hedera hashgraph - Pwim.Net

Exclusive: Did Facebook Copy Hedera Hashgraph's Governance Model?

Exclusive interview with Sami Mian: Part 1

“Imitation is the sincerest form of flattery.”

When Facebook released Libra’s whitepaper, Hedera Hashgraph allegedly “thanks” Facebook for imitating their governance model, what is the story behind?

We spoke exclusively with Sami Mian, the Head of Japan and Korea for Hedera Hashgraph, to reveal the hidden story of the controversy! He also shared with us his blockchain journey and compared how Asian and western enterprises built their blockchains!

You have been previously served as a head of sales in Citi and Deutsche Bank. What makes you tap into the Blockchain industry and become the head of at Hedera Hashgraph?

In my 17 years of finance, there’s one thing that I realized was that technology and finance do not move forward. I used to trade and sell bonds, and you would have thought for sectors like finance, they will have the best technology. Settlement for money, for example, you will be able to do it in a lot more quickly than it was done in the industry. For example, when you trade bonds, the settlement would be in three days, called T+3, and then they improve the settlements and the technology, so now it becomes T+2. While PayPal or other technologies, you have instantaneous transactions going on.

“We’re still using financial systems that are 20 years old, then I realized maybe finance is the sector that’s primed for disruption.”

I left the finance industry and took a deep dive into Bitcoin and blockchain in 2016. Then I noticed four inherent flaws of blockchain technology:

1) Only 5 to 10 transactions per second;

2) Very high transaction costs;

3) Does not have any finality; and

4) It can be easily forked.

Although I thought it progressed from what banking industries had, I still thought it wasn’t enough to be able to get mass adoption. That’s when I ran into Hashgraph, I studied more about Hashgraph and learned that it could process hundreds of thousands of transactions per second. It had finality in three to seven seconds, and it is non-forkable. I was like this can be the technology that would completely disrupt the existing industries. Then I met Mance Harmon, the CEO at Hedera Hashgraph. We had dinner in Tokyo, and he invited me to come on board.

In terms of a Hedera Hashgraph in Japan and Korea, how is the adoption in these two places? How would you compare the market penetration into the Asian market compared to the western market?

That’s an excellent question because corporations in Japan and Korea are definitely working on blockchain technology now. The difference between a lot of the companies in Korea and Japan versus the US is that they are more conservative. Most of the companies that I speak to in those regions are working on some sort of proof of concept on private ledgers, mostly Hyperledger.

For example, a lot of companies are working on their own private chains in Korea. Companies in Korea and Japan are not yet comfortable building something on a public ledger. The reason is privacy because Korean companies don’t want to share their technology with other companies. Moreover, they don’t want their use cases to be forked. There are valid reasons why companies in Japan and Korea are still looking at private ledgers as a platform to build solutions on.

What Hedera can provide is a gateway from what they’re already doing, the private ledger, and we have a consensus as a service that we provide, so they can plug in their existing proof of concepts or applications that they’re building on their private ledger into Hedera and decentralize it. Then they can have the best of both worlds, they can have the privacy and speed of their private ledgers and the trust of a public ledger.

Source: Ethereumworldnews

Does Facebook copy the governance model idea from Hedera Hashgraph, and can you elaborate a little bit more about this?

Hedera Hashgraph has a governing council. The governing council right now has members such as Nomura Holdings, Deutsche Telekom, Swisscom Blockchain AG, DLA Piper, and Magazine Luiza. The biggest companies in the world and the reason why we originally started recruiting these companies in 2017 because we believed that you need to have an expert council that governs public platform.

In 2018, February, Mance Harmon, our CEO went and spoke to David Marcus, the person who’s responsible for Libra at Facebook. It is for the reason of asking them to join our governing council. We spoke to Facebook about how our governing council is, the expectation of the expert council, and how we believe the transition from permissioned to permissionless. We’re very open to how our platform and governance structure will operate.

Facebook at that time in February 2018 was very interested in what we were doing. But they weren’t as forthcoming as to what they were doing. They banned cryptocurrency ads and so forth. There was a talk about they were going to be involved in the crypto world, but the market and we didn’t know that they’re working on this. Then the news came out last week that Facebook released Libra’s whitepaper with the establishment of Libra Association and they’re going from permissioned to permissionless. They have the biggest companies in the world joining their Governing Council.

