Hedera Surpasses 9 Billion Transactions with Real-World Use Cases

May 15, 2023 – Hedera, a leading layer 1 distributed ledger technology (DLT) platform, has recently reached a significant milestone by surpassing 9 billion transactions on its mainnet. This achievement highlights the scalability and real-world adoption of Hedera’s hashgraph technology, as well as the growing utility of its network. With an impressive pace of one billion transactions in just 13 days, Hedera is setting new standards in the realm of Web3 scalability.

Introduction to Hedera

Hedera is a distributed ledger technology platform, created by Leemon Baird and Mance Harmon, that combines the benefits of decentralized networks with high-performance capabilities. Powered by the hashgraph consensus algorithm, Hedera achieves fair, fast, and asynchronous Byzantine fault-tolerant (aBFT) consensus among all nodes in its network. This innovative approach ensures secure and efficient transaction processing, making it an ideal solution for a wide range of applications.

Understanding Hedera’s Transaction Count

Hedera recently published a blog post to clarify exactly what is included in the transaction count (and what is not).

Hedera emphasized that its publicly reported transaction count excludes certain internal operations related to reaching consensus on transaction order.

Hedera said that it’s important to note that transactions involving gossip protocol communication between Hedera network nodes to reach consensus are not counted as transactions. These operations, although critical for network consensus, do not contribute to the publicly reported transaction count and are not tracked in Hedera’s transaction count.

See Also

Examiner’s report reveals Celsius failed to report hundreds of millions of dollars worth of losses

However, numerous activities are included in Hedera’s transaction count, showcasing the platform’s versatility and utility:

• Sending hbars: Transferring the native cryptocurrency of the Hedera network from one address to another.
• Smart contract deployment: Deploying new smart contracts on the Hedera network, enabling decentralized applications (dApps) and programmable digital assets.
• Smart contract interactions: Interacting with existing smart contracts by invoking their functions and methods, enabling dynamic behavior on the network.
• Token creation: Creating fungible or non-fungible tokens using the Hedera Token Service, supporting various tokenization use cases.
• Decentralized finance (DeFi) activities: Participating in DeFi applications, such as lending, borrowing, or trading cryptocurrencies, leveraging the capabilities of the Hedera network.
• Recording carbon emissions data: Utilizing the Hedera Consensus Service (HCS) to receive and record specific product emissions data, contributing to sustainability efforts.
• Immutable legal document logs: Employing HCS to create an immutable log of legal documents and their delivery, ensuring their integrity and preventing tampering.
• Infrastructure support via HCS: Utilizing HCS to enable notifications to applications, wallets, exchanges, and explorers, facilitating the building of supporting infrastructure for specific tokens and signaling their compliance with predefined rules.

Hedera also listed a number of real-world use cases including:

• Atma.io, developed by Avery Dennison, utilizes HCS to facilitate the sending of product lifecycle events, including creation, shipping, and sale, for billions of products. By recording these events on Hedera’s network, an immutable and verifiable history is established for each product.
• The Coupon Bureau incorporates HCS into the AI8112 Digital Coupon Standard. Every stage of coupon creation and redemption is tracked, with transactions sent to Hedera via HCS. The fast and cost-effective API provides the Coupon Bureau and its partners with a trusted view, while each transaction returns a consensus timestamp for strong ordering guarantees, affirming the coupon’s active state.
• ALT/AVE’s document-sharing solution, “docStribute,” employs HCS to record and track immutable document exchanges. By sending a document hash to the Hedera network, both parties in the communication can verify the integrity of the shared information, enabling increased digital exchanges, efficiency, and reduced paper waste.

Read more about Hedera:

• Hedera uses the least energy per transaction: UCL Study
• HBAR Foundation Funds Sustainable Projects Building on Hedera