i showed in the use cases earlier hedera is the clear leader in the enterprise dlt market and the task force acknowledged this as an important market for us to accelerate the growth of but we were also focused on how to win the entire dlt market not just enterprise that required a bold decision to allocate 10.7 billion hbar as of this moment worth approximately 500 billion dollars as of the current token price that's roughly 20 of the total supply to be devoted to accelerating ecosystem development initiatives for many years to come of course the task force cared deeply about the qualifications of the foundation management team and their ability to execute this mission over the coming decade today it is my pleasure to announce the new independent hr foundation and to talk about this new initiative its mission its goals i'd like to welcome the ceo of the hbar foundation shane hignick shane higdon excuse me welcome shane vance thanks so much good morning good afternoon and good evening to all of you listening from around the globe as you know cryptocurrency and dlt are transformative technologies because they enable people to form digitally native communities controlling their own assets identities data marketplaces economies and more anyone these days can create economies that they choose with their members in control and these economies have to be fair to use and open to access and we've seen this begin to form in gaming sustainability payments defy just to name a few hedera has proven that networks which are scalable and secure from the ground up can drive unstoppable levels of innovation to the masses and more importantly we see that hedera has the opportunity to build an unparalleled network effect by bringing others together individuals and businesses from around the world to form these economies with user control and decentralization at the core so today i'm excited to share that we've created the foundation as matt said an entity created with the sole purpose of making the vision a reality through the growth of the hedera ecosystem we are here to empower you the builders the creators innovators and individuals to solve global issues create a fair and open economy enabled by tokenized assets and to drive the distributed workloads of the future which half-craft technology whether you're a developer an investor a company entering space our mission is to provide you with the resources to start building now next slide so who is the hbar foundation we're a group of tech executives experienced at scaling businesses creating and supporting new ventures in both public and private companies most importantly we're intellectually curious in all things and with a thirst for entrepreneurship and innovation not to mention we've got an extensive crypto and dlt experience we understand specifically though the unique value and superiority of the hashgraph technology and i guess as importantly this is for us at least a 10-year endeavor and we will thoughtfully deploy our treasury with the utmost rigor and prudence i'm also pumped today to announce that we've created the first tokenization and d5 fund which will be allocated over the next six months this fund is going to provide support for projects that may be issuing tokens building new businesses bridging to other networks and so much more so please visit our website hbarfoundation.org forward slash apply to apply for funding today and one last comment you may not have known who i am or seed or paid attention to the names in discord telegram or twitter but let me tell you we've been watching i've personally been researching and investing in projects like hedera for a while now and there is nothing like this project and more importantly there's nothing like this community of h barbarians so i'd like to thank the likes of jesse and brandon at the hedera forum king solomon h bar to the moon credible crypto who's live tweeting right now nick the crypto crusader and so many others too many to name they have created unique and engaging content incredible insights and fueled the growth of this community and ecosystem we have a lot of work to be done and we at the hbar foundation are excited to join you in that revolution it's great to be a part lehman over to you all right well thank you very much if we can go to the next slide we have done a lot we have seen a lot and have accomplished a lot with you the community over the last two years so we started with an extremely fast system a great council we had the highest level of security abft so there's no leader you can't shut down the leader and shut down the whole network or play follow the leader and shut down the whole network because there is no leader we had the highest level abft of security with incredible speed and then over the last two years we've continued to add things and so if you look at what we have done in addition after oa in the next two years if you go to the next slide you'll see that we did the hedera consensus service this was something we did early on that allows you to at the native layer write your code in any language you want as a separate network like a private network like hyperledger ea or cordo any of those three you have a plugin at the bottom and then hedera is putting your transactions in order and giving them timestamps and you have the full trust of the hedera network and so it enables you to do any logic you want in any language you want with what would be a private network using existing tools for private networks but with the trust of hedera you can even encrypt everything so it really is a private network uh hedera is just putting encrypted transactions in order but can't even tell what they are so this is what we did with the consensus service and what it does is it gives you the speed and flexibility of a private network but it also gives you the trust of hedera at the same time but then we went beyond that and if you go to the next slide we went to the token service early this year we rolled out the hedera token service and this allows you to create tokens you can create fungible tokens on hedera you can create non-fungible tokens on hedera nfts and anyone can create them and then you have the incredible speed of a native layer token which means you're doing 10 000 transactions a second of token transfers and not only that at native layer these tokens are able to do things like enable built-in governance we have kyc systems if you want to use it we have the ability for administrators to mint and burn or not you have the choice of whether you want to build that in we have the ability for you to set up complex administration um organizations like you could say well there's three organizations any two of them have to approve a mint or burn and within an organization there's a bunch of these people and a majority of them have to vote for it you can set up all of that at the native layer you can of course do things like that at smart contracts at a higher layer but this gives you the native layer speeds and then most recently what we've added to our nfts and our token service is custom fees if you want to you can actually create a token an nft or a new fungible token type if you want and you can define fees that you will receive every time it is transferred between two people or you can set it up without that and guarantee to people i'll never charge fees but if you want you can create tokens and they'll be moving around with fees and with all of this running at the native layer speeds without having to use a smart contract just at native layer speeds it is incredibly cheap so a tenth of a cent to transfer a token and even for the token that has all of this built-in governance and a token that has these custom fees still just a tenth of a cent for every transfer of a token all of that is built in that's what you get with tokens of the native layer with all these features also at the native layer without needing smart contracts but if you do need smart contracts we also have smart contracts so we've had smart contract service from the beginning and this allows you to do arbitrary logic it's solidity you can take smart contracts from ethereum and run them on hedera without changes so you could do that so you could do erc20s and so on that have incredible flexibility it's a touring complete language you can do anything but we are now adding smart contract service 2.0 this is going to be speeding up smart contracts immensely hundreds of calls per second it's going to be adding hooks where the smart