A tokenization service has just gone into production on Hedera. IBM is involved at the highest level of governance of this distributed ledger.
IBM backwards on the blockchain? Its ambitions questioned, the American group defended itself vehemently. Still, he is present in Hedera’s last communication.
This DLT is based on Hashgraph, an algorithm of consensus by proof of stake (proof-of-stake) * which we owe to an American mathematician. He had emerged in 2018, orchestrating a $ 100 million ICO.
The governance model is inspired by the one used initially by National Bank Americard… now called VISA. At the top there is a ” management consultancy »Open to a maximum of 39« referent organizations », for non-renewable 6-year mandates. About twenty currently sit on it. Among them, Google, LG Electronics, Deutsche Telekom … and IBM, member since summer 2019.
For the moment, these organizations ensure the exclusive operation of the Hedera nodes. Even if the official goal is to move towards a public DLT model. And to open part of the code, currently proprietary, for consultation.
Various services have developed on Hedera that can be used by external applications. At the top of the list, that’s why I wrote to you which gives access to the consensus protocol to ensure the time-stamping of information, as an alternative to sharding and to sidechains. Connectors are available for Corda and Hyperledger blockchains.
Hedera pushes native tokenization
The Hedera Token Service enables the configuration, minting, and management of fungible and non-fungible #tokens on Hedera without needing to set up & deploy #smartcontracts. For more details, visit: https://t.co/6VdTHk9NXR pic.twitter.com/pZooyWxnT1
– Hedera Hashgraph (@hedera) February 9, 2021
- Name and symbol
- Whole or fractionable
- Fungible or not
- Initial quantity and possible ceiling
- Mutability (of name, in particular)
- Need for KYC
- Possibility to freeze accounts and / or withdraw part of the balance
Unlike other DLTs, not free. The service has a very precise price list. Hedera, however, assures that it is more economical thanks to Hashgraph. While being faster. In practice, the bandwidth remains capped at present (maximum of 3000 transactions per second for most of the operations).
IBM is part of an initial circle of around sixty partners. They have started to implement the service or are thinking about it. There are about twenty publishers among them. As well as a dozen exchange platforms.
* Hashgraph exploits a form of consensus called gossip (gossip). Basically, each node represents the events in the form of an acyclic directed graph. Representation that evolves according to the data that they randomly send to each other, giving a level of “reputation” to the events.