“We started laughing in the sense that we’re not saying they did anything illegal of course. But it seemed there were a lot of similarities to what we shared with them and what we’re already doing.”

The important thing to notice is that there are a lot of differences, and that’s more important than the similarities.

First of all, it is not as if you want to join our Hedera governing council, you have to pay millions of dollars. On the contrary, you pay $10 million to Facebook in order to join the council. It’s essentially for-profit governing council. Our view was you need this expert council, but you have to find a way so that they don’t profit directly from the platform. For our governing council, we don’t have a director. You don’t get paid to join and receive dividends. The LLC agreement is structured so that these companies are subject to a limited term of 3 years which can be extended to a maximum of six years. Therefore each member can serve a maximum of two terms only.

Their peers will come on the council and that’s because we want a governing council that is as diversified as possible. It’s permissioned, the same way as Facebook is. But we don’t want the governing council members to profit from the network. We don’t want them to stay on indefinitely, because if that happens then they’ll collide. These are the important differences that we’re highlighting now to the market.

When the Facebook Libra association was launched, they received a lot of criticism on the centralization concerns. How about the governing expert council for Hedera Hashgraph? How do you address those centralization concerns?

That’s a very good question. First of all, our governance structure, as well as Facebook, is permissioned. What that means is we have a membership committee. Originally, Swirlds was the original member of the Hedera Hashgraph LLC that decides which companies we bring into the governing council. From August, we’re going to have the membership committee so the members themselves will decide which companies they’re going to invite into the governing council by voting.

It’s permissioned but it’s probably the most diversified governing council that exists. There is a difference. We have the Japanese financial service company, NOMURA, and DLA Piper, which is the top law firm in the world. We have Magazine Luiza based in South America and Brazil and we have Deutsche Telekom in Europe.

We are having more companies from different jurisdictions and industries that are term-limited. These companies don’t have any financial benefits. The finance benefit they get from joining the council completely underweights the damage that will be done to their brand by doing something malicious. If the companies do something malicious, that’s going to hurt their brand a lot more than they will make any financial reward ever.

There are two main differences between the governing council of Hedera Hashgraph and Facebook:

1) Our terms are limited;

2) No financial benefit in terms of dividends and shareholding and so forth.

Exclusive: How Significant is Consensus As-a-service Model?

While Amazon and Microsoft launched the blockchain-as-a-service (BaaS) platform in 1H 2019, Hedera Hashgraph collaborated with IBM to launch a consensus as-a-service model. Is this the next upcoming tech trend for giants to follow?

Sami Mian, Head of Korea, and Japan of Hedera Hashgraph revealed the significance of the consensus as-a-service model! He also explained the consensus algorithm of Hedera Hashgraph and taught us a lesson comparing BFT and aBFT!

Readers are very interested in the collaboration between Hedera Hashgraph with IBM on the consensus as a service model. Can you talk more on this model and how does will transform the development of blockchain?

Hedera Hashgraph joined Hyperledger. We co-authored a whitepaper with IBM and released it in June. We’ve announced a fourth service on the Hedera Hashgraph platform. We had three services before, one was a cryptocurrency service supporting micro-payments. The other was a smart contract using the solidity coding language. Then the third one was file service.

We announced the fourth service called consensus as a service.

Essentially, we’re providing solution for centralized applications or applications built on private ledgers to have the benefit of decentralization.

Imagine you build an application on Hyperledger like Japanese and Korean companies. They’re building applications or proof of concepts on the private ledger. Companies want the privacy of a private ledger in which the data is not available on public ledgers. They have applications or proof of concept (POC), they are building already on Hyperledger. However, they want the benefit of a public ledger which is trust. In public blockchains, nodes are not only run by selected number of people. We heard from the market that they want the benefits of both and they want to run private applications. They want to run applications in a private ledger, but at the same time, they want to gain the trust element from the public ledger. We have a Hedera API. We’re going to allow Hyperledger applications to plug into our consensus as a service and decentralize their trust. You get the best of both worlds.

With regard to the Hedera Hashgraph mechanism, how does the no forking mechanism in Hedera Hashgraph work?

Hashgraph consensus algorithm is a patented algorithm. Dr. Leemon Baird invented the Hashgraph algorithm in 2015. A lot of people asked us why our platform isn’t open-sourced? Because we think stability is very important for the market. Stability means that we think the public platforms should not be allowed to fork. That’s because we’re an enterprise-grade platform.

