Today we’ll be looking back at some of the
key points made during hedera’s 2 year anniversary livestream During yesterday's long-awaited 2 year hedera
anniversary livestream. A number of topics and developments were discussed. The team
went into detail giving insight into the impressive growth of the hedera network in regards to
transaction volume, total hedera users and how dapps have flourished on the hedera network With continued increases in the number of
HBAR transactions and the total number of users using the hedera network, the economic
phenomenon, known as Metcalf’s law may be induced.
Metcalf’s law is the phenomenon
by which the value of a network is proportional to the square of the number of connected users
of the system. Metcalf’s law is typically positive, resulting in a given user deriving
more value from a product as other users join the same network. Metcalf’s laws features and characteristics
can be directly observed in the case of bitcoin and to a lesser degree ethereum. Bitcoin wallets
have increased exponentially over time. The increases in bitcoin wallets has led to intrinsic
increases in the number of individuals using the bitcoin network and thus increases in
The increased volume of transactions and use of the Bitcoin network
has led to similar degrees of price increases. Similar to bitcoin, as the number of individuals
using Hedera’s network and the number of HBAR holders increase, more transactions will
ultimately occur on the network. Increases in HABR transactions will lead to an increase
in demand for the token, thus the price of HBAR will increase in conjunction with user
activity. This factor may lead to increases in greater returns on investment for HBAR
token holders especially over the long run. Furthermore, the announcement of smart contract
system updates and with the hedera foundation having the autonomy of over $5 billion worth
of HBAR to directly invest and fund startups. More companies will invariably turn to the
hedera network, which in turn will lead to further increases in the number of dApps created
on the hedera network. The live stream also disclosed information
in regards to a road map of developments which are expected to take place over the next 4
The roadmap provided details in regards to developments to the decentralisation
of the hedera network. Whereby, the hedera team intends to roll out permissioned community
nodes which will aid in providing further decentralisation to the hedera network. Furthermore,
the roadmap detailed insights into staking rewards programs. The implementation of staking
rewards may lead to hbar token holders to actively stake their tokens into a hedera
node. This factor will provide benefits to hbar token holders through a reward of further
habr for taking part in consensus. Staking will also improve consensus by ensuring transactions
are verified in a secure manner, this will be especially important with the expected
implementation of permissioned community nodes. Furthermore, it is also expected that there
will be further integrations between the hedera network and wallets and exchanges alike. With
the news that staking rewards will be implemented in the near future coupled with hedera set
to potentially partner with more exchanges, this may lead to the likes of coinbase listing
HBAR on its exchange.
Exchanges are generally the biggest stakers, thus the implementation
of hbar staking may encourage coinbase to list hbar in the near future. In other news, the analytics company FOBI
AI has integrated its Fobi Wallet, known as, CheckVax into the Hedera Consensus Service.
Hedera Hashgraph’s public ledger technology enables Fobi to provide the most secure mobile
wallet and proof of vaccination credentials in the market. Fobi’s Hedera integration means these credentials
can now be validated against the public ledger for even greater security. It also enables
Fobi to issue a very easy-to-use public-ledger backed digital credential which anyone can
carry in their mobile wallet. It gives the user full control over when and where that
credential is used, while providing an unparalleled level of credential authenticity and interoperability. In response to this partnership, Hedera’s
CEO Mance Harmon stated, In this new era of Covid-19, proving test and vaccination status,
while ensuring the highest degree of data privacy, has become a pressing business need.
Hedera, as a trust layer, enables applications like CheckVax™ from Fobi, to ensure that
data is controlled by the users themselves.
CheckVax™ provides an easy-to-use mechanism
for users to upload their proof of vaccination and/or proof of test status and be issued
with a secure Wallet Pass bearing this proof, using the Hedera Consensus Service." Fobi’s adoption and use of the Hedera consensus
service to build their platform adds to a growing list of Hedera hashgraph use cases.
With the trust and transparency provided by Hedera’s hashgraph technology, more organisations
and even governments may turn to Fobi to implement a vaccine passport.
What are your thoughts on hedera? Which recent
announcement excites you the most?.