Swirlds, the creator of the distributed consensus platform Hashgraphs, announced today that it has completed a new company Associates (NEA) led $ 3m seed around.
Since its launch last year, Swirld’s platform has quickly rebuilt in many areas, ranging from gaming to online collaboration and financial services. Pilot programs are ongoing in some of the world’s largest financial consortia and technology companies. The funds will be used to accelerate platform development and drive adoption in key sectors where security and performance are crucial.
“The way businesses and individuals do business is constantly disturbed and distributed financially platforms despite significant security and performance barriers to an ever-increasing share of the cake with first generation technologies,” says Mance Harmon, founder and CEO of Swirld’s. “Our Hashgraph algorithm provides a radically different approach than existing consensus technologies that enable businesses and developers to create fully distributed applications and performs it’s reliable, fair and secure.”
So far, consensus technologies were divided into two categories: public networks such as Bitcoin and Ethereum or private (approved) solutions using Leader-based consensus algorithms, HyperLedger, Enterprise Ethereum Alliance and R3 Corda. Both have critical errors.
Public networks are expensive to drive and have performance limitations due to the workload, which dramatically limits the number of applications that can put the technology into practice.
Private networks limit the use of known and trusted subscribers. This approach reduces costs and improves performance drastically, with algorithms capable of achieving 1000 transactions per. Second compared to seven for Bitcoin. However, loose security standards make these networks vulnerable to DDoS attacks, which become cheaper and easier to implement.
Hash algorithm graph of Swirlds, neither proof of work still requires a leader eliminates the constraints found in both public and private networks, providing cost-effective, exceptional performance without a single point of failure. This combination of security and performance enables a new defense against DDoS attacks, even when using IoT devices while delivering 100,000 transactions per. Second.
“The Swirlds Hashgraph platform is fundamentally different from other distributed mainboard platforms and provides some of the world’s leading financial and technological companies to build distributed financial records applications with greater confidence to perform and scale,” said Tony Florence, General Partner, NEA. “This ability is becoming increasingly critical, and Swirlds has the potential to be a dominant player in this transformation with its hashgraph platform.”
The patented Hashgraphen consensus algorithm, developed by co-founder and CTO Swirld’s Leemon Baird, used a brand new protocol to enable distributed and decentralized communities to quickly and securely reach agreement. The Hash algorithm is resistant to DDoS attacks and ensures mathematically proven justice in the absolute order of transactions. For more technical details of the hash graph algorithm, see the following resources:
Overview of Swirld’s hashgraph: www.swirlds.com/overview-from-swirlds-hashgraph.pdf
Swirlds and Sybil Attacks: www.swirlds.com/Swirlds-and-Sybil-Attacks.pdf
Hashgraph Consensus: Fair, Fast, Byzantine Error Tolerance: http://www.swirlds.com/downloads/SWIRLDS-TR-2016-01.pdf
Dictatorship, Democracy and the Block Chain: www.swirlds.com/Dictatorship-Democracy-and-Blockchain.pdf
Swirld CEO Mance Harmon will talk at TechCrunch Disrupt in San Francisco next Tuesday, September 19th. Swirld’s hashgraph will also be one of the technologies used on the 16th and 17th of September at TechCrunch Disrupt Hackathon. Interested participants can register at https://disruptsf2017.devpost.com/details/apis.
Swirlds is a platform for building and driving shared worlds – fully distributed applications that utilize cloud power without server. Applications based on the Swirld platform build trust in peer-to-peer networks without a central server and use the Hashgraphen consensus algorithm to achieve high transaction throughput, low consensus latency and justice in the transaction sequence.