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Hedera (distributed ledger)

Hedera is an open-source, public technology that utilizes the hashgraph consensus algorithm to enable fast, fair, and secure transaction processing with asynchronous Byzantine fault tolerance (aBFT), distinguishing it from traditional blockchain-based systems by achieving higher throughput and finality without energy-intensive . Developed by Swirlds, Inc., with mainnet launched in 2019, Hedera was co-founded by computer scientist Dr. Leemon Baird, the inventor of the , and Mance Harmon, with the goal of creating a scalable platform for decentralized applications (dApps) that supports enterprise-grade compliance and interoperability. The network operates on a proof-of-stake model and is governed by the Hedera Council, a decentralized body of up to 39 term-limited, global organizations—including enterprises like , , and , as well as universities and web3 firms—each with equal voting rights to promote stability, innovation, and resistance to centralization. Key technical features include EVM-compatible smart contracts via the Besu execution environment, a token service for fungible and non-fungible assets, and a consensus service for timestamping and ordering events, all delivered at fixed low fees (e.g., $0.0001 per transaction), over 10,000 , and an average finality of 3-5 seconds, while maintaining low energy efficiency as shown in a 2021 study on DLT and claiming carbon-negative status through offsets. Hedera's native token, , powers network operations by paying fees, enabling staking for validation, and providing economic incentives for node participation, with the platform supporting diverse use cases such as (DeFi), non-fungible tokens (NFTs), supply chain tracking, and central bank digital currencies (CBDCs) through its emphasis on and high performance.

History

Founding and Early Development

The hashgraph algorithm, conceived by computer scientist Leemon Baird in 2015, emerged as an innovative alternative to for achieving distributed at scale. Baird, holding a PhD from , developed the concept during his work on asynchronous Byzantine fault tolerance, aiming to address limitations in speed and efficiency found in traditional ledger technologies. This invention laid the foundation for a new approach to replicated state machines, with early theoretical underpinnings detailed in Baird's subsequent publications. To advance the technology, Baird co-founded Swirlds, Inc. with Mance Harmon in 2015, focusing initially on private network applications. The company, based in the United States, prioritized research and development of the hashgraph consensus mechanism. In May 2016, Baird published the seminal whitepaper "The Swirlds Hashgraph Consensus Algorithm: Fair, Fast, and Byzantine Fault Tolerant," which served as a key proof-of-concept demonstration, outlining the algorithm's core principles without relying on proof-of-work or proof-of-stake. Concurrently, initial patent filings for the hashgraph technology were submitted, including U.S. Patent Application No. 14/988,873 filed on January 6, 2016, covering methods and apparatus for distributed databases. By late 2017, Baird and , joined by Andrew Masanto as founding , established Hashgraph LLC in to extend the technology into a public . The company set up operations in the Dallas area of , with headquarters in Richardson, positioning itself to meet enterprise demands for a decentralized platform. Early demonstrations, such as a proof-of-concept for showcased at Disrupt in 2017, highlighted the algorithm's potential for real-world applications. Hedera's early funding supported this vision, beginning with a seed round in the first half of 2017 to refine models and licensing for use. This was followed by an $18 million round in March 2018 led by , along with participation from firms like DHVC and FirstMile Ventures, and a subsequent $100 million raise in August 2018 from investors including BlockTower Capital. The overarching goal was to build a "trust layer for the "—a secure, efficient tailored for adoption, emphasizing fairness, speed, and . These foundational efforts culminated in preparations for the network's initial deployment.

