The mission of Hedera Hashgraph is simple: enable everyone in the world to build amazing products and companies using an open, fast and fair network capable of supporting trillions of transactions per second. They aim to make the world a better place through this technology by making it easy and safe for people everywhere to transact with each other.
Hedera plans to achieve this by building a platform that will support all of the following 4 key components.
A secure framework for decentralized apps (DApps).
A way for people to use their smartphones, tablets, desktop computers and other devices without installing any software or downloading data.
A leading peer-to-peer messaging system so people can talk with each other in real time no matter where they are in the world. This is similar to our current text chat applications like WhatsApp, but faster and more affordable than existing options. Hedera’s application provides end-to-end encryption for privacy protection. They plan on making it possible to send money via the app within the next few months, which may offer enhanced privacy beyond even what is possible with WhatsApp.
Digital identity tools so people can prove who they are to others on the network.
Through this platform, anyone will be able to build applications that require the following 3 critical properties.
Independently verifiable secrets (data cannot be read by any other outside party).
A public auditable ledger of transactions (data is transparent) for all participants to see, yet it’s very hard if not impossible for data in one transaction to affect any other transaction on the same ledger. They call this property “perfectly isolated events” because these records are independent of each other and their relationship is only defined by the user.
Digital proofs of asynchronous consensus, which are a way of proving how a transaction came to be included on the ledger with no need for any trusted intermediary. This property basically enables Hedera’s network to have faster throughput while still being verifiable.
With these three properties in place, they anticipate that developers will find all sorts of use cases that require transactions that can be independently verified and processed in an environment where all participants have a shared interest in keeping each other honest. For example, some examples might include.
A new decentralized Facebook or Twitter built on top of Hedera Hashgraph without worrying about compromising users data or privacy policies. Individuals who share their data or content can finally get paid for their contributions by businesses, instead of the business getting all of the value while they share none.
A new kind of charity where donors can track how donations are being spent in real time with no scams, frauds, lack of transparency or slow bureaucracy to keep people from donating. It’s entirely possible that this type of solution may even encourage more people to donate because everyone will be able to see their hard earned money being put into good use without having any trust issues.
A way for cities and states to build voting systems that truly ensure their elections are honest & fair every single time since voters will be able to verify votes haven’t been tampered with when computers produce provably random results. There are many other examples that can be built on Hedera Hashgraph, but the eight use cases below will give you a sense of how this technology could impact different parts of people’s daily lives.
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