AMA Recap: CRYPTO MINERS X HEDERA $HBAR
Hedera is the most used enterprise-grade public network for you to make your digital world exactly as it should be — yours. HBAR is the native, energy-efficient cryptocurrency of Hedera that powers the decentralized economy. Whether you’re a startup or enterprise, a creator or consumer, Hedera goes beyond blockchain for developers to create the next era of fast, fair, and secure applications. The Hedera proof-of-stake public network, powered by hashgraph consensus, achieves the highest-grade of security possible (ABFT), with blazing-fast transaction speeds and incredibly low bandwidth consumption. By combining high-throughput, low fees, and finality in seconds, Hedera leads the way for the future of public ledgers. Hedera is designed for fast, fair, and secure applications to take advantage of the efficiency of hashgraph on a decentralized, public network you can trust. Hedera is a public distributed ledger for building and deploying decentralized applications and microservices. You can use Hedera’s network services– Consensus, Tokens, Smart Contracts, and File Service–atop the hashgraph consensus algorithm, to build applications with high throughput, fair ordering, and low-latency consensus finality in seconds without relying on centralized infrastructure. The network is made up of permissioned nodes run by the Hedera Governing Council, a group of term-limited enterprises that lead the network’s direction. Over time the network will move to a permissionless model. Hedera is a decentralized public network where developers can build secure, fair applications with near real-time consensus. The platform is owned and governed by a council of global innovators including Avery Dennison, Boeing, Deutsche Telekom, DLA Piper, FIS (WorldPay), Google, IBM, LG Electronics, Magalu, Nomura, Swirlds, Tata Communications, University College London (UCL), Wipro, and Zain Group. The Hedera Consensus Service (HCS) acts as a trust layer for any application or permissioned network and allows for the creation of an immutable and verifiable log of messages. Application messages are submitted to the Hedera network for consensus, given a trusted timestamp, and fairly ordered. Use HCS to track assets across a supply chain, create auditable logs of events in an advertising platform, or even use it as a decentralized ordering service.
We hosted an AMA session with Hedera on 11th July.
Mr. Ramsy was the host from Crypto Miners and Mr. Cameron was the guest. He shared delightful knowledge and unique features of Hedera.
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Segment 1️⃣: Introduction
Ramsy | Crypto Miners:
Hello everyone 👋 Welcome to the Crypto Miners AMA session With Hedera
To help us learn more about the featured project of this AMA session, we are lucky to be joined By Mr. Cameron
Cameron:
Hello, happy to be here!
Ramsy | Crypto Miners:
Welcome here Mate
And thanks for bringing Us Hedera ❤️
I’m pretty sure that our Community is very much excited to learn more about Hedera
So let’s get started if you’re ready!!
Cameron:
lets do it!
Ramsy | Crypto Miners:
Cool 🔥
First of all Please give us a brief explanation about ‘Hedera’ .What popped up in your mind to create such a platform in this Space?
Cameron:
The Hedera proof-of-stake public network, powered by hashgraph consensus, achieves the highest-grade of security possible (ABFT), with blazing-fast transaction speeds and incredibly low bandwidth consumption. By combining high-throughput, low fees, and finality in seconds, Hedera leads the way for the future of public ledgers.
Dr. Leemon Baird, the inventor of the hashgraph distributed consensus algorithm had been thinking about the problem of distributed consensus for many years. This was driven from a desire to be able to carve out your own piece of cyberspace, to share with those who you want to share with, and not have to be dependent on the whims of a big technology company to host your data or collaborations.
As a mathematician and computer science PhD, Leemon looked at the problem and thought it was unsolvable for a long time, but kept coming back to it until he found the answer.
Ramsy | Crypto Miners:
Thanks Cameron for this awesome start about Hedera 👌
Now let’s see our second question from this segment
Q2) So what are your main features and advantages that discern you from other Projects?
Cameron:
The Hedera Governing Council consists of 26 current members with the potential of 39. Some of which include the likes of: IBM, Google, LG, and Boeing which are responsible for managing the network’s integrity globally.
The governing council is limited to a few members only. The members can stay on the council for a maximum of three years and they can upgrade their membership at the end of their tenure. However, the membership can only be upgraded once.