Key Milestones and Launches

Hedera's mainnet launched on September 16, 2019, marking the initial public access to its and enabling early developer testing and transactions. This processed over 2.2 million transactions in its first week, demonstrating the platform's from . In early , the achieved full public mainnet status with the rollout of core services, including the Hedera Consensus Service on February 13, which provided a trust layer for timestamped data logging. That same quarter, Google joined the Governing Council, committing to operate a and serve as a preferred cloud provider for testnets and ecosystem applications. By January 2021, Australia's national debit operator became a Governing Council member and launched the country's first , expanding regional infrastructure support. In January 2022, the Governing Council acquired the hashgraph from Swirlds and committed to releasing it as under the 2.0 license, with the full platform code following on August 5, 2022 to foster broader community contributions. On September 16, 2024, donated its entire codebase, including services, SDKs, and the hashgraph consensus algorithm, to the Decentralized Trust, establishing Project Hiero as a vendor-neutral, open-source technology initiative. In 2025, participated prominently at the World Economic Forum's Annual Meeting in , where it shaped discussions on decentralized technologies, ethical governance, and real-world tokenization applications. Key announcements included integrations for use cases, such as participation in the Bank of England's DLT Innovation Challenge for wholesale and joining Wyoming's state initiative, alongside the launch of the Council and rebranding of the Foundation to Foundation. On November 13, 2025, Wrapped (WBTC) launched on through collaboration with , BiT Global, and LayerZero, unlocking liquidity for DeFi applications on the network. Concurrently, the Council introduced a new partnership program for strategic and community partners to enhance global engagement.

Technology

Hashgraph Consensus Mechanism

The hashgraph consensus algorithm, developed by Leemon Baird, operates through two primary protocols: "gossip about gossip" for information dissemination and "virtual voting" for achieving . In the , nodes periodically exchange events containing payloads, along with hashes of recently received events from themselves and other nodes, efficiently propagating the entire of communications across the network. This "gossip about gossip" mechanism records not only the s but also the sequence of exchanges, allowing each node to reconstruct a shared view of the communication with minimal bandwidth overhead. These events form a (DAG), where each includes a , a from its creator, and cryptographic hashes linking it to two parent : one created by the same (self-parent) and one from another (other-parent). The DAG structure captures the partial of creation and , enabling to infer the likely receipt times and of transactions without requiring a linear . Virtual then leverages this shared DAG to simulate votes locally; each computes what other would vote based on ancestry relationships in the graph, determining on ordering without transmitting actual votes, thus reducing communication costs. The algorithm achieves asynchronous tolerance (aBFT), tolerating up to one-third of nodes being malicious or faulty while ensuring fairness, liveness, and finality. Fairness guarantees that ordering and timestamps reflect the actual arrival times at a of nodes, preventing attackers from front-running or reordering events if honest nodes hold more than two-thirds of the voting weight, as proven through the of "famous witnesses" in each round—events seen by more than two-thirds of nodes. Liveness ensures that the system progresses indefinitely, with every round producing at least one famous witness and terminating with probability one under asynchronous conditions, supported by probabilistic coin flips to resolve delays. Finality provides immediate irrevocability once is reached, as the total order of events becomes immutable across all honest nodes. These properties have been formally verified using the proof assistant, confirming aBFT under the strong asynchronous model. In , the hashgraph incorporates a proof-of-stake () variant, where nodes' voting influence is weighted by their staked tokens, requiring a of more than two-thirds of total stake from honest participants for decisions. This integration enhances security by economically incentivizing honest behavior and allowing proxy staking, where users delegate stakes to nodes without transferring custody. Mathematically, event timestamps are assigned conservatively as t_i = \min(t_j + \delta), where t_j is the timestamp of the parent and \delta represents a bound, ensuring timestamps do not exceed realistic propagation times. on the total order of transactions is derived via virtual votes on the rounds and timestamps of famous witnesses, with the consensus timestamp for an computed as the median of timestamps from unique famous witnesses that are ancestors of the , followed by deterministic tie-breaking using the event's signature. This establishes a unique, fair across the DAG.

