Hedera for Beginners
By: Cattie – Nov 20, 2022
“Technology like art is a soaring exercise of the human imagination.” ― Daniel Bell
Like art, technology can invoke joy, inspiration, awe, but also, fear, rage, and so on. Both stir immense emotions and as such are subject to criticism and critique. Web3 technology has been rightfully critiqued over the last decade as it’s become more common, but it has also gone through rapid development. The critiques that applied even as little as a year ago may not be the same critiques that apply today.
We’re fortunate enough to work within a medium where art and technology come together to immerse us in deep stories and worlds. It’s on us, and many other companies that choose this technology, to enter the space ethically and responsibly. With that in mind, we chose Hedera as our Web3 technology layer.
Diving into Web3 can be daunting for many and time consuming to dive into. Where do you even start? We hope we can give you a better insight (without all the technical jargon) into Hedera and in the following blogs explain how we plan to use it and the benefits to our community.
So What is Hedera?
Hedera is NOT a blockchain. What’s that? You were told all the Web3 systems were blockchains. Web3 is evolving and evolving quickly. If it’s not a blockchain, what is it?
The Hedera network is called a hashgraph. So think of it like this, when you open your account for either your credit card or bank, you see transactions coming in and out. Hedera is the software behind the scenes that makes that happen in the Web3 space similar to Visa or Mastercard. In fact, since Hedera doesn’t rely on harvesting energy that damages the environment, it can perform transactions as quickly if not faster than Visa and Mastercard.
In addition to performing transactions, Hedera also supports making other types of transactions happen like smart contracts. Smart contracts work like an automated contract. Instead of relying and waiting for the other person to complete their agreed x, y, z from a contract, once the conditions are met, the smart contract will complete itself.
These smart contracts are often attached to NFTs. NFTs can be used in a number of different ways like representing an in-game item or a ticket to an IRL event or both at the same time. The Hedera network ensures that your ownership of these items is fulfilled and accounted for. We’ll get into more benefits of these in another blog.
Ok, all those items can be achieved with existing technology, so why use Hedera?
Hedera hashgraph is governed by 19 highly reputable companies and it is patented technology, so instead of a single entity making all the decisions, the group comes to a consensus. This is all done in a way that anyone can trace and review publicly. Using this technology may also lead to new ways we can connect our community through different points of the IP. For example, say you watch or interact with a video on YouTube or TikTok, you could be rewarded in our upcoming game. The technology is still evolving which means more potential for how we can use it as well. We hope you’ll join our community and help us build out what that means for both us and the future of gaming.
To wrap things up, Hedera is another tool like Unreal that we’re using to create more connective and immersive universes. If you’re new to web3, Hedera, or Liithos, we welcome you to stick around awhile and ask questions. Feel free to drop them in the comments below or tweet at us! If you want to do a deep dive into the space, join our Discord and our community is more than happy to help you on your journey. Till next time, thank you for reading.