Hashgraph Rewind 2018

(vibrant music) – Hi, this is Leemon Baird. – Hi, this is Mance Harmon, CEO and Founder of Hedera Hashgraph. – I have a question to ask you. – Have you heard the gossip on Hashgraph? (vibrant music) – With that out of the
way, let's get started. – [Narrator] What is he
talking about and who am I? That's a secret you obviously
know, you know you like me.

Hashgraph, Hashgraph. (bright music) – Hello everyone, it's the gossip guy here and before we get
started, let me just say, thank you for an incredible year from the world powered by Hashgraph. From the announcement of the
Hedera Hashgraph public network to the launch of the Mainnet, projects beginning to develop
on top of the platform and the inaugural Hedera18
Developer Conference, it's great to see that Hashgraph is really beginning to take shape in advance of the open access of the network set to take place in 2019. So, given all these developments, I couldn't resist the opportunity to make a video to look back at all these developments over the past year, well also calling out some of
my own personal highlights.

Now before we start, and unlike some other Rewind
videos out there on YouTube, if you enjoy this video,
or just a fan of Hashgraph, be sure to leave a like as this video wouldn't been
made possible without you. Thank you. Okay, so the year kicked off with January where there was already some buzz and hype surrounding Hashgraph, especially following Mike
Maloney's Hidden Secrets of Money YouTube series which had featured the technology and was also the time that many folks in the
community were first introduced to the Hashgraph consensus algorithm. January was also the time that
I launched my first video. And as a refresher from that first video and for Hashgraph overall, it is a consensus-based algorithm that was invented by Dr. Leemon Baird back in 2012 via the company Swirlds. It offers the same benefits
of other consensus mechanisms that power other
distributed public-ledgers, however, it leverages Gossip
about Gossip protocol, combined with a Virtual Voting algorithm that achieves fast, fair
and secure properties.

It's fast as Hashgraph
incorporates a signature, a timestamp and two cryptographic hashes into every transaction using
only a small amount of data. Those two hashes note the last
message that had been made and the last message
that had been received, i.e., Gossip about Gossip. Now unlike blocks of
transactions in a Blockchain, through Hashgraph, we can easily
construct every transaction throughout history using a graph to simply link those hashes together.

Those hashes enable the
graph of transactions to be stored into memory with less data, allowing for a greater
throughput of transaction volume. It's fair, as transaction's
order is sorted in order of events, not by blocks, and are determined by
the consensus timestamp or the medium of the received
time the active notes in the network had
received the transactions. The fair ordering enables virtual voting. And of course it's
secure as Hashgraph uses a directed acyclic graph data structure, which when you factor in those benefits that I explained before, the Hashgraph consensus
algorithm ultimately achieves asynchronous byzantine fault tolerance, which is the highest degree of security for a distributed computing system. So with the quick explanation
of Hashgraph out of the way, the name, the Gossip Guy, comes from the Gossip
about Gossip protocol that powers Hashgraph along
with a sarcastic twist at the popular TV show, Gossip Girl, which was based in New York
City, where I also call home.

Okay, onto February, when I started my weekly
Gossip in Hashgraph series, which focuses on summarizing the news and developments from
the Hashgraph ecosystem. Back then, we covered the launch of the Hashgraph
Developer Advocacy Program and developer discord communities, early partnership, media
coverage in Bloomberg and of course, community developments. However, March was when
things really took shape and when we learned about the Hedera Hashgraph public network during the launch event in New York City. It was during this event that we were first introduced to Hedera by CEO and Co-founder, Mance Harmon.

As we learned, Hedera is the public
distributed ledge network that leverages the Hashgraph
consensus algorithm. It's key attributes are it's performance, security, stability and governance which address some of the key requirements for market adoption for
distributed ledger technologies. On the performance front,
Hedera allegedly processes over hundreds of thousands of transactions within only a few seconds of latency. For security, the
Hashgraph algorithm is ABFT and when combined with a proof of stake model on the network, Hashgraph is resilient to
several security threats, including distributed
denial of service attacks.