If a company spends millions of dollars building a decentralized application, then we want that company to not be afraid of the platform itself forks. For example, if you have real estate being tokenized on the public platform and the public platform itself forks, then we don’t know whether the value should be doubled? Is it on one platform or both platforms? It causes a lot of instability. One way that we’re going to disallow forking is through our legal means, which is the patent of the Hashgraph algorithm.

Another way is what we call state proof. State proof is a mechanism that allows the community and the users to identify which ledger is the real ledger. Let’s say, Hedera Beta forked Ledger comes to the market. Then we have a mechanism called state proof that can tell everybody in the world that this is the real ledger, as opposed to the forked ledger.

Hedera Hashgraph began phase two of its community testing on the micro-payment. When would you expect the micro-payment will become a reality and which industry would benefit the most from this?

Micro-payment is one of the value propositions of Hedera, meaning being able to transfer less than a cent of value at hundreds of thousands of transactions per second (TPS) with finality. Up until now, traditional banking industries are not able to do that, because it costs way more to send it. You can’t send a cent in Bitcoin or Ethereum because of gas costs and miners.

Hashgraph allows microtransactions. The biggest use case in micro-transactions is definitely e-Commerce. All the transactions on the internet today are the most important use case. For example, you listen to one second of music, you pay 0.1 cents. For any IoT applications, you consume a little bit of data. For that data, you provide a little bit of value. Facebook came up with this Libra token. Presumably, they will start to pay people to watch their ads using the Libra token. That’s another way the micro-transactions can disseminate the internet. Anything of value whether it’s small pieces of data, two seconds of music, personal information, or putting a value on your identity, you can use microtransactions.

How Hedera Hashgraph will differentiate itself from the existing competitors in public blockchain like Conflux Chain, Algorand, and DFINITY?

The biggest difference between Hedera Hashgraph and everybody else is our split governance model. We have permissioned governance that is provided by the most trusted companies in the world and term-limited. We’re trying to build an enterprise-grade platform that is governed by experts. Yet we provide open consensus at the same time. You have the best of both worlds, the best of permissioned networks and permissionless networks. This is something that we believe no other platform has.

On top of that, we have the Hashgraph consensus algorithm. Now Hashgraph is tech-wise different to any other algorithm by miles, with hundreds of thousands of TPS, latency is three to seven seconds with finality. In terms of security, we have a feature called asynchronous Byzantine Fault Tolerance (aBFT). Facebook is BFT so they’re not aBFT.

What’s the difference between BFT and aBFT?

Because of Libra, now people know what the word BFT is. It basically means that you can reach consensus even when they’re up to one-third malicious nodes. But BFT has vulnerabilities such as distributed denial-of-service (DDoS) attacks. aBFT provides strong assurances against certain classes of attacks, like DDoS attacks. Because each node comes to consensus independently of other nodes. You don’t necessarily need to sync. to come to a consensus, and that’s the difference between BFT and aBFT.

In terms of the blockchain revolution, Hedera Hashgraph refers to itself as the fourth generation of blockchain. Can you share with us the evolution of blockchain, and what are the elements for the fourth generation of blockchain at Hedera?

First, you had Bitcoin. People were like this is fantastic, we can transfer value. The second generation is blockchain which facilitates value transfer. People started to build a lot of stuff using blockchain as the underlying consensus algorithm.

The third generation is smart contracts. When Ethereum came out, people started to build smart contracts on it, programs that automatically run. But you still had the problem of not being able to order transactions in a completely decentralized and fairway. You still had the problem of not being able to create markets. Because a market is essentially where two people transact scarce resources. For example, in a stock market, it’s very important to know which person bought which asset first. You need to order the transactions and auctions are the same. There are many use cases that are not possible to build on existing blockchain platforms. Because there is no fair ordering, and up until third-generation technologies. We call Hedera Hashgraph the fourth generation DLT because it provides the fair ordering capability that allows markets to be built upon the platform.

Hedera Hashgraph’s Launches New Consensus Service Which Could Be Leveraged by IBM’s Hyperledger Fabric

Hedera Hashgraph released its Hedera consensus service (HCS), which can be used by external centralized applications, including IBM’s Hyperledger Fabric. Hedera Hashgraph’s governance board includes Boeing, Deutsche Telekom, IBM, Nomura, and recently, Google.

