- Bitcoin and Ethereum are"extremely inefficient," and Hedera's Hashgraph is much more efficient and environmentally friendly, said Mance Harmon, Co-Founder of Hedera and Co-CEO of Swirlds Labs.
Harmon spoke with David Lin, Anchor and Producer at Kitco News, at the Collision Conference in Toronto.Hashgraph is a distributed ledger technology which is an alternative to blockchain. Hedera holds the patent to this technology, which Hedera claims is faster, less costly, and more energy efficient than blockchains like Bitcoin's and Ethereum's. Hashgraph is proof-of-stake.
According to Hedera's website, the average fee for a Bitcoin or Ethereum transaction is $22.57 and $19.55, respectively. Hedera's HBAR cryptocurrency, on the other hand, has a transaction fee of $0.0001. "Ultimately what you have to be concerned with is whether or not a single bad actor, or group of bad actors working together, can buy up at least a third of the total token supply," he said."If they can, then they can influence the network… In our case, we have this governing council, these 26 global enterprises each running a node in the network, and there aren't anonymous nodes, so we're not susceptible to those types of attacks today.
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