The Hedera Consensus Service – Making it Posible for any application to Have Decentralised Trust

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
  • Hedera Hashgraph has announced today the Hedera Consensus Service is open to developers on the Hedera mainnet.
  • The Hedera Consensus Service (HCS) can be used as a decentralized service with ledger like Ethereum or can also be used standalone.
  • A public distributed ledger, which allows any developer to build his own application network, also known as appnet.

Hedera Hashgraph has announced today the Hedera Consensus Service is open to developers on the Hedera mainnet. Hedera Hashgraph, an enterprise-grade public distributed ledger, has been developing the HCS since the mid of the year 2019.

It focused on incorporating decentralized trust into new or existing applications. With HCS, the developers can create ordering of events and verifiable timestamps for any application. It is the very first PDL, public distributed ledger, which allows any developer to build his own application network, also known as appnet.

The Hedera Consensus Service (HCS) can be used as a decentralized service with ledger like Ethereum or can also be used standalone. Examples of the best ways to make use of HCS ( Hedera Consensus Service) include music stream count, an auditable log of asset transfers and also for asset tracking across a supply chain.

“Logging transactions on the exact order they occur is crucial to use cases across nearly every industry. HCS combines hashgraph’s fast, fair, and secure consensus algorithm with the trust and governance of Hedera’s public network. It allows groups working together to then apply this trust and governance to their applications that need both trust and privacy.”

said Leemon Braid, the co-founder and Chief Scientist of Hedera Hashgraph.

The HCS’s availability comes after the open-access of Hedera Hashgraph’s main net in September of the year 2019, making it publically accessible. Forty million-plus transactions were conducted on Hedera’s network since September 2019.

It is the fourth service available now to developers and enterprises who are now leveraging the Hedera network. The network’s already existing services, three in the count, are being added to by the developers and enterprises both at a decently fast rate.

The three services that already exist on the network are a cryptocurrency, file services, and smart contracts. The customers of Hedera’s HCS say that they are delighted to see it become a reality and call it as another differentiator for Hedera in support of the mission to build a usable, real-time and blockchain-enabled application.

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