Introduction to Hiero

Hiero was announced as a new project hosted by LF Decentralized Trust in September and the transition of the code to the Linux Foundation infrastructure is currently in progress.

In this session you'll learn more about the basics of Hiero and get an understanding of what it is, what you can do with it and how you can get involved in the project.

Transcript

1. Open Source as a factor of TRUST
2. About me Hiero TSC Lead Eclipse Board Member Adoptium Steering Committee Hashgraph Open Elements Hendrik Ebbers
3. Content •Distributed Ledger Technology ( DLT ) •DLT & Open Source •Hiero Landscape
4. What is a distributed ledger?
5. A real usecase •Assume you live in South Africa and want to transfer money to a person in South Korea
6. A real usecase •Standard Bank is the largest African bank •Shinhan Bank is a leading bank in South Korea
7. A real usecase •Standard Bank is the largest African bank •Shinhan Bank is a leading bank in South Korea Transaction Fee is 40 $ or even higher Transaction needs up to 6 business days Transaction can not be tracked Only provided at limited operation hours 😱
8. Old global banking $ $ $ Global Mega Bank $ Correspondent Bank (middleman) Correspondent Bank (middleman) SWIFT MT103 SWIFT MT103 SWIFT MT103 South Korean won (₩) South African rand (R)
9. A real usecase •Standard Bank and Shinhan Bank cooperate •Enterprise functionalities of DLT are used •PoC based on Hedera released in September 2023
10. Future global banking $ $ exchange stable crypto coins South Korean won ( ₩ ) South African rand ( R )
11. A real usecase Fee is less than 10 ¢ Needs less than 1 min Real time tracking Provided 24/7 🤩
12. It's all about TRUST
13. Company A Company B Who can we trust? •Let's assume a common use case of 2 entities that want to share data
14. Company A Company B Who can we trust? •Let's assume a common use case of 2 entities that want to share data •Who owns the data? We can only have exactly one master
15. Company A Company B Who can we trust? •Let's assume a common use case of 2 entities that want to share data •Who can modify the data?
16. Company A Company B Who can we trust? •Let's assume a common use case of 2 entities that want to share data •Zero Trust Problem
17. Company A Company B Who can we trust? •Can trust be externalized? TRUST INC.
18. Company A Company B Who can we trust? •Who controls the owner? TRUST INC.
19. Company A Company B Who can we trust? •Who controls the owner? TRUST INC. They can change all date
20. Company A Company B Who can we trust?
21. DECENTRALIZED TRUST
22. Distributed Systems
23. Distributed Systems scaling of the system
24. Distributed Systems scaling of the system can be really huge
25. Distributed Services •Scalability: Designed to handle increased load by distributing tasks across multiple computers. •Fault Tolerance: Enhanced reliability through redundancy, ensuring system functionality even when individual components fail.
26. •Scalability: Designed to handle increased load by distributing tasks across multiple computers. •Fault Tolerance: Enhanced reliability through redundancy, ensuring system functionality even when individual components fail. Distributed Ledgers
27. Distributed Ledgers node node node node node node Every Transaction is Communicated and handled by all Nodes
28. Distributed Ledgers node node node node node node Adding a node will not allow more transactions node
29. Distributed Ledgers node node node node node node node The new node will execute every transaction of the network
30. •Scalability: More systems have an impact on the trust of the network and not on the performance Distributed Ledgers You do not even need to trust only one country
31. •Scalability: More systems have an impact on the trust of the network and not on the performance •Fault Tolerance: Enhanced reliability through redundancy, ensuring system functionality even when individual components fail Distributed Ledgers
32. Distributed Ledgers •Consensus Mechanisms: Distributed ledger technologies ( DLTs) rely on consensus algorithms (e.g., Proof of Work, Proof of Stake) to ensure all participants agree on the state of the network. •Transparency & Immutability: Data on decentralized ledgers is transparent and immutable, fostering accountability and trust among participants.
33. The Hedera Network •The Hedera Network is a decentral network based on several nodes •Nodes running on machines of the Hedera Foundation council members
34. Company A Company B Who can we trust? Hedera network Interact with the network