Hedera aims to have 39 governing council members and to be permissionless in the future. Currently, only 11 council members operate nodes with write permissions. Prior to the launch of the platform, the firm raised $124 million through a token sale. Its unique technical architecture makes it more efficient and scalable than most blockchains.

With the Hedera consensus service, external parities could also have access to the service and are open to developers on the Hedera mainnet. Hyperledger Fabric could also use the Hedera consensus service in determining the timestamp and order of transactions. As IBM is one of the members of Hedera’s governing council, the whitepaper was written with one of the members of the IBM Blockchain team.

Leemon Baird, the Co-founder of Chief Scientist of Hedera Hashgraph said, “Logging transactions in 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.”

According to Hedera, the service can also be used for a private Corda or Ethereum network. The use of a public consensus is beneficial to most small private networks, given that in private blockchain networks, the lack of decentralization could lead to collusion. Hedera’s split of its consensus service from its smart contract service brings more of an advantage when it comes to efficiency.

Image via Shutterstock

Deepak Chopra Partners with Hedera Hashgraph to Leverage Blockchain for COVID-19 Mental Health Support

Renown Indian-American author Deepak Chopra discussed how blockchain technology could help in improving mental health during the current pandemic crisis.

Suicide Rates to Escalate During Pandemic

The National Institutes of Health website published an article this year that suggested that with the ongoing coronavirus disease, suicide rates are on the rise, and is a cause for concern. It entailed that this was a crucial mental health issue that needed to be addressed, and suicide prevention measures must be set in place as soon as possible. It read:

“Suicide is likely to become a more pressing concern as the pandemic spreads and has longer-term effects on the general population, the economy, and vulnerable groups.”

The article further depicted that if one were to look at the influenza pandemic of 1918-1919, evidence showed that deaths by suicide increased during that health crisis. This finding was true for the USA and for older people in Hong Kong as well, during the 2003 severe acute respiratory syndrome (SARS) epidemic.

Following the occurrences of these two global health issues, scientists suggested that during the pandemic, suicide rates are bound to escalate, and something must be done immediately for prevention purposes.

Blockchain for a Better Future

Addressing the current coronavirus pandemic in relation to suicide prevention, long-time mental health advocate Chopra announced that his foundation dedicated to improving mental health and well-being – Chopra Foundation – has recently partnered with Hedera Hashgraph, a renown distributed ledger technology company co-founded by Dr. Leemon Baird and Mance Harmon. The partnership was made with the goal of battling mental health crisis and flatten out suicide rates.

Speaking to Forbes, Chopra expressed his views regarding blockchain and the benefits of leveraging this distributed ledger technology to improve meditation and his work in the field of mental health. He said:

“I have been looking at blockchain for a while. I always believed we now need a platform that has traceability, that has collaboration, that has proof-of-work.”

Furthermore, Chopra advocated that a blockchain network would lead to higher collaboration and transparency among individuals, resulting in a healthier mental space worldwide. He believes that through blockchain, people would come together and possess a “shared vision.” An emphasis on the acceptance of each other’s differences was made, and Chopra indicated that he greatly admired the transparency that blockchain technology provided.

Chopra also discussed how the world operated on a corrupt system as of now, with leaders “creating a divisive and fragmented society.” He then said that blockchain technology offered viable solutions to an otherwise corrupt and broken system.

Never Alone Initiative, Powered by Blockchain

According to both world-known author Chopra and Hedera Hashgraph’s chief marketing officer, there is someone that commits suicide in the world every 40 seconds.

To combat rising suicide rates and mental health crises during COVID-19, Deepak Chopra put together “Never Alone Initiative-Worldwide Alliance.” Through this campaign, Chopra hopes to unite a global online community fueled by blockchain where everyone online can aid each other and talk.

Thanks to blockchain, the conversation content can be tracked, adapted, and leveraged for an overall healthy ecosystem that will serve as a safe space for anyone suffering from a mental health issue.

Chopra also said that his foundation chose to partner with Hedera Hashgraph, as the latter boasted of a “very robust and secure” distributed ledger platform. Furthermore, he agreed with the views on distributed governance of the distributed ledger technology company. Speaking to Forbes, he said:

“No single entity – no country, no person – can control the distributed ledger which allows for ongoing distribution of content. Also, DLT provides transparency and trust for donors to know their funds are being used for the purpose given.”