Network Architecture and Features

The Hedera network employs a layered consisting of consensus nodes, known as main nodes, which actively participate in transaction validation and ordering through the consensus , and mirror nodes, which provide read-only access to the network's and without influencing . Main nodes handle the core operations of submitting, gossiping, and finalizing , ensuring the integrity of the , while mirror nodes replicate this data to support applications requiring historical queries, analytics, and auditing. This separation enhances overall network efficiency by offloading read operations from consensus processes. Recent upgrades as of 2025 include the implementation of Block Nodes for improved , featuring block streaming and (HIP-1056), and enhanced EVM compatibility with the Cancun upgrade, optimizing smart contract execution. For scalability, operates as but has planned sharding capabilities to partition the network into parallel sub-networks in future upgrades, allowing independent processing of transactions across shards while maintaining cross-shard trust through cryptographic proofs. This design supports services such as the Consensus Service (HCS) for timestamping and ordering messages, the File Service for immutable data storage using Merkle trees, and the Smart Contract Service for executing decentralized applications. These services enable developers to build applications with low, fixed fees and high predictability, leveraging the network's proof-of-stake model for resource allocation. Key performance characteristics include a throughput of up to 10,000 (TPS) in a single shard, enabled by the hashgraph consensus, with transaction finality achieved in 3-5 seconds. The network is also energy-efficient, certified as carbon-negative through quarterly carbon offset purchases that surpass its emissions, consuming approximately 0.000003 kWh per transaction—far lower than proof-of-work alternatives. Security features emphasize robustness against threats, including support for multi-signature accounts with flexible m-of-n and hierarchical key structures to require multiple approvals for transactions, key rotation allowing accounts to update keys every 24 hours to mitigate compromise risks, and inherent DDoS resistance due to the leaderless consensus protocol that avoids single points of failure. These mechanisms, combined with asynchronous (aBFT), ensure fair ordering and resilience even under adversarial conditions. Hedera integrates with the Ethereum Virtual Machine (EVM) for smart contract compatibility, allowing developers to deploy code and use familiar tools like Web3.js, , and Hardhat via a relay, while benefiting from Hedera's superior speed and fees without modifying existing Ethereum-based applications.

Governance and Economics

Governing Council

The Governing Council was formed in 2018 as a decentralized body of up to 39 term-limited organizations tasked with overseeing the network's operations and development. This structure was established to provide enterprise-grade , drawing from global leaders across industries to ensure stability and prevent any single entity from dominating decision-making. Initial members included prominent firms such as , , and , which joined to operate nodes and contribute to protocol decisions. The Council's primary responsibilities encompass operating permissioned nodes on the network, approving protocol upgrades, managing the treasury, and setting transaction fees to maintain economic sustainability. Each member organization runs a , participates in validation, and votes equally on key matters, fostering a collusion-resistant model where no entity holds power. These duties are formalized under the Hedera Council LLC Agreement, emphasizing long-term integrity over short-term gains. To promote progressive decentralization, the Council implements a rotation policy with fixed three-year terms, renewable once for a maximum of two consecutive terms, with former members eligible to reapply after a break, allowing fresh perspectives to enter periodically. This approach ensures that governance evolves without entrenching influence, as seats open up for new applicants from diverse sectors, including , , and . In September 2024, advanced its model by transferring its core network codebase to the Decentralized Trust as Project Hiero, enabling broader community involvement in open-source development while the Council retains oversight of network operations. This move enhances transparency and collaboration, aligning with efforts to scale decentralized participation beyond the initial council framework. As of November 2025, the has expanded to include additional members for broader representation, such as in June 2025, which focuses on innovations and operates a to support global adoption, and Blockchain for Energy in June 2025 to advance initiatives. These additions, alongside leadership updates like the election of Mance Harmon as Chairman effective July 1, 2025, reflect ongoing efforts to diversify the body's composition and strengthen its role in driving network evolution.

HBAR Token and Tokenomics

is the native of the network, serving as the fuel for transactions and the medium for securing the through staking. The total supply is capped at 50 billion , with a fixed issuance schedule and no inflationary mechanism, ensuring long-term scarcity. The tokens were pre-minted and initially allocated primarily to the (approximately 55%), with smaller portions to Swirlds, Inc. (5%), investors via SAFTs (about 19%), and early funds (around 1.7%). Over time, the has distributed funds according to predefined schedules, resulting in the current allocation as of November 2025: Initial Development & Licensing (7.77%), Purchase Agreements (investors, 25.40%), and Operations (, 16.23%), and and Development (50.61%). These distributions are overseen by the , with quarterly reports detailing releases in line with predefined schedules. HBAR's primary utilities encompass paying for network services such as , execution, and file storage; staking to validate and earn rewards; and enabling micropayments for high-throughput applications. fees are denominated in stable USD equivalents to provide predictability, with basic operations like message submissions costing around $0.0001, automatically converted to the equivalent HBAR amount based on market rates. The Governing Council periodically reviews and adjusts these fees to balance accessibility and network sustainability. Hedera implements a delegated proof-of-stake () , where participants delegate to council-operated nodes to contribute to , receiving proportional rewards in return. The maximum annual reward rate is set at 2.5%, calculated opportunistically based on total staked supply relative to the network's needs, with distributions occurring daily. Staked remains under user control, allowing unstaking or redirection without mandatory lock-up periods, though early distributions from initial allocations were subject to locks of up to three years to align long-term incentives.