contract service can access these native tokens that people can create and so not only can the smart contract be an erc20 that manages its own token and every transfer happens inside the smart contract it could also manage a token you build at the native layer on hedera where you don't have to call the smart contract for most operations on the token and you just use it for those things that you need it so you use the infinite flexibility of a turing complete language when you need that power and you use the infinite speed and extreme speed of the native tokens when you need that speed and so that is what we are bringing we are switching evms to the bezu ibm which is bet better yeah it was created as part of hyper ledger um we have created a new kind of database it's actually a basically a nosql database that we've written from scratch designed specifically for the exact merkle tree situation that we are dealing with and of course it's open source you'll all be able to use it and this will be coming soon to give you fast programmability fast smart contracts this is just the tip of the iceberg of things that are coming soon these things are being built by our engineering team and we have a world-class engineering team uh these people are creating like i told you this new kind of nosql database just for being able to do these things smart contracts fast and we'll apply them to other things as well that's being released open source they've been doing these amazing other things all these features you've been seeing that you've been hearing about they're doing that and the engineering team is going to tell you about even more features that are coming in the near future and we'll tell you about that i am very impressed with this engineering team i should point out that what do they build they build the things approved by the council well how does the council get these ideas from the community with the hedera improvement process the hip process the community has been giving us the features to build and the council approves them and this engineering team is building them i love the way that we're working with the community so to tell you more about it let me turn it over to our vp of engineering richard could you go ahead and if we go to the next slide let's have richard awesome thanks lehman i'm really excited to be here today to talk about our road map so my responsibility here today is to talk about the roadmap and some of the things that we are working on and a little bit more detail um in that section that that lehman was talking about so there's we've taken our road map and we've broken it down into um five basic categories and the first one of those categories that we are going to talk about is uh community so as lehman was saying about hips you know here at hedera one of the things that i love about hedera one of the reasons that i was so interested in coming and working at hedera was because we do love open source and we embrace the open development model it's a very exciting thing for an engineer to be able to work in that type of an environment and you know our open development philosophy goes all the way back to the very beginning when we define what sort of features and functionality we're going to be building on the system and so uh him the the hip process the hedera improvement process that um that lehman talked about is an essential part of that and anyone can submit a new hip and we will uh analyze it look at it figure out what it is that uh you know how we can integrate that into the platform and all those hips become available then for uh inclusion in the system so a really good example of this is that hip 18 that was talked about a little bit earlier the custom fees hip that was uh actually it didn't come from us that one was defined by our customers at galaxy and there was a robust discussion in the um github repos conversations area for uh communication between all the different people and we had a lot of different people in the community who were really interested in that hip and so we we actually did take some things that were on our schedule and shifted that out and made room for that so that we could be very responsive in taking the the uh ideas that are coming from you guys from our community from our customers and implement that on our network so the custom fees hip was a good example of that um another another example is uh auto associate that you can see here um a flexible association for tokens so each account in our system can have a thousand different tokens and some percentage of those tokens with this new hip you can set aside for auto association so that anybody could um automatically give you tokens and you don't have to go through a longer process to accept them so we're adding that feature and another one that was coming directly from the community um there's also another hip that we're working on that is about being able to pause an account so there's there's a lot of these hips are actually coming from the community we have some that we contribute in as well that we'll be talking about the next couple next couple points but uh these hips they come from everybody and it's uh it's a it's a wonderful system it helps us know what we should build and make sure that we're building exactly what's interesting to you and it's all open source you can go to our github repo for the the hedera improvement proposals and you can scan and see what what hips are there you can look at the the ones that have been forked and um which is where people are submitting new ones you can go and see what they're about to submit and participate in that whole process everything that we do on the network that's going to change the api change the way that the system works is going to be part of a hip so that working as part of the community is really important to us now the other thing that i'm really excited to talk about this morning that lehman led into is the smart contract work that we're doing so we are we are enhancing our smart contract service to this 2.0 version to be able to support the hedera token service and the header consensus service with native integrations i mean just like lumeno was saying right we've heard from you from our community and our customers that you want a fast fair and secure evm and we are providing that for you um you have all the wonderful native on-chain functionality like hts and hcs that gives you the best speed and value but sometimes you just need programmability you need to be able to extend the behavior of the system you need to be able to provide some additional functionality and so that's what we're trying to solve and as lehman had mentioned we looked around a bunch of different solutions a bunch of different uh possible directions that we could go with this and we settled on hyper ledger basin uh baysu is uh has an evm implementation and we are actually contributing back to hyper ledger basis there's a couple contributions that we are making one is to help modularize their evm better to make it easier for us to collaborate with the hyperledger basic community and the second thing that we've been working on with them are performance fixes we've been doing a lot of performance profiling performance work on the uh basu evm and we're contributing all those performance tests and performance work back into the community as i mentioned previously right to us um open source is not just lip service it's really the way that we like to to live it's what we want to do and we are making those contributions back so ultimately what this means is that we're adding in some pre-compiled contract support into our contracts as well that is going to allow you to make calls into for example hts to mint burn or transfer so it gives you the best of both worlds you get all the speed and security of our native tokenization but you also get programmability um the next thing that's kind of near and dear to my heart i mean okay look when i drive down the freeway or whatever i'm really a good driver all right but when it comes to code i'm a speed freak i i just love performance and scalability it's one of those things that i've always enjoyed in uh programming the software engineering and and i just love that here at hedera we take our performance and scalability extremely seriously we are always looking for uh ways that we can level up that we can take it to the next level we're always looking at how we can increase the number of entities that we support in our system from um you know nfts or