Hedera Hashgraph, an enterprise-grade distributed ledger platform, announced significant milestones achieved during the first year since Open Access of the network on September 16th, 2019.
Applications Driving Meaningful Transaction Volume
Hedera saw dozens of applications go live with the network becoming openly accessible to the public a year ago, with new applications being launched regularly over the last twelve months. These enterprise-grade applications are delivering significant value in areas such as advertising tracking, healthcare and pharmaceuticals, supply chain management, data privacy, decentralized finance (DeFi) and other financial services, retail, media, and technology. These innovative applications utilizing Hedera’s primary network services (Hedera Consensus Service and the cryptocurrency service) have driven meaningful transaction volume at an unprecedented rate for a public distributed network.
During its first year as a publicly available distributed network, Hedera averaged approximately 750,000 transactions per day, almost the same as the Ethereum network over the past year. In addition, this is approximately 18x the number of transactions the Ethereum network did (30-40,000 transactions per day) during its first year as a publicly available network.
Over the past month, the Hedera Hashgraph network processed an average of 1.5 million transactions per day, almost double that of the Ethereum network. Unlike other public decentralized networks, the Hedera Hashgraph network fees do not fluctuate significantly as network utilization grows. The Hedera Hashgraph transaction fees are set in fiat (USD), but paid in HBAR, and the exchange rate between fiat and HBAR is aggregated from multiple sources and updated regularly to reflect current market rates. This structure eliminates spikes in network fees and enables developers to predict and control their planned spending in order to successfully build and run applications on the platform.
Expanding Ecosystem: On-Ramp Partners, Systems Integrators, and Standards
Over the past year, a broad set of providers has also added Hedera’s cryptocurrency, HBAR, to their ecosystems, enabling greater access for developers and others who wish to utilize the cryptocurrency for network activity. Today, 47 on-ramps — including exchanges, software and hardware wallets, OTC desks, and those that provide the infrastructure to purchase HBAR, but don’t enable purchases directly — have added HBAR to their list of supported cryptocurrencies. A more extensive list of wallets, exchanges, and on-ramps can be found at https://www.hedera.com/buying-guide.
In addition, systems integrators, including four of the top ten global system integrators and trust2core (T-Systems International), LaunchBadge, LimeChain, Luther Systems, Rejolut, Swisscom Blockchain, TxMQ, and Unibright, have completed or are actively developing projects, including with enterprises and other organizations building applications on the Hedera network.
And during the past year, Hedera continued to contribute to industry standards that elevate the usability and interoperability of the distributed ledger ecosystem. Hedera was a founding member of the InterWork Alliance, a non-profit dedicated to establishing a standards framework for the tokenization of assets, and joined W3C as a member organization, registering the standards-based Hedera DID Method to the W3C Credentials Community Group’s Decentralized Identifier (DID) registry.
Over the past year, Hedera has added six of the world’s leading enterprises and educational institutions to the Hedera Governing Council, including Avery Dennison, Google, LG, University College London (UCL), Wipro, and Zain Group. They join Boeing, Deutsche Telekom, DLA Piper, FIS (Worldpay), IBM, Magalu, Nomura, Swirlds (developer of the hashgraph algorithm), and Tata Communications in governing the direction of the Hedera Hashgraph network.
Today, Hedera has also published its roadmap for the year, which includes state proofs, mirror nodes, and additional ecosystem integrations. Details can be found at https://www.hedera.com/roadmap.
“We are thankful to the Hedera community as we complete year one of our 100-year journey,” said Leemon Baird, co-founder and Chief Scientist of Hedera. “None of this would be possible without our committed developers, advocates, ecosystem partners, and Council members. We make it our mission to enable you, as simply and efficiently as possible, to leverage Hedera Hashgraph as the trust layer of the internet. While there is much work to be done, we are proud of what this community has accomplished in just a mere 365 days, and are excited to build on this growth in the year to come.”