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Leemon Baird, co-founder and chief scientist of Hedera Hashgraph, discussed distributed ledger technology (DLT) during UDC 2021.
UDC 2021 is a blockchain conference hosted by Dunamu, the firm that operates the South Korean exchange Upbit. The conference was held from Sept. 1 to 2.
Hedera Hashgraph, a DLT that's been described as a continuation or successor to blockchains. Hashgraphs do not use miners to validate transactions. Instead, they "gossip protocol" where individual nodes "gossip" to share information with other nodes at random.
Baird spoke during the second day.
He focused on how enterprises are adopting DLT.
"People have been talking about when this day would come, but it's already here," Baird said.
"We are seeing huge movements of big enterprises -- and little enterprises -- using DLT to solve real-world problems."
Baird thinks people are going to look back at the present day as the time when people truly began using DLT for real-world applications.
According to Baird, enterprises have refrained from adopting DLT for five main reasons: enormous amounts of energy use, low processing speeds, high and unpredictable costs, security vulnerabilities, and concerns surrounding centralization and transparency.
He therefore whittled down the requirements for mainstream adoption for public DLT into the following: performance, security, stability, governance, and sustainability.
"Users of a network need to have faith that the networth won't suddenly split into two separate sets of information. There needs to be a single source of truth."
On the subject of energy use, Baird claims that Hedera is not only carbon neutral but "carbon negative."
Regarding consensus, he explained that blockchains are slow, but hashgraphs employ a gossip protocol with virtual voting "to quickly achieve consensus."
Giving an example of how enterprises can use the hashgraph, he pointed to Hedera's tokenization service. The service makes it easy for users to "issue native tokens with scalable performance and predictable costs."
Users can choose which KYC protocols to employ or discard. They can also control who gets to mint or burn tokens.
Users can also create NFTs and FTs (fungible tokens).
Baird also said the network's transaction fees are extremely low and predictable.
"You could sell a million dollar painting and pay a tenth of a cent to move your assets," he said.
Another service enterprises are using is Hedera's consensus service, which allows users to public API and record event data on a public ledger.
The data on the ledger is immutable. It is also ordered and timestamped by a decentralized network. Additionally, it is verifiable by authorized parties.
"Let's say you have an auction. Hedera will order all the bids in chronological order for you using timestamps. It does all the work for you," Baird said.
Hedera's governing council includes the likes of Shinhan Bank, Boeing, IBM, LG, and the London School of Economics.
“Our council members are using Hedera. In many cases, that’s why they became members in the first place.”
UDC 2021 articles are sponsored by Upbit.