What is the Hedera Consensus Service? Follow the Explanation!

Bittime - What is Hedera Consensus Service? It is a technology that enables decentralized and secure consensus. Discover how Hedera Consensus Service works and main features.

Consensus is a process that ensures that transactions recorded in the system are valid and cannot be changed. Various blockchains such as Bitcoin and Ethereum have their own consensus systems. 

However, it is often faced with challenges related to speed, cost, and scalability. It's here Ivy Consensus Service (HCS) is present as an innovation that overcomes these various weaknesses.

Hedera Consensus Service is a technology developed by Hedera Hashgraph. This technology offers a decentralized consensus solution with high speed, low costs, and very strong security. Learn more here, come on!

What is the Hedera Consensus Service?

Source: Hedera

Hedera Consensus Service (HCS) is a service that enables creation decentralized logs auditable and contains an immutable time trail. 

This service supports applications that require it reliable timestamp, fair order, And high level of security. Both for Web2 and Web3 applications.

HCS concluded on Hedera Hashgraph, a platform that addresses many of the problems inherent in traditional blockchains. These include low transaction speeds and high fees. 

With Hedera Hashgraph, transactions can be carried out more efficiently. In fact, this blockchain network allows applications to utilize decentralized consensus at a cost of just $0.0001 per message.

HCS is not only used for digital currency transactions, but also for tracking provenance (origin) in supply chains, recording asset transfers between different blockchain networks, calculating votes in DAOs, and monitoring IoT devices.

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Advantages of Hedera Consensus Service

Hedera Consensus Service brings a number of advantages that make it an ideal choice for developers and companies who want fast, secure, and cheap consensus. Some of the main advantages of HCS include:

Speed ​​and Scalability

Hedera is capable of processing more than 10,000 transactions per second (TPS). This number far exceeds other blockchains such as Bitcoin (3 TPS) and Ethereum (12 TPS). 

The time to finalize the transaction is very fast