Interview with Leemon Baird - Prof. of Computer Science & Founder of Hedera Hashgraph, The Alternative To Blockchain Consensus
Dr. Leemon Baird is the inventor of the hashgraph distributed consensus algorithm, and is the Co-Founder and Chief Scientist of Hedera. Hedera is the only public ledger that uses hashgraph consensus, a faster, more secure alternative to blockchain consensus mechanisms. Hashgraph works efficiently to verify transactions while ensuring the highest standard of security to prevent malicious attacks. Dr. Leemon Baird is the new guest in this Dinis Guarda openbusinesscouncil citiesabc YouTube Podcast Series.
Leemon Baird Interview Focus
1. An introduction from you - background, academic background education...
2. Can you tell us the history and about Hedera Hashgraph company / companies, organisations and focus?
3. What is the difference between Hashgraph and most of the other blockchain solutions
4. What is the difference between the public ledger of Hashgraph and other traditional blockchains?
5. You have some impressive network of global corporations and organisations using you that includes from the first fourteen Hedera Governing Council Members include: Boeing, Deutsche Telekom, DLA Piper, FIS (WorldPay), Google, IBM, LG, Magalu, Nomura, Swirlds, Tata Communications, University College London (UCL), and Wipro. Can you tell us about the ecosystem and some case studies?
6. One of your council partners DLA Piper is leveraging the Hedera Hashgraph to create a tokenization solution. Can you tell us some of what has been done in these areas, especially on related solutions like NFT and related?
7. Ethereum created a big community of developers that made it a massive platform and leading blockchain. How are you fostering your community?
8. Can you tell us about HBAR https://coinmarketcap.com/currencies/hedera-hashgraph/ is the native cryptocurrency of the Hedera public network. How is Hbars used to power decentralized applications and protect the network from malicious actors?
9. Hedera will host an auction for two physical HBAR coins, represented by NFTs on the Hedera network, with all proceeds going to the Women’s Homeless Shelter in Dallas. Can you tell us about this?
10. Can you tell us about the sustainable marketplace for Non-Fungible Tokens (NFTs) you have been working on? When it comes to the Hedera Consensus Service (HCS), will it be leveraged to facilitate the creation of secure, public token sale applications with an unmatched degree of sustainability?
11. How do you see Society 5.0 - 4IR and all areas of digital transformation?
12. What are your views on our society, technology and digital transformations?
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About Dr. Leemon
Dr.Leemon Baird is the inventor of the hashgraph distributed consensus algorithm, and is the Co-Founder and Chief Scientist of Hedera. With over 20 years of technology and startup experience, he has held positions as a Professor of Computer Science at the US Air Force Academy and as a senior scientist in several labs. He has been the Co-Founder of several startups, including two identity-related startups, both of which were acquired. Leemon received his PhD in Computer Science from Carnegie Mellon University and has multiple patents and publications in peer-reviewed journals and conferences in computer security, machine learning, and mathematics.
Hedera is a decentralized enterprise-grade public network on which anyone can build secure, fair applications with finality in a few seconds. The platform is owned and governed by a council of the world's leading organizations including Avery Dennison, Boeing, Dentons, Deutsche Telekom, DLA Piper, eftpos, Électricité de France (EDF), FIS (WorldPay), Google, IBM, LG Electronics, Magalu, Nomura, Standard Bank Group, Swirlds, Tata Communications, University College London (UCL), Wipro, and Zain Group. Hedera Hashgraph is a platform that presents itself as a faster, and more secure alternative to blockchain.
It sidesteps energy-intensive mining by using a technology called Directed Acyclic Graph.
In most blockchain-based projects, the verification process relies on mining, an energy-intensive process requiring computers to work through fiendishly difficult computations to verify transactions. Can Hedera Hashgraph sidestep that problem by removing mining entirely and using an entirely new ledger structure? We find out below.
What is the Hedera Hashgraph?
Hashgraph is not a blockchain in the sense that it’s built on a chain of blocks. It’s best to imagine it as a graph, whereby the speed of verifying transactions goes up as more transactions are added to the network. The name for the technology it’s based on is, in fact, known as a DAG , short for Directed Acyclic Graph.
This technology is designed to help Hedera Hashgraph achieve more than 100,000 transactions per second, making it a true competitor to Visa and other mass-market payment systems.
The Hedera network currently performs 6.5 million transactions per day with an average transaction time of 5 seconds—easily surpassing Ethereum's 1.2 million and Bitcoin's 300,000 transactions put together.
How does Hedera Hashgraph work?
A council of 19 multinational corporations from around the world govern the platform and the software that will run on millions of nodes globally. To reach consensus, instead of mining, nodes on the Hashgraph "gossip" with each other, comparing notes on the transaction history of the network.
As the nodes gossip, they select a few “famous witnesses.” Each witness is an event or a transaction and they become famous because they are communicated to the nodes early in the process. The chosen nodes then compare the gossip about these famous witnesses in the majority of nodes.
Leemon Baird Links and sources
Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.