42. Hedera

Company: Hedera

Founders: Leemon Baird and Mance Harmon

Website: https://hedera.com/


About Hedera

Founded in 2018, Hedera is an open-source, leaderless proof-of-stake distributed ledger technology (DLT) network. Hedera’s robust ecosystem is built by a global community, on a network governed by a diverse council of industry-leading organizations, including abrdn, Avery Dennison, Boeing, Chainlink Labs, DBS Bank, Dell Technologies, Dentons, Deutsche Telekom, DLA Piper, EDF (Électricité de France), eftpos, FIS (WorldPay), Google, IBM, the Indian Institute of Technology (IIT), LG Electronics, The London School of Economics (LSE), Magalu, Nomura Holdings, ServiceNow, Shinhan Bank, Standard Bank Group, Swirlds, Tata Communications, Ubisoft, University College London (UCL), Wipro, and Zain Group.

Hedera’s carbon-negative network presents a sustainable option in the world of DLTs. Utilizing a proof-of-stake consensus mechanism greatly reduces carbon emissions. In addition, the network actively addresses climate change through various initiatives including developing sustainability tools, supporting green projects, and making donations to organizations working on climate trade.

Hedera takes proactive measures to promote sustainability, including engaging in global forums like COP27 and Davos 2023 to raise awareness about the benefits of its technology for building sustainable practices. Hedera sets an example for other DLT players to prioritize sustainability in their operations and goals.

According to a new study conducted by University College London (UCL), the Hedera network can operate on less energy than that used by a regular house. The report states that the more transactions that take place, the more efficient and environmentally friendly Hedera becomes due to the network’s unique efficiencies. As one of the world’s most eco-friendly, sustainable DLT networks, research from University College London has highlighted Hedera as the network with the lowest overall energy consumption compared Hedera to networks such as Cardano, Tezos, Algorand, Polkadot and Ethereum. Hedera had the most favourable energy consumption characteristics of the ten Proof of Stake mechanisms examined, making it not only fast, but extremely energy efficient. So energy efficient in fact, that the network uses more than five million times less energy than networks like Bitcoin, in order to reach finality.

Even when compared to legacy technology, Hedera is a strong competitor. It uses 75 times less energy per transaction than the Visa network, meaning that it’s positioned to even reduce energy consumption in mainstream payments.

For more information, visit www.hedera.com, or follow it on Twitter at @Hedera Admin, Telegram at t.me/hederahashgraph, or Discord at www.hedera.com/discord. The Hedera whitepaper can be found at www.hedera.com/papers.


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