In the dynamic landscape of blockchain and distributed ledger technologies, the topic of transaction processing speed has become a focal point of discussion. Recently, Charles Hoskinson, the visionary founder of Cardano, alluded to high TPS (Transactions Per Second) capabilities in the blockchain space. This information was shared on Twitter by HederaInform, a prominent source of information in the blockchain industry. While the specific network he was referencing remains uncertain, it’s worth exploring the advancements in this arena.
JUST IN: Charles Hoskinson, the founder of @Cardano, is talking about TPS, and it seems he is referring to @Hedera, as Hedera Hashgraph is the only network currently achieving 1000 TPS (Transactions Per Second).#Hedera #HBAR #Cardano #TPS #transactions #Hashgraph pic.twitter.com/Wcg4SxE4lv
— HederaInform ($HBAR) (@HederaInform) October 5, 2023
One network that has been making headlines for its remarkable TPS achievements is Hedera Hashgraph. This decentralized public network has claimed to reach an astonishing 10,000 transactions per second (TPS), showcasing its commitment to scalability and efficiency. The crypto community has taken note of Hedera Hashgraph’s unique approach to consensus mechanisms and smart contract execution.
Hedera Hashgraph embarked on its journey on March 13, 2018, with nothing more than a white paper and the innovative Hashgraph consensus algorithm. The brains behind this protocol are none other than Leemon Baird, the co-founder, and chief scientist of Hedera. With a Ph.D. in computer science and a background as a former professor at the United States Air Force Academy, Baird’s credentials are impressive. He has also co-founded identity management companies Trio Security and BlueWave Security.
The project garnered substantial attention and investment, raising a total of $124 million across three funding rounds through simple agreements for future tokens (SAFTs). Notably, approximately 1,000 SAFT participants are poised to receive HBAR tokens upon the mainnet’s launch, underscoring the community’s enthusiasm for Hedera’s vision.
What sets Hedera Hashgraph apart is its claim of processing over 10,000 cryptocurrency transactions per second, all at an incredibly low cost of approximately $0.0001 per transaction. Furthermore, Hedera boasts transaction confirmation times as short as three to five seconds. These impressive statistics position Hedera Hashgraph as a formidable contender in the blockchain realm, poised to serve both enterprise needs and the broader cryptocurrency ecosystem.
While the specifics of Charles Hoskinson’s remarks about TPS remain unclear, the broader conversation highlights the importance of transaction speed in the blockchain space. With visionary leaders, innovative technologies, and growing communities, platforms like Hedera Hashgraph exemplify the potential for innovation and scalability in the world of distributed ledger technologies.