accounts to smart contract data and to be honest with you that was one of the things that we've been working really hard on with that uh custom database that lehmann was talking about we we've got to stay ahead of the demand curve and we know that as we bring these smart contract capabilities to market there's a lot of demand to build things on that and we know what that scale is going to look like and so it was really important that we were able to design a system that would allow us to take all that storage that these smart contracts need and store them in an on-desk merkle format and we looked at all kinds of different um possible solutions for this we looked at a bunch of stuff off the shelf we looked to see what our competitors were doing we looked to see what everybody was doing and we decided that we really needed something very specialized here that would give us the ultimate performance and the ultimate scale so there's some really cool stuff that we're working on there and i should mention that um the work that we've been doing with basu to integrate that into our platform and also this work on our database these are all hips that are being written and uh posted on our website if they're not there yet they'll be there in a couple hours um so you know please go and contribute to those look at what we're doing and and give us your feedback we're also working on the performance side a bunch of things on the mirror node so we have a mirror node it has tons of transaction history and as the usage on the you know 1.6 billion transactions is that goes to 10 and 20 and 50 billion transactions we have to make sure that the mirror node is ready and so we're working on that to make sure that it can deal with the scale the number of read requests that are going to come in just the amount of data that we're going to need to support so all that stuff kind of goes into our performance of scale the fourth section is decentralization and as mance mentions this is really important to us and we've been on that path to decentralization and along that path one of the key things we've had to do is to work on automation we got to make it so that running nodes is completely effortless that you're able to just just run the node and it does everything as automatically as possible so part of this is that we've been adding support to self-diagnose and self-heal in the case of various failures so uh for example if we lose a network connection or if somebody strips over a power cord or your hard drive fails and you have to swap it out whatever your situation might be as soon as you you repair that and bring the node back online it automatically talks to all of its peers figures out where it's at in history synchronizes up to the latest state and then it's able to uh just pick right back up where it was at before um without intervention so we're working on that capability and that leads us to the ability to have these permissioned community nodes to extend our decentralization story and um as we do that you'll be able to run those permission nodes um by keeping your costs down basically just running the hardware and the things meant to to run in autopilot so that's that's really where we're going with our decentralization story and uh the last category is developer ecosystem um we have a number of different sdks today we have java javascript go we're adding react and swift and some other sdks so that if you're doing uh mobile development or doing cross platform development you'll have an sdk at your disposal as well for delivering those types of applications we're working on our dev portal we're going to be making it more interactive we're going to be adding more demos you know the goal there is just make this the the easiest platform for developers to get up and running with to learn and to understand we're putting effort into our api design and making sure that things are backwards compatible and you know finally i just wanted to say that um you know we understand that success for our customers isn't just what we do here at hedera success for our customers is an ecosystem play it depends on a whole variety of different pieces of the market working together from wallets exchanges custody providers oracles and more there's a lot of different pieces that fit in here and so we have this this big long bar at the bottom there is sort of a continuous operation we're continually adding new integrations and working to enhance the integrations we have to make this a truly um a wonderful pro platform for people to be able to develop on and deploy their applications to and solve real business needs and i think that's the other thing i love about hedera we are about solving real business needs so uh that's kind of just a whirlwind tour of going through the things that are on our roadmap hope to see you on our open source projects and to hear from you contributions and uh with that i'll turn it back over to you lehman all right well thanks a lot um this is exciting you guys are doing an amazing job here so in the last two years at oa we had an amazing system and in the last two years a lot has been added to it when we started in oa we called it beta and now after all these things that we are adding that we have added we are if you will click to the next thing we are going to announce it is version one so we have added enough to this so we are just calling this version one this will be something to come in this in the near future we will no longer call it beta we'll call it version one of course it's already the source code is already released you can see that you can watch it upgrading and you can get involved in the hip process and just see what's going on so this is a great milestone in addition to all of this we are celebrating our anniversary by doing an auction so we have we're going to donate to charity we have donated some things i actually have some coins that i minted way back in 2018 but right before oa a few months before o-a-a and you can see that it's a metal coin with holes in it so i've donated them only created two of them i stamped in serial numbers by hand with a hammer and i've donated them to hedera to auction with all proceeds going to charity there is a charity in dallas for homeless mothers i can't imagine what it'd be like to be homeless much less being a mother with children while being homeless anyway it's going to be donated to those and so we're going to auction off these coins mance is going to auction off a book that inspired the organization of hedera uh we have a community member that's going to auction some jewelry all of these will go to charity and how are we doing an auction we are writing software we've written software that allows you to with multiple nodes involved and then using hedera and it's going to happen on the 21st september 21st this month not very far away and it will last for 48 hours it'll start at noon pacific time on the 21st and go for 48 hours and anyone can come in and do vids on it and it's using the whole system so it's using new software we wrote just for auctions but it's also using uh hedera it's also using hcs it's also using scheduled transactions which is another feature that we've done in the last two years that we or this year or even that we haven't even mentioned on this video lots of features we've added that aren't mentioned though it uses all of them it brings them all together the source code will be released open source everybody can use it and we will be demonstrating an auction and i hope you'll enjoy it it sounds like it'll be fun uh so that is the the auction that we'll be having very soon so that is it over the last two years what have we done what have you done with us as a community you've given us inputs and we've implemented your inputs you've helped us build all these applications on top of us well you've built all the applications on top of us we've helped you to build all those we have built a council that is just amazing our latest member is the number one ranked iit in india by some lists i am just so happy to have the council members that we have we have now established this ecosystem fund of five billion dollars worth of h bars um so five billion dollars and we've established the h h bar foundation will be part of what gets that and others will as well other people also be getting uh these grants a lot has been happening over the last two years as we celebrate this this anniversary but you ain't seen nothing yet hello future there is a lot to come thank you