Co-founder Harmon is enthusiastic about Deepak Chopra’s project and he thinks that the author’s intentions are genuine and are representative of what can be leveraged on blockchain platforms later on, for the greater good of all.

If you are currently dealing with mental health issues and/or suicidal thoughts, know that you are not alone. There is mental health support and helplines that you can contact. For mental health resources, call the National Suicide Prevention Lifeline at 1-800-273-8255 or text 741-741 for the Crisis Text Line.

Coins Making The Biggest Moves in The Market Today: NXM, HBAR, and ENJ

The cryptocurrency market is waging its usual volatility war again and while some of the top-ranked coins are trading under bearish conditions, a few are taking advantage of the flow to add up some gains. While the entire cryptocurrency market is defined by a similar law of demand and supply, many coins have basic fundamentals and use cases that give them an edge at certain times when the market is experiencing a downturn.

The current rate of growth of Bitcoin and Ethereum is not positively correlated as Bitcoin is down by 3.02% in the past 24 hours to $34,715 at the time of writing according to CoinMarketCap while Ethereum is up by 2.32% to $1,308.19. The majority of the top ten coins trailed the bearish downturn of Bitcoin. However, the tokens Nexus Mutual (NXM), Hedera Hashgraph (HBAR), and Enjin Coin (ENJ) are amongst the biggest earners in the market today.

The Upward Tick Of NXM, HBAR, and ENJ

The Nexus Mutual token is up by 20.42% in the past 24 hours according to CoinMarketCap and it is currently trading at $41.58 per coin. While the NXM token does not enjoy a top ranking in relation to other tokens in the space, its growth over the past month has been impressive. The coin has rallied by 102.4% over the past 30 days and an additional 16.67% in the past week. Apparently, the use of the coin in the governance of the to buy a cover, vote on governance decisions, and participate in Risk and Claims Assessments on the Nexus Mutual Protocol is gaining remarkable traction.

Hedera Hashgraph (HBAR), another favorite in the market today has rallied by 51.75% in the past 24 hours and by 98.83% in the past week. At a current trading price of $0.09406, the HBAR token is obviously trading below its potentials, especially for a coin that is governed by a council of global firms including IBM, Google, Deutsche Telekom amongst others. With the current price action, however, the HBAR token may be attracting new bulls and HODLers.

Enjin Coin is also making noteworthy moves in the market today with a 42.52% surge in the past 24 hours, a surge that consolidates the 150.72% in the past week. For a coin whose mainnet launched back in June 2018, today’s performance may signal a move towards a new horizon for the coin owned by Enjin, a company that provides an ecosystem of interconnected, blockchain-based gaming products.

Coin’s To Watch For The Rest of The Week

As President Joe Biden takes office today, his appointees including new SEC Chair Gary Gensler will commence acting immediately. With the inherited lawsuit with Ripple, the reports that the new Chair would not be able to save XRP coin may further complicate the dwindling price growth of the coin. Ethereum is also an asset to watch as it soared past and fights to form new support at its all-time high price

Singapore-Based DBS Bank Joins Hedera Hashgraph's Governing Council

Singapore-based multinational banking giant DBS bank has joined the Hedera Governing Council, marking another major embrace of blockchain technology by a mainstream player in finance.

As announced by the Hedera Protocol, DBS breaks the record for being the first and only bank in Southeast Asia to join the governing council and will help Hedera to focus on more innovative ways to revolutionise the world of banking.

“DBS is pleased to join some of the world’s most established organisations on the Hedera Governing Council as we collectively seek to uncover the vast potential of blockchain and distributed ledger technologies,” said Jimmy Ng, Group Chief Information Officer and Head of Technology & Operations at DBS.

“We have been leveraging emerging technologies to reshape the future of banking and have in recent months brought to market a number of innovative offerings powered by blockchain to help our clients seize opportunities in the new normal.”

DBS now joins 39 other major players across the tech, corporate, non-profit, and academia in the Hedera Governing Council. Amongst the prominent names include IBM, Google, LG Electronics, and the University of London. DBS’s emergence will enable the bank to build on the capabilities of the Hedera protocol to advance its cross-border initiatives, as well as its broad tokenisation advances. As a formal member of the council, DBS will contribute to keeping the protocol decentralised, a development that brings stability and security to all network users.