Adoption and Applications

Enterprise Partnerships

Hedera's enterprise partnerships began with its Governing Council formation in 2019, featuring initial members such as , , , and Blockchain AG, which provided foundational support through node operations and strategic guidance. Subsequent additions, including in February 2020 for cloud integrations, in 2020 for enterprise solutions, and in February 2021 for banking services, expanded these collaborations to enable real-world applications like secure and cross-border trade . These early partnerships emphasized Hedera's role in providing scalable, enterprise-grade technology for industries requiring high throughput and . In 2025, experienced a surge in partnerships, particularly with banks for systems, such as BankSocial's for liquidity transfers and collaborations with institutions adopting for settlements. Government initiatives advanced solutions, such as the October 16, 2025, launch of IDTrust, a -powered decentralized platform by BEEAH Group and The Hashgraph Group for and enterprise applications. also participated in the and Innovation Hub's DLT challenge for central bank money settlements. Tech firms like deepened workflow automation ties, leveraging for cross-organizational digital processes in enterprise ecosystems. On November 13, 2025, the announced a new global partnership program to expand engagement and drive further adoption across industries. Notable deals include Avery Dennison's 2022 integration of into its atma.io platform for tracking and carbon emissions accounting, enabling traceability for billions of products. Similarly, 's 2022 partnership focused on NFT gaming, with joining the Governing Council to support decentralized game development and node operations. Council members contribute by running permissioned nodes to maintain and , alongside initial capital commitments of $100 per member and allocations—such as 5.35 billion tokens in —to fund ecosystem development. By October 2025, these partnerships drove enterprise adoption in finance and IoT, with the network processing over 71 billion transactions overall.

Use Cases and Ecosystem

Hedera's core services enable a range of practical applications by providing foundational tools for decentralized operations. The Hedera Consensus Service (HCS) serves as a purpose-built mechanism for generating decentralized, auditable logs of immutable and timestamped events, suitable for both web2 and applications. This service facilitates verifiable timestamps and ordering of events, supporting use cases that require trusted records without the need for full storage. Complementing HCS, the Hedera Token Service (HTS) allows for the native creation, management, and transfer of fungible and non-fungible tokens (NFTs) directly on the network, bypassing the complexities of deployment for tokenization. HTS includes built-in features for compliance, security, and , making it efficient for issuing digital assets. Practical applications of these services span (DeFi), , and (IoT) micropayments. In DeFi, platforms like SaucerSwap operate as the pioneering decentralized exchange on Hedera, leveraging HTS and the Hedera Smart Contract Service to enable token swaps, liquidity provision, and staking with low fees and high speed. For supply chain solutions, Atma.io by utilizes HCS to track billions of unique items, providing end-to-end transparency and accounting for carbon emissions at a granular level across the . In IoT scenarios, Hedera supports micropayments for automated services, such as devices like smart refrigerators initiating low-value transactions for restocking, enabled by the network's fixed low fees and fast finality. The developer ecosystem around fosters innovation through accessible tools and funding opportunities. Official software development kits (SDKs) are available in languages including and , allowing developers to interact with network services like HCS and HTS via APIs with TLS support. These SDKs enable building clients for transaction signing, account management, and integration with Hedera's mirror nodes. To support growth, the Hedera ecosystem includes grant programs through the Hedera Foundation and The Hashgraph Association, providing funding for startups, open-source projects, and initiatives that expand network adoption, with allocations including up to $250,000 for startups and higher for enterprises and governments. Hedera emphasizes sustainability as a core principle, achieving carbon-negative operations by offsetting more emissions than the network consumes, certified through partnerships and transparent reporting. This commitment extends to (ESG) integrations, where services like HCS enable tokenization of carbon credits and verifiable ESG impact claims for corporations pursuing net-zero goals. By 2025, the Hedera ecosystem has expanded significantly, hosting numerous decentralized applications (dApps) with strong activity in gaming and NFTs, where NFT trading volume reached $4.9 million in Q3 alone, marking the sector's strongest quarter. Integrations in gaming leverage NFTs for in-game assets like skins and avatars, driving user engagement across metaverses and play-to-earn models. Overall, dApps in DeFi, , and NFTs have seen rising weekly , underscoring Hedera's role in diverse applications.