Hedera achieves stability
with a combination of technical and legal controls. As many are aware, the Hashgraph consensus
algorithm is patented, which has caused some controversy
within the cryptosphere. However, as we understand,
the patent is only in place in order to prevent the
network from forking and the code base will be
subjected to open review. Lastly, there is governance
which is very unique to Hedera. Open Consensus with Permission Governance is what they call it. Hedera is governed by a council of 39 world-class organizations across industry sectors and geographies. Each member has an equal
share in governance with no single entity
controlling the network, included Swirlds, the
creator of Hashgraph, which is on par with the other members. As we understand, the
governance approach for Hedera is modeled after that of Visa, which was developed by Dee
Hock back in the 1960s. Topping all of this off is
the product features of Hedera which includes the cryptocurrency
for micro payments, file storage and a virtual machine that enables solidity Smart contracts that will ultimately power
decentralized applications. This was obviously a lot of
exiting news and jump started the series events that would
take place in the months ahead.

We also took time to learn more about the Hedera Hashgraph Council, in an interview I had with Tom Trowbridge, President of Hedera Hashgraph. Now I know that there has been
some very opposing viewpoints on Hedera's approach for governance, centered around the 39 council members, which even 'til this day
still haven't been announced. However, I think the
approach that Hedera took is pretty reasonable
and is similar to that of a Board of Directors that
you see on public companies and ultimately the council's in place to ensure the continuity of the network and to prevent against any
single party taking control of the network and ultimately
impacting consensus. Some may not like this
approach to governance and some may call it centralized, however, I think we
can't pass any judgment until we see the network running and also the council in action. Wrapping up this busy month of March, we also learned of some of
the first projects announcing the plans to build on top of the network. This included Intiva Health, a medical credentialing record repository, and artbit, an artist
recognition platform.

April, May and June were
best associated with travel. The Hedera Hashgraph team
went on their global tour making stops in Asia,
the Middle East, Europe and wrapping things up at
the Crypto Invest Conference in Los Angeles, California in May. Special call out to the
Hashgraph ambassadors that helped make the global tour possible. In case you're not familiar, the Hashgraph ambassadors are
a group of community members around the world that
host educational events and also meet-ups in
their local communities. While the Hedera Hashgraph
team was on the road, I personally took some
opportunity to do travel myself, making stops in Dublin, Ireland
for the Dublin Tech Summit, where I connected with the
Hedera team and also Mingo, a messenger app being built
on top of the platform.

Then on to Salt Lake City to
attend the first meet-up there, which happened to be hosted
at the overstock.com campus. After that, went on to Stockholm, Sweden where I got to connect with
my good friends at Block Wars, a team of developers looking
to build games on top of distributive ledger
technologies, including Hedera. By the way, this was one of the most fun interviews
that I did all year, so thank you to the Block Wars' team. And wrapping things up, we
went on to Tallinn, Estonia to host a meet-up even there. At the time, Estonia ranked
number one on Google trends for the highest amount of search volume for the keyword, Hashgraph. Thus, this was pretty cool to connect with all the various
communities around the world. July, we saw more projects
join the ecosystem and coverage for Hedera,
including a mention in acclaimed author and
technology advocate, George Gilder's latest
book, Life After Google, The Fall of Big Data and the
Rise of the Blockchain Economy.

July was also the time that
I hosted my first Livestream, all made possible by
active community member and trusted cohost, Supreme X 67. But things picked up in
August when Hedera announced their accredited investor, Crowdsale, and wrapped up their total fundraising of $124 million dollars. As we understood, 6% of
the total $50 billion in token supply had been
allocated to these investors and would be released upon day one of the open access of the network and approximately 10% of the total supply would be made available
by the end of 2019. During August, I also had
the opportunity to sit down with Tom Trowbridge on
two separate occasions in order to learn more
about the token's role in providing security to the platform, token supply and also how
distribution would take place, including the Hedera Hashgraph
council's role over this. Be sure to check out these
videos when you get the chance.

There was also my interview
with the Sagewise team who are developing a
dispute resolution framework for Smart contracts and also a project that I'm closely watching. What I like about Sagewise is
they're developing products and solutions that
stretch across multiple, disputed ledger technologies,
in addition to Hedera. But, they biggest highlight of this month had to be the launch of the
Hedera Hashgraph Mainnet on August 24, 2018. This was when Mance
Harmon and Leemon Baird went back to the original
Starbucks in Cedar Park, Texas to press the button and
stand up the Mainnet. All things considered, this had to be one of
the biggest milestones of Hedera to this point and
would also set the course for the developments in the months ahead. Concluding August and into September, more projects joined the ecosystem, including a personal
favorite of mine, hearo.fm. Starting off the month of
October was the announcement of the Helix Accelerator program, which is the first ever
Hedera Hashgraph accelerator that was launched by the Hong Kong-based Metra Capital firm, Mind Fund.