And they have to wait for the next election once they’ve completed their six years in the governing council. As it’s mentioned above, the Hedera team is working on opening the network for anyone who wants to participate in the governance.
Hedera is also leaderless. There is no single point of failure. It is not vulnerable to DDoS attacks like many other networks. No more than 2 nodes can use the same web service provider. Thus, if e.g. AWS goes down, there is minimal impact to the network. Also, enterprises need the highest level of security.
Hedera is aBFT(asynchronous byzantine fault tolerant). The gold standard of security for a consensus algorithm. With a Coq math proof from Carnegie Mellon to prove it. Bitcoin isn’t even true BFT.
Hedera HTS, supports 10,000 tps (throttled) and can go up to 50,000 tps in current test scenarios
Hedera has 3 different services built on top of Hashgraph including: consensus service, hedera token service, and smart contracts service, all of which enable and give more flexibility back to developers looking to build on top of the network
Last but not least, hbar fees are fixed
and fees are very cheap due to hashgraph mitigating the use of resources on the network
a transaction on hedera costs $0.001
Ramsy | Crypto Miners:
Cool 👌
Cameron:
To mint a 10k NFT collection it costs $76.80 every time
Ramsy | Crypto Miners:
Moving on…
Q3) How has the experience and background of your team been effective in the success of your project so far?
Cameron:
A lot of our team was pulled from other projects. At the Foundation, most of us have worked on notable projects before coming to the Foundation, and the foundation was formed by many of the Hedera team as well. The Swirlds labs team, the core building out of the Hedera network has very talented engineers that are being routinely added to their team, organized and led by Dr. Leemon Baird and Mance Harmon who both have extensive computer science backgrounds in the navy.
Ramsy | Crypto Miners:
4) Now Share us about your Native token, What are the some of utlities of $HBAR Token in Your Ecosystem? And if possible share to us the Tokenomics
Cameron:
Developers use hbars to pay for network services, such as transferring hbars, managing fungible and non-fungible tokens, and logging data. For each transaction submitted to the network, hbars are used to compensate network nodes for bandwidth, compute, and storage.
Hedera’s proof-of-stake public network uses hbars, which are staked or proxy staked (coming soon) to a network node, to weight votes on transactions when reaching consensus.
Weighted voting with hbars makes it difficult and expensive for a bad actor to maliciously affect consensus — it would require them to own and stake over one-third of the network’s total supply of HBAR, which will not be possible for the first 5 years.
Ramsy | Crypto Miners:
Let’s move to our last question from this segment
Q5) So how long did it take to develop this project? What plans do you have for the future? And what can we expect from Hedera If possible could you please share road map with us.
Cameron:
Mainnet went live in 2017 with the help of the hedera governing council. It has been in development for over 10 years with Leemon Baird researching and designing the architecture for hashgraph.
We plan to launch community nodes this year and begin rolling out further integrations with Ethereum and development environments on Ethereum via the JSON-RPC relay, as well as further interoperability with blockchain networks via the interoperability protocol being built on Hashgraph, Hashport (https://www.hashport.network/)
Here is our roadmap which outlines Q1 2022 — Q4 2022
Ramsy | Crypto Miners:
Thanks Cameron for this well detailed introduction about Hedera:)
And that’s the wrap up of our the first part of the AMA session ✅
Let’s now proceed to our Twitter Questions section
i hope you’re ready for that!!
Cameron:
Ready
Segment 2️⃣: Twitter Questions
Ramsy | Crypto Miners:
1)Hedera is a 3rd generation public ledger where it ensures SPEED, LOW-COST FEE, and LOW-ENERGY CONSUMPTION compared to BTC and ETH. Which mechanism do you use to ensure all these factors are enjoyed by users along with SECURITY?