Criticism and Challenges

Technical Criticisms

One notable technical critique of Hedera's hashgraph emerged in 2018 from professor , who argued that the protocol's asynchronous tolerance (aBFT) relies critically on all nodes knowing and agreeing on the total number of participants (N) in the network, a that is challenging to establish and maintain in permissionless environments without risking failures or security breaches. Hedera co-founder Leemon Baird countered this by emphasizing the network's permissioned design, where N is explicitly defined and known to all nodes through the fixed composition of the Governing Council, enabling reliable aBFT without the uncertainties of open participation. Critics have raised concerns about potential timing vulnerabilities in hashgraph's timestamp-based mechanism, particularly in the received times (T_median) for ordering transactions, which could allow manipulation under certain conditions. Early independent security audits, including the 2018 review by FP Complete of the hashgraph platform, were conducted to assess the protocol. Comparisons to traditional blockchains have highlighted performance limitations in Hedera's smart contract execution prior to 2023, particularly in non-EVM compatible modes. The adoption of Besu in 2023 addressed these issues by providing full EVM equivalence, boosting execution efficiency and aligning Hedera's speeds more closely with standards. In 2025, independent scalability assessments confirmed Hedera's resilience under extreme loads, including scenarios with simulated node failures or network partitions at high throughput, ensuring recovery and sustained performance exceeding 10,000 . Hedera responded with iterative updates to the Hiero consensus node software, incorporating enhanced load balancing and recovery mechanisms validated through prolonged stress tests at sustained high volumes, thereby reaffirming the network's capacity for tens of thousands of in production environments. In 2025, additional criticisms emerged regarding Hedera's DeFi ecosystem, with reports noting stagnation in growth and concentration of activity, alongside vulnerabilities in revenue generation amid market declines. Regulatory challenges, including and issues, have also been highlighted as hindering broader .

Governance and Centralization Concerns

Hedera's governance model, centered on the Governing Council of up to 39 organizations that operate the network's nodes, has faced significant criticism for fostering centralization by limiting participation to pre-selected enterprises. This permissioned structure ensures stability and enterprise-grade security but restricts independent operation, contrasting with fully permissionless networks like or where anyone can contribute to . Critics argue that this setup concentrates control among large corporations, potentially undermining the decentralized principles essential to technologies. The introduction of Hiero in September 2024 marked a step toward greater openness by open-sourcing Hedera's codebase under the Decentralized Trust, enabling community contributions and laying groundwork for permissionless node configurations through features like the Dynamic . However, 2025 reports highlighted ongoing permissioned operation of nodes by the , with community-run mirror nodes limited to querying, not validation. This has fueled debates on whether Hedera's early enterprise-focused, permissioned model—designed to attract institutional adoption—has prioritized corporate reliability over broad participation. In response, Hedera's outlines foundational features for a transition to permissionless , including automated management tools. The Governing incorporates term limits of three years per seat, with up to two consecutive terms followed by a three-year cooling-off period, to prevent entrenched power and encourage rotation among diverse members. Broader concerns persist regarding the council's voting authority, where a or unanimous approval is required for upgrades, raising fears of potential coordinated vetoes that could compromise neutrality and innovation.

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