Channel: Hedera Hashgraph

Views: 25,016

Rating: 4.9661188 out of 5

Keywords: Hedera, Hashgraph, Hedera Hashgraph, HBAR, Cryptocurrency, Blockchain, Distributed, Ledger, Distributed ledger technology, Hedera consensus service, Leemon, Baird, Leemon Baird, Mance Harmon, Decentralized, DLT, Micropayments, Consensus, Solidity, Smart contracts, Hyperledger Fabric, R3 Corda, Apache Kafka, Hashgraph token, Hedera token, Hashgraph coin, Hedera Hashgraph coin, Hedera Hashgraph token, Smart contract, Governance, Council, Hedera Governing Council, Hedera coin, HCS, HBARs, HTS

Id: wqpRU2deHlo

Length: 52min 59sec (3179 seconds)

Published: Thu Sep 16 2021

Reddit Comments

[u/nubeasado]

Comments are now unlocked and sorted by new. Gifs are enabled on this post and can be used by any user

Links to announcement blog posts:

• Hedera Governing Council to Allocate $5 Billion in HBAR to Independent Foundation and Ecosystem Development Initiatives
• Hedera Solidity Smart Contracts Bringing Highest-Speed Programmability to Tokenization

[u/Gilbert_Goldfish]

Question, the special announcement is set to take place at 3pm EST right?

[u/AxionOtter]

idk why anyone would be selling right now. news was massive. keep holding!

[u/ocram9191]

How long can this correction take? Hours or days?

[u/Personal_News2937]

What’s everyone’s thoughts? Happy? Underwhelmed? …

[u/VerusMagus]

Are we in for a correction after this live stream event happens?

[u/ocram9191]

Auction for charity 9/21

[u/bakenj420]

Me at work waiting for the rocket 🚀

[u/thundercatj]

Smart contracts 2.0! Hbar basically going to steal Eth's lunch