While the digital currency ecosystem has gained increased prominence all year long with the influx of institutional investors, there is still a focus on the utilities of blockchain protocols. Hedera Hashgraph is an enterprise-grade Proof-of-Stake public ledger for the decentralised economy. The protocol enables developers to build cheap, scalable, and fast applications that can provide power innovations in all aspects that technology can revamp.

Abrdn Joins Hedera Governing Council after Archax Investment

Legacy investment management firm, Abrdn has joined the Hedera Governing Council as it looks to deepen its foothold in the digital currency and blockchain ecosystem.

According to Duncan Moir, senior investment manager at Abrdn, who spoke in an interview with the Block, the firm is focused on tokenization as it wants to explore new trading capabilities for its investors.

As a member of the Hedera Governing Council, Abrdn will join the likes of DBS, Google, IBM and Standard Chartered, amongst others, to run nodes for the Hedera protocol and shape the future of the protocol by being a part of its decision-making process. Abrdn was integrated as a governing council member based on its significant interest and belief that blockchain is the next frontier in tech.

“We’re really long-term investors,” Moir, senior investment manager at Abrdn, said in the interview. “We see this as being a very long-term story for us and for the industry.”

Blockchain technology is most renowned as a revolutionary tool to revamp the investment world. Moir is confident in the enterprise’s capabilities of the Hedera protocol and is ready to explore its capabilities to meet its long-term goals.

“I don’t think anybody is really, let’s say, full service. They’re very much focused on specific things, and they’ve been dipping their toes in,” Moir said of the capabilities of the blockchain-linked solution. “We want to go about it a bit more comprehensively.”

The choice of Hedera as the base protocol to advance its push is hinged on the sustainability of the protocol. Notably, Hedera Hashgraph was rated as the most sustainable protocol ahead of Algorand, Cardano, and Ethereum by researchers at the University College London (UCL).

While Hedera has made a name for itself in the enterprise world, it will need much more integrations like that being offered by Abrdn.

Hedera Mainnet Exploited, Leading to Theft of Liquidity Pool Tokens

Hedera Hashgraph is a distributed ledger technology that offers faster transaction times and lower fees than traditional blockchains. Its mainnet supports smart contracts and decentralized applications, and it has gained popularity among enterprise clients due to its scalability and security features.

However, on March 10, 2023, the Hedera team confirmed a smart contract exploit on its mainnet that led to the theft of several liquidity pool tokens. The attack targeted liquidity pool tokens on decentralized exchanges (DEXs) that use code derived from Uniswap v2 on Ethereum, which was ported over for use on the Hedera Token Service.

The attack vector is believed to have come from the process of converting Ethereum Virtual Machine (EVM)-compatible smart contract code onto the Hedera Token Service (HTS). As part of this process, Ethereum contract bytecode is decompiled to the HTS. The Hedera-based DEX SaucerSwap believes that this is where the attack vector came from, but Hedera has not confirmed this.

The suspicious activity was detected when the attacker attempted to move the stolen tokens across the Hashport bridge, which consists of liquidity pool tokens on SaucerSwap, Pangolin, and HeliSwap. Operators acted promptly to temporarily pause the bridge, preventing the attacker from moving the stolen tokens further.

Hedera has not confirmed the exact amount of tokens that were stolen, but the team is working on a solution to remove the vulnerability. On March 9, Hedera managed to shut down network access by turning off IP proxies, and it has since identified the “root cause” of the exploit.

The solution is expected to be ready soon, and once it is, Hedera Council members will sign transactions to approve the deployment of updated code on the mainnet to remove the vulnerability. After the deployment, the mainnet proxies will be turned back on, allowing normal activity to resume.

In the meantime, Hedera has suggested that tokenholders check the balances on their account ID and Ethereum Virtual Machine (EVM) address on hashscan.io for their own “comfort.” The price of the network’s token, Hedera (HBAR), has fallen 7% since the incident, in line with the broader market fall over the last 24 hours.

The incident highlights the risks of smart contract exploits on blockchain networks and the importance of security measures to prevent such attacks. Hedera’s response to the exploit has been swift and proactive, and it is working to restore the network’s security and functionality as soon as possible.