Several forks and ICOs have gained a lot of attention in the crypto community recently, and there’s been no shortage in new innovations developed on Bitcoin’s underlying technology, blockchain. However, blockchains, by design, are inherently subject to certain limitations. Most notably, blockchains are naturally slow, as Proof of Work (POW) is founded upon allowing the community to achieve consensus and discard blocks they don’t agree on. While this has proven to be a great way to combat fraud, it’s not so great for performance.
Hedera Hashgraph, on the other hand, is all about speed, boasting an impressive 50,000 transactions in only .75 seconds within a single region, with time to finality within a few seconds. What’s even more impressive, is that this was achieved using only 30 computers. Even Visa’s monolithic platform can’t process transactions that fast.
“We can process hundreds of thousands of transactions per second on Hashgraph Hedera, compared to proof of work blockchains like Bitcoin or Ethereum’s blockchain that can do 5-7 transactions per second,” said Mance Harmon, Co-founder of Swirlds and Hedera.
Harmon notes that blockchain limitations are made further pronounced by performance bottlenecking, as not many applications can run on a database that can only handle a paralyzingly slow 5 transactions per second.
But hashgraph’s innovations aren’t limited to merely freeing ledgers of their fundamental constraints, as Hedera has recently teamed up with MZ (formerly Machine Zone) a gaming company best known for their MMOs, such as Final Fantasy XV and Mobile Strike.
Their goal is to provide a platform with applications programming interface (API) support to make it easy for developers to build their own distributed applications. Developers won’t need a license to use the API either, all they’ll need is a wallet and tokens. API calls will result in micro-payments being paid to Hedera as a reward for using the API.
Hedera’s verification software runs on the computer’s graphics card GPU to verify a whopping one million signatures per second.
A spokesperson for MZ said it will build distributed applications on top of hashgraph:
“Our mission is to enable the next generation of many-to-many applications,” said Gabe Leydon, CEO of MZ, in a statement released by the company. “By building on top of Hedera hashgraph, our applications will be able to be deployed in a peer-to-peer environment, with complete fairness, transparency and visibility. We believe Hedera is revolutionary, and will change everyone’s expectations of how fair and fast applications and gaming can be.”
MZ has remained fairly quiet on just what these applications will be, but in a video presentation provided by the company, they mention incorporating artificial intelligence via a peer-to-peer protocol that would allow any wifi-capable device to be connected to MZ’s applications. In other words, lightning fast speed, coupled with machine learning and wifi connectivity. Congratulations, MZ, you’ve invented Skynet.