On the 23rd of January 2023, the official Twitter account of Hedera put out a thank you tweet announcing that over 3 billion mainnet transactions have been processed by the platform.
🚀The #Hedera mainnet has officially processed over 3 BILLION transactions!
A massive thank you to the users, projects, and enterprises who made this possible, showcasing the power of the network & driving global #DLT adoption.
⁰And we’re just getting started – see you at 4bn! pic.twitter.com/ApyMusVxP8— Hedera (@hedera) January 22, 2023
Hedera project thanked their network of entrepreneurs and enterprises, stating that the milestone was possible thanks to the power of networks. It also claims that it’s just getting started and has a goal of over 4 billion recorded transactions in view.
Hedera is a decentralized, fully open source public distributed ledger that utilizes the fast, fair, and secure hashgraph consensus. Developers can utilize HBAR as the staking coin and a governance token and pay for network services, including managing fungible and non-fungible tokens.
By December 31, 2021, Hedera had already recorded more than 1 billion confirmed transactions, providing real-world value to companies in many different industries worldwide.
Hedera presents itself as a faster and more secure alternative to blockchain.
The platform claims to have done away with previous limitations experienced by other blockchains due to the development of its new kind of blockchain. Hedera claims the proof is present in its track record and numbers.
While Bitcoin can only process around 3 to 7 TPS, and Ethereum 1.0 only has 12 TPS, Hedera can process around 10,000 TPS.
The average fees on the Hedera cryptocurrency platform are also significantly lower. While Bitcoin charges $22.57 and Ethereum charges $19.55, Hedera averages only $0.0001 in fees.
Transaction confirmation time is slashed as the Bitcoin blockchain takes 10 to 60 minutes to confirm a transaction, and on Ethereum, it takes 10 to 20 seconds. However, on Hedera’s protocol, it takes only 3 to 5 seconds.
Hedera also claims to be much more energy efficient and sustainable than Bitcoin and Ethereum, as it uses a proof-of-stake model rather than proof-of-work. While BTC uses 885 kWh and Ethereum uses 102 kWh, Hedera says it only uses 0.00017 kWh.
The above are some of the reasons for the achieved milestone. And while this comparison certainly seems pretty impressive, as it stands, Hedera has far fewer transactions to process because it is much smaller and much newer. The technology is relatively much less tested,
Some users doubted the figures, questioning what percentage of the figures truly represented human activities and what percentage was conducted to prop up the network. In response, the director of marketing for Hedera quickly shared links of proof into Hedera’s ecosystem.
