Hedera Hashgraph Team
The cryptocurrency sector has experienced global growth in the past few years and may continue to do so with ongoing institutional adoption. It has become evident in 2019 that the financial world has accepted digital assets as an investment and that global use should increase as regulatory clarity improves. In evaluating the platform of the Hedera Hashgraph coin, both the value proposition and the business sector of cryptocurrencies show promising technological breakthroughs and financial support of this emerging market. However, the Hedera Hashgraph Management Team is an important variable to consider in the due diligence of the cryptocurrency network before concluding it a success solely based on its technology.
The Hashgraph Administrative team members Dr. Leemon Baird, Mance Harmon and Paul Madsen are accomplished individuals by education and experience. They are all ostensible in social media, regularly engaging the community in a technical and layman’s approach to their network. Since publication of the Hashgraph Whitepaper, the team has executed with all major milestones on its roadmap in a realistic timeframe. They successfully achieved a large capital fundraise of $124 Million USD by august of 2018 and subsequently generated the networks hbar tokens.Phase 1 Community Testing was successful in helping the community earn hbars while stress testing the network. Phase 2 Community Testing is also underway as Open Access to the network is anticipated by late Summer 2019. Although the Hashgraph main net has taken a bit longer than the community had anticipated, administration has been clear about its intent to avoid making hard date commitments. Instead, they value the importance in the design and security so that no major misstep is undertaken in a rush to market by sticking to hard dates.
The Social Media engagement by Hashgraph administration and their ambassadors has also been positive through the Community Testing Phases with over 8000 wallet creations to date.
Hashgraph White Paper: A simple way to judge a cryptocurrency is by analyzing the respective White Paper. It is quite clear in a first reading of the Hedera Hashgraph White Paper that a considerable effort was made to address many of the current problems in the cryptocurrency ecosystem. The Hashgraph White Paper authors, Dr. Leemon Baird, Mance Harmon and Paul Madsen, cogently address in their 76 page thesis many of the major concerns of distributed ledgers in one publication.
The Hedera team’s ability to understand the current problems in decentralized systems and how they wish to address them is clearly laid out in the white paper. Few whitepapers in the cryptocurrency space discuss all the pertinent problems with current designs and many leave out many important details of their own networks performance. Several platforms in the digital asset environment have launched without even a main net and only discuss a few of the several important features of design in their founding white paper.
The Hashgraph Whitepaper describes all essential elements of the network including distributed consensus method, performance specifications, governance design, node topology, fees and incentive structures. The Hashgraph team have clearly showed their technical expertise and novel solution to these problems in their whitepaper. This reflects well on the team and the project by their high-quality documentation of design.
Hashgraph ICO: The Hashgraph administrative team is a stand-out group of experienced computer scientists, academically-trained experts and seasoned entrepreneurs. The Hashgraph team’s first major success was through their 2018 fund raise that offered a strict SEC-compliant pre-sale of Hashgraph coins. Hedera Hashgraph did not orchestrate an ICO, or initial coin offering, instead choosing a much more legally compliant offering for future tokens.
The Hashgraph fundraising event was held as a Simple Agreement for Future Tokens (SAFT) and was a major success, gaining nearly $100 million USD in August 2018 as the first genesis hbar tokens were created. Prior to this capital raise, the Hashgraph team held a successful Seed Investor round as well, attaining approximately $24 Million USD.
The Hedera administration felt that an ERC-20 token fund raise would have been risky in light of the SEC’s current stance on cryptocurrency Initial Coin Offerings. The team decided to build the network and launch their own token rather than rely on a proxy investment token as an ERC-20. The Hashgraph team are in a small minority of US-regulatory compliant cryptocurrency fundraisers. They clearly understand the risk that Ethereum-based tokens can be seen as a security and places the network at legal risk.
The fact that the Hedera team chose an SEC-compliant pathway of funding demonstrates a professional and transparent approach to network development without incurring unnecessary regulatory risk. What’s more is that the fundraise amount was much less than currently attainable in the cryptocurrency market through non-regulated initial coin offerings.