35. Company A Company B Hedera network Who can we trust? Become part of the network
36. How to TRUST a network
37. Open Source •Auditability •Standardization and Compatibility •Forkability •Avoiding Vendor Lock-in ... and so much more
38. Supply Chain Security •Ensuring the integrity and trust of a product •Includes code, dependencies, build tools, distribution, and more C++ Sourcecode Build Package/Distribution C++
39. Supply Chain Security •Ensuring the integrity and trust of a product •Includes code, dependencies, build tools, distribution, and more C++ Sourcecode Build Package/Distribution C++
40. Supply Chain Security •Supply Chain Security Threads C++ Sourcecode Build Package/Distribution C++ Submit unauthorized change Compromise Source Repo Build from modified sources Compromise Build process Upload M odified package Compromise Package Registry Use Bad Packages
41. OSS stewards react! •Linux Foundation started OpenSSF •Eclipse Foundation started Open Regulatory Compliance WG
42. The Hiero Project
43. About Hiero •Hiero was announced as a Linux Foundation Decentralized Trust project in September •Hiero is the open-source base of the Hedera network https://hiero.org/
44. About Hiero •All source code of Hedera will be transferred to Hiero •Hiero is the first fully vendor-neutral and open- source distributed ledger technology https://hiero.org/
45. Hiero Landscape
46. Hiero Landscape •Transfer of Hedera source code to Hiero is ongoing •Transfer happens in the open and status can be found at GitHub
47. Hiero Landscape https://github.com/hiero-ledger/hiero/blob/main/transition.md
48. Hiero Landscape Consensus Node
49. Hiero Landscape Consensus Node The running consensus Nodes form The Hedera network today
50. Hiero Landscape Consensus Node By Having the consensus node code at Hiero Everyone can run a compatible network
51. Hiero Landscape Internally it uses BESU to be EVM compatible Consensus Node
52. Hiero Landscape Consensus Node Block Node Mirror Node Ethereum RPC Relay
53. Hiero Landscape We are working on a standard on block streams and will continue that work at Hiero Consensus Node Block Node Mirror Node Ethereum RPC Relay
54. Hiero Landscape The JSON RCP RELAY Allows to use of Ethereum Clients like Web3J for Interaction Consensus Node Block Node Mirror Node Ethereum RPC Relay
55. Hiero Landscape Fast and Free access on Data like transactions or Tokens Consensus Node Block Node Mirror Node Ethereum RPC Relay
56. Hiero Landscape Consensus Node Block Node Mirror Node Explorer Client SDKs Solo Local Node Ethereum RPC Relay
57. Hiero Landscape Consensus Node Block Node Mirror Node Explorer Client SDKs Solo Local Node Ethereum RPC Relay
58. Hiero Landscape Explorer Transactions, Tokens and more in a Web UI Consensus Node Block Node Mirror Node Explorer Client SDKs Solo Local Node Ethereum RPC Relay
59. Hiero Landscape Run a local instance of a network Consensus Node Block Node Mirror Node Explorer Client SDKs Solo Local Node Ethereum RPC Relay
60. Hiero Landscape Consensus Node Block Node Mirror Node Explorer Client SDKs Solo Local Node Ethereum RPC Relay Wallets Framework Integration Dev Tools We want to create all that with you!
61. Hiero TSC •We started with 6 persons from different companies •Today one main goal is to create more diversity •We will add community members to the TSC in near future
62. Hiero TSC Goals Transfer Hedera Projects to Hiero Onboard new projects to Hiero Create a diverse and inclusive community
63. Putting all pieces together
64. Company A Company B
65. Company A Company B
66. Company A Company B Dezentral Network
67. Company A Company B Trust shared with > 30 entities...
68. Company A Company B ... from all over the world Shown companies are random examples for showing the diversity of the network
69. Company A Company B ...Working in different sectors Shown companies are random examples for showing the diversity of the network
70. Company A Company B The complete code is fully open source
71. Company A Company B Open Collaboration Open Government Vendor-Neutral
72. Company A Company B C++ Following Supply chain security best practices
73. Company A Company B C++ This could be your private network
74. == TRUST Transparency
75. == TRUST Supply Chain Security
76. == TRUST Dezentralisation
77. == TRUST Vendor-Neutrality
78. == TRUST Community
79. == TRUST Collaboration
80. == TRUST Open Source
81. == TRUST Hiero Ledger
82. Let's connect https://www.linkedin.com/in/hendrik-ebbers/