Starting in February 2019, aspiring projects
looking to develop on top of Hedera Hashgraph and
from all over the world will participate in Helix's first class. Following this announcement, we headed into the Corner Stone
event in October, Hedera18. This was the inaugural
developer conference in Dallas, Texas, and also
served as an opportunity for the community to get together and learn more about Hedera Hashgraph, especially following the
release of the public APIs. To kick off Hedera18 was the
global distributed Hackathon which took place across
Singapore, Bangalore, Moscow, Tel Aviv, Paris, London, San Francisco, and of course, Dallas. Teams from all over the world participated and served as an
opportunity for developers to get their hands on the Hedera SDK for the first time and
build dapps on top of it. The overall theme of the Hackathon were micropayments which still stands as one of the leading news
cases for Hedera overall. However, the winner of the
Global Hackathon was Payper, who developed a gateway
for web-based payments that can be used to access
online content or API calls. It was demonstrated using HTTP and also a special call
out to Payper team member and good friend, Alex Males,
on his accomplishment.

We really hope that you
continue to pursue Payper. Following the Hackathon
was a daylong series of presentations from
Hedera-based developers and keynotes from the Hedera team. During the event, it was also announced that the Hashgraph consensus algorithm was formally validated as asynchronous byzantine fault
tolerant by a Coq Proof, which is a formal proof
verification system. This ultimately helped
validate the previous claims by Hedera on the security
of the algorithm overall. Also, in case you missed any of Hedera18, be sure to check out the playback that the Hedera team has included
on their YouTube Channel.

Throughout Hedera18, I was
also in attendance in Dallas and had the opportunity
to meet many of you in the community and also
landed several interviews with the Hedera Hashgraph team. However, for me, the most
interesting part of Hedera18 was the crypto economics presentation made by Dr. Lyndon Barrett, where
we got further insights into transaction fees, proxy staking and also were introduced
to the Mirror Net. The Mirror Net is a pretty
interesting development as it is essentially
a copy of the Mainnet, however, it gets push transactions
throughout the history. I can see there being
some very interesting business-use cases coming out of this, especially as the Mirror Net could serve as a cheaper alternative to
storing transaction history. However don't take my word for it, during my interview with Leemon, the Mirror Net was a topic
that he got most excited for.

So, definitely keep an eye out on further developments surrounding this. Following October and Hedera18, further versions of the
Hedera SEK were made available in other programming languages. Developers also began getting access to the test nets in order to jump start the development of their applications. Additionally, the Hedera
portal became open to the community in order
to set up their accounts. And we conclude the year with some of the most exciting
news for the community, the announcement of the Hedera Wallet and the Community Testing Program. For the Wallet, users have the ability to download the Hedera Wallet app and also link their Hedera
Portal accounts to it. The best part is that the wallet provides access to the Mainnet. Now, there's several variables to consider in setting up this. And also, there's some
very helpful resources to guide you through the process. However, the creation of user's Wallets is a notable milestone in the development for Hedera, overall. In building on to this,
Hedera recently announced the Community Testing Program. Through this, developers
and users have the ability to test the Mainnet and test nets and earn 1,000 HBARs in doing so.

The testing will focus
around the Hedera Wallet app and some sample applications,
including the daily timestamp, a content site geared to
demonstrating micropayments. So, these were pretty
cool new developments as we round out the year. So that's it, that wraps up our look back at the world power per Hashgraph in 2018. It's pretty cool to think
that at the start of the year we only had a white paper
but then quickly learned about the Hedera Hashgraph platform and we wrap up the year with
a Mainnet up and running, and soon, to getting access to it. I'm sure in the years ahead, we will look back at
2018 and realize how much of an important year it was into the development of the platform. We're still in the very
early stages of development, and I'm most excited
for what's to come next, especially the projects and
applications that are gonna be built on top of the
Hedera Hashgraph platform that we might have not considered before another distributed
ledger technologies.

Above all else, I'm grateful
to be a part of this community and also experience it alongside you. Thank you to all those
that have viewed my videos and the subscribers that
continue to support this channel. I'm really looking forward to 2019, especially as we lead up to open access. Also, I wanna give a
shout out to Supreme X 67, who's been helping me out along the way. I greatly appreciate it and look forward to working together in 2019. With that said, this is
the Gossip Guy signing out, Happy New Year, see ya
in 2019 and hello future.

(vibrant music) And lastly, if you like this
video and wanna see more, like and subscribe to my channel, The Gossip Guy, as we gossip about a world power by Hashgraph. Thanks for watching..

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