Projects such as Telegram’s ICO earned as much as $1.7 Billion USD and the all time highest grossing ICO of EOS gained up to $4 Billion USD. Unfortunately, these projects are at regulatory risk for their fundraising methods and could ultimately cause substantial losses for ICO investors if prosecuted by the US Authorities. This has begun already with the SEC filing a lawsuit against Kik coin for its 2017 ICO fundraising and its negligence in registering it as a security.
The Hashgraph team have stated that they consulted the SEC for guidance in regard to their capital raise. Due to strict SEC guidelines, many individuals that were not accredited investors were excluded from the capital raise. In the end, the HH admin took a compliant, low-risk method to secure funds without jeopardizing the entire project for a quick cash grab. This is certainly an early sign of the intention of the Hashgraph team to remain regulatory-compliant and do not seem in it simply for quick profit-making.
Dr. Leemon Baird CTO Hashgraph: The executive leaders behind the hbar fundraising success and the breakthrough technology of Hashgraph are not new to the computer science industry. Dr. Leemon Baird, the Chief Technical Officer, is a PhD from Carnegie Mellon University with many academic publications in the fields of Machine Learning, Artificial Intelligence and computer science. He is the inventor of the Hashgraph algorithm, which was granted a USPTO utility patent in 2016 for three separate aspects of network design including, Gossip-about-Gossip, Virtual Voting and Hashgraph Distributed Consensus.
Dr. Baird had an early career with the US Air Force Academy working as a Professor of Computer Science. In the past 20 years he has also served as a Chief Scientist for other research projects and tech-related startup companies. Leemon’s ability to communicate complicated concepts such as distributed consensus, virtual voting and Merkle trees surely was developed in his years as a Comp Sci Professor. He is a published academic author on several topics in Mathematics and has a successful history of startups. It is quite clear after watching a few videos that Dr. Baird is a genuine computer science enthusiast and inventor. His motives for developing the network appear well-intended and are poignantly described in many of his Hashgraph instructional videos. His videos are very well-recommended by the community and should be referenced with all challenging topics with Hashgraph and distributed ledger tech.
Mance Harmon, CEO Hashgraph: Mance is a computer scientist and entrepreneur in successful startups, some of which were in collaboration with Dr. Baird. He is also the former Course Director for the US Air Force Academy on Cybersecurity and Director of the Missile Defense Agency. Mance has maintained executive roles in a private identity startup, key executive positions in other computer science ventures and has over 20 years of industry experience. Mance and Leemon are also long term friends and colleagues. Mance Harmon’s strengths as CEO of the Hedera Hashgraph network include his strong computer science background in education and experience. He has good public-speaking skills and communicates clearly about complicated issues of distributed networks. Under his management, several multinational, mega-cap companies have joined as founding Governing Council Members including Deutsche Telekom, Nomura Holdings, DLA Piper, Magazine Luiza and Swisscom Blockchain. Mance has also been active through social media in engaging the community and explaining administrative decisions in the Hashgraph roadmap.
Conclusion: Cryptocurrencies are still in the early stages of forming a new emerging market of digital assets. Differentiating amongst the thousands of digital currencies is a difficult task in light of the significant technological expertise required to even understanding the value propositions of most projects. However, in regards to any cryptographic coin on market, the foundational team management is a critical variable to investigate. The more educated and experienced staff members in projects carries considerable advantage in executing roadmaps, achieving milestones and handling new challenges.
The Hedera Hashgraph administrative team is made of expert computer scientists with experience in successful prior startups and execution of new software technology. Having a clear and understandable design as described in the Hashgraph Whitepaper adds credibility to the Hedera public DLT. Through social media, online educational content and instructional videos, the Hedera Hashgraph team has created a positive presence in the cryptocurrency market.
It should be exciting to see the next Hashgraph milestone achieved with Open Access this summer 2019. Team management within the Hedera Hashgraph network has been clear, straight-forward and committed to a regulatory-compliant network using their breakthrough Hashgraph consensus algorithm.
The team has also gained a positive reputation as an organization with very limited criticisms to other projects with a strong sense of professionalism. They continue to state that the cryptocurrency space is open to many successful ventures and they only hope to add to it. There is no doubt that the Hedera Hashgraph network is a breakthrough in its technology. It seems by analysis that the experience and competence of team leadership is also high quality and could propel the new cryptocurrency network to major global adoption.