Cameron:
This is ensured by Hashgraph, the consensus algorithm on which all services on Hedera are built on top
https://hedera.com/how-it-works
I can expand on this point if necessary
Ramsy | Crypto Miners:
Go ahead 👍
Cameron:
low fees are from hashgraph using less resources: https://hedera.com/fees
Ramsy | Crypto Miners:
2)$HBAR is the native, energy-efficient cryptocurrency of Hedera that powers the decentralized economy. It has a dual role to which is as NETWORK FUEL and NETWORK PROTECTION. Can you explain to us more on how does this work as FUEL and PROTECTION?
the coq proof confirming the security of ABFT, highest mathematical grade of security available on DLT’s
I think I already touched on this point
Ramsy | Crypto Miners:
Alright 👍
So let’s hear our next one
3)I saw from your roadmap that you will be focusing on building decentralization through launching your own STAKING program by Q3 2022. Can you tell us how will Staking work on Hedera?
Cameron:
Yeah, so you will basically be able to proxy stake on Hedera, which is not yet available, but you can use Stader
In a stake-based DLT, the more widely distributed the stake is then the more secure the network will be, as wide distribution makes impractical any small number of parties aggregating sufficient stake to exert undue influence. Proxy staking in Hedera hashgraph will allow the stake of millions of account holders to be used towards consensus even if not directly participating as a node. Nodes will receive significant compensation for staking, to incentivize them to do all the effort of being a node. Proxy stakers will also receive very small amounts in order to incentivize them to do the small amount of effort of choosing reliable nodes to which they can proxy stake.
https://hedera.com/blog/proxy-staking-on-hedera
Ramsy | Crypto Miners:
4)One great feature that I saw on Hedera is that it opens users to BUILD through its developer tool kits. Are these tool kits for free? Can this developer kit be accessible by everyone?
Cameron:
All of our developer resources are open source and available for anyone to use!
In the Hedera docs here: https://docs.hedera.com/guides/docs/sdks
You will find, Hedera has SDK’s for Java, Javascript and GO
For developing smart contracts on Hedera, you can use Solidity, and Hedera had a recent upgrade, smart contracts 2.0, which enabled the use of the Hyperledger Besu EVM to enable EVM compatibility for assets to be transferred to and from Hedera to EVM environments
https://hedera.com/smart-contract
Ramsy | Crypto Miners:
5)Hedera’s governance is decentralized by design and that 39 members will be distributed fairly across time, region, and industry. As of now, there are only 26 members in your governance. Which organizations are the only qualified here? Will there be a governance from the community soon too?
Here is our last question from Twitter
Cameron:
Here’s a list of all the current governing council members, at a minimum, prospective members of the Hedera Governing Council are required to have at least $10 billion in market capitalization and be able to offer core industry expertise to Hedera’s governing body:
https://share.hsforms.com/1x64Bv3XMTXuig7dKwk5VEAceh7k
one more addition to that
Governance from the community could come in many different ways in the future, this could be a distributed validator of holders, maybe a DAO
We have proposals coming into the HBAR Foundation regarding nodes and running their own validator nodes, as well as HIPs (Hedera Improvement Proposals) from community in regards to how this might look
Learn more about HIPs here: https://hips.hedera.com/
Ramsy | Crypto Miners:
That’s the wind up of our twitter segment
Now Moving on to our last segment — Live Q&A
Shall We Go mate?
Cameron:
Sounds good
Ramsy | Crypto Miners:
lets go then,
Segment 3️⃣: Live QnA
(In this segment group was opened for 60 seconds and Miners sent hundreds of questions. Guest choose some best to answer)
1) Hello Sir:
CAN you explain how is your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team???
Cameron:
Hedera created the network’s total supply of 50 billion hbars at Network Launch. A few months later, Hedera began releasing a small amount of coins (6.7 million hbar) to early users to test the network as part of its community testing program.
September 16, 2019, a few hours following Open Access, with some additional coins distributed to employees, advisors, vendors and others in the subsequent days. At the end of the first week after Open Access, approximately 14 million hbars had been distributed in connection with community testing programs and hackathons, 560 million coins had been distributed to SAFT holders, and 36 million coins had been distributed to advisors, vendors, and others. An additional 195 million coins were allocated to be used for developers and community testing, and a further 1 billion were allocated to be used for “earn” programs to incentivize hbar use, but those coins have not yet been distributed
Since the week after Open Access, Hedera has made distributions of hbars on a monthly basis to holders of SAFT Series 2 and SAFT Series 3A and to certain advisors, contractors and vendors, as well as quarterly distributions to holders of SAFT Series 1. Distributions to Hedera personnel under coin grants were paused for October and November 2019, but recommenced in December 2019 and are now being made monthly. Hedera retains discretion to adjust the cadence of the distributions under the coin grants. Hedera provides monthly reports on hbar distributions, which are available at: https://help.hedera.com/hc/en-us/articles/360002789198
2) Tanggail:
What’s your main focus right now, are you focused on the community or market/Exchange or the products?
Cameron:
We are very focused on all of these things right now! At the Foundation, we are really focused on getting more traction into the Defi and NFT space on Hedera, and reaching more retail users that may have used something to the likes of: Ethereum, Avalanche, Polygon, Solana etc.
3) Gamaguda:
Where can I buy your token ? Will it be less expensive or more expensive? Possible all links to all your social media platforms if possible?
Cameron:
https://hedera.com/buying-guide
Token price reached a high of around $0.50 this year, and is currently at around $0.06221 putting Hedera’s marketcap rank at: #38
4) ©️SOON JAKIUL®️:
Have your project done any Audit? WHAT is the audit status of your project to make it more reliable and trusty?
Cameron:
CARNEGIE MELLON: HASHGRAPH COQ PROOF
QUANTSTAMP: STABLECOIN FRAMEWORK
FP COMPLETE: HEDERA SERVICES AND HASHGRAPH PLATFORM AUDIT
FP COMPLETE: HEDERA TOKEN SERVICE CODE AUDIT
FP COMPLETE: SCHEDULED TRANSACTIONS
https://hedera.com/audits-and-standards
Also some of our community projects like hashport use Omniscia and go through lengthy audits to ensure security and scalability under anticipated volume
https://omniscia.io/limechain-hashport/
5) 🌹®️_®️_®️🌹:
What are plans in for global expansion.? Are you focusing on market at this time or focus on building and developing or getting customers and users,or partnerships..????
Cameron:
At the foundation, we’re consistently looking for strategic advancements in the ecosystem, and looking at emerging trends that will help align with our long-term goals, and what we believe the market will be ready to jump on first. Marketing has been very consistent over the last couple of months, as well as building out our platform and team, and the development of the core protocol from the Swirlds Labs team. When providing a great developer experience by upgrading documentation and pushing out easy-to-follow tutorials, you begin attracting developers who are able to work with teams of UI builders and UX engineers who help to begin bringing in that last wave of end-users
Also, the governing council, and how we continue to onboard new members, will be crucial in the success of the ecosystem as they also determine the future direction of the network
Big spots to look at on Hedera over the next couple months will be: Metaverse, sustainability, gaming and music
*This segment ends here*
Ramsy | Crypto Miners:
Thankyou so much Cameron For your valuable answers and information about Hedera,
It Was Pleasure Hosting An Ama With You
Time To Conclude Our AMA Section
Is there anything else you would like to share or you want us to know ?
Cameron:
Thank you for hosting! It was a pleasure being able to share so much information with all of you about Hedera today.
Once again, for updates regarding the ecosystem, check twitter: https://twitter.com/hedera
If you’re looking to build in the Hedera ecosystem and would like to receive funding / operational support for bringing your product to market on Hedera, visit: https://www.hbarfoundation.org/ and apply for funding.
You can also dm me if interested in pursuing funding, and I’ll be happy to work with you!
Ramsy | Crypto Miners:
We Wish all the very best for Project Hedera And The Entire team behind the project❤️🤝
Community, if you would like to learn more about Hedera , here are some useful links for you:
Website: http://hedera.com/ , https://www.hbarfoundation.org/
Twitter: https://twitter.com/hedera , https://twitter.com/HBAR_foundation
Telegram: https://t.me/hederahashgraph , https://t.me/hbar_foundation_official
Discord: https://hedera.com/discord
YouTube: https://www.youtube.com/hederahashgraph
Facebook: https://web.facebook.com/hashgraph/
LinkedIn: https://www.linkedin.com/company/hashgraph
Reddit: https://www.reddit.com/r/Hedera
Medium: Hedera Team
