What in the world is Hedera Hashgraph?
Summary: In the mid-20th century, british science fiction writer Arthur C. Clarke wrote some of the most impressionable ideas in his award-winning novels that made many real world predictions and explanations of future technologies. His greatest credit was the idea creation of what would become the radionavigational global positioning satellite system developed by the US Air Force over 30 years after his prediction.
With this caliber of intellectual merit, Clarke also foresaw a set of rules that would help guide the layperson in the quest to discover the next greatest technological breakthrough. His three ‘laws’ paraphrased that “any sufficiently intelligent technology is indistinguishable from magic, that the only way of discovering the impossible was to surpass it, and that when an elderly scientist states what may be possible, he is almost certainly right”.
The three ‘laws’ of Clarke are putatively verified in the amazing and nearly unbelievable technology of the Hashgraph algorithm and its public platform, Hedera. It is prescient, pushing the boundaries of modern technology in the form of blockchain, and achieves the impossible by solving ALL problems of modern distributed ledger technology. It achieves optimal speed, scal and security in a distributed network in a way that Satoshi Nakamoto himself may only imagine as nothing else than ‘indistinguishable from magic”.
Discussion: If an alien landed on the earth in the mid 18th century and handed a local earthling a mobile telecommunication device that we now reference as a ‘mobile phone’, what would the response be on that puzzled human face? According to the brilliant British writer, Arthur C. Clarke, the reaction would be nothing but extraordinary. In his writings, Clarke stated that “any sufficiently advanced technology is indistinguishable from magic”. He also stated that “the only way of discovering the limits of possibility is to go beyond them, into the impossible” (paraphrasing). Finally, Clarke purported (paraphrasing again) that “when a distinguished but elderly scientist states that something is possible, he is almost certainly right…”.
Those three statements comprise the classic ‘three laws’ of Arthur C. Clarke’s vision of the future. And there is nothing on earth that has a more ominous similarity to these laws then the resplendent technology of Hedera Hashgraph. And if you need any assessment of the credibility of the luminous writing of Mr. Clarke, you should know that his prescient knowledge of the future was entirely responsible for the much later development of the global satellite positioning network that he had predicted in the incredible year of 1956-over 32 years before the earliest roots of the technology would be made manifest by the radionavigation system built by the United States Air Force.
If your motive for understanding the technology undergirding the elusive hedera hashgraph is merely for hbar price prediction, well, I think you may be selling yourself short. If your interest in the intriguing developments in distributed ledger technology are simply to know which cryptocurrency to buy and what its price prediction will be, well, I think you also may be myopic to the larger vision of the future at stake. In order to understand the expansive magnitude of the revolutionary distributed technology of the hashgraph algorithm, one must recall the insightful visions put forth by Master Clarke in his intellectual musings to fully grasp what the future may hold and how unbelievable its use cases might be.
This article discusses the growing awareness of the expansive and multidimensional use cases of the idealistic distributed technology that was conceived of in the original white paper of the pseudonymous Satoshi Nakamoto. At the time of its writing, the bitcoin whitepaper intended to address the ubiquitous problem of centralized controls that influenced the majority of the financial world. These central controls had led to yet another globally-distributed financial crisis that eroded trust in both the state and the international banking systems that the majority of the world had put their entire trust and financial stake in. Unfortunately, this system failed them and disseminated a fundamental distrust in global finance. The world was made ready for a deep fundamental change in this system.
In the background of the financial crisis of 2008-2009 a small, crowd-sourced group of cryptographers began a trend that eventually led to the current cryptocurrency revolution of financial technology in a way that no one could have predicted, even by the prescient Arthur C. Clarke. This cryptographic movement led to the development of bitcoin and its subsidiary alternative coin platforms in a very short time. However, the technology undergirding these very secure and distributed systems led to a contamination by greed, opportunism and exploitation. As bitcoin developed market share as a ‘people’s money’, many use cases were speculated upon from a micropayment system to a universal store of financial value.
However, as time progressed, the technology undergirding this movement hit a major roadblock. The roadblock was actually due to the inherent limits of the fundamental blockchain technology in regard to scale, speed and security. In order to continue this progress, a new fundamental insight was necessary that would finalize the technology that had been envisioned since the beginning of the bitcoin whitepaper.
Technological insights of the kind that Arthur C. Clarke had dreamed about in the mid 20th century could only be realized after considerable progress in hardware and software technology. Within this background, a new computer scientific insight had been developed in the timeframe of many other distributed ledger technologies that has become manifested in the revolutionary Hedera Hashgraph. I must warn you that the purpose of this discussion is solely to discuss the importance of this progress and is not to simply assist one in the investment thesis and price prediction of hedera hashgraph. It is the firm belief in the underlying technology and its ability to transform the world that fuels this discussion and not hbar price analysis.
If one is solely interested in simple price prediction of hbars, the utility token economics of hedera hashgraph, or analysis of the hbar price chart, then this discussion will disappoint. However, if one is interested in perceiving the vision of the great luminary, Arthur C. Clarke, and desires to predict the future manifestation of financial technology in the 21st century, then you have found a welcome place.
Hedera hashgraph would be an overwhelming and an astonishing claim to a mind like Clarke’s in the mid 20th century. It would demand a terrible amount of 21st century technological insight, expertise of computer science and a deep understanding of global financial systems in order to grasp its fundamental value proposition. The value claim is simply in the following three variables of speed, scale and security of a democratized network of globally diverse and sectorally varied computers that contribute to a consensus of financial opinion.
The hedera hashgraph establishes a consortium of reliable actors that secure a network of computers to allow the interexchange of information in an incorruptible way in the most efficient manner possible. The mathematics supporting the network have been formally verified in a way that no blockchain could ever hope to achieve by design. Moreover, the hashgraph hbar helps secure the network from all kinds of attacks and corruptions in order to achieve the global world order ideal of a secure, trustable and provably worthy network of the nations global currency.
Hedera hashgraph is reminiscent of Clarke’s three laws of the future because the technology of the algorithm is not just an improvement, but a fundamental breakthrough in cryptography, computer science, distributed database architecture, formal mathematical proofs and financial fairness. Hashgraph and its utility token, the hbar, are also the impossible dream of Satoshi Nakamoto, being an electronic medium of exchange that cannot be censored or shut down by anyone party or government.
In this, the Hashgraph algorithm achieves the impossible. And in reference to the third Law of the Future according to Arthur C. Clarke, the scientist behind Hedera, Dr. Leemon Baird ,has made a bold claim as that ‘distinguished but elderly scientist’, that Hedera Hashgraph will become a one hundred year technology capable of transforming the world in every public and private business sector. He also claims, and should be per Clarke, that the technological breakthrough will be considered by anyone of the past as nothing but pure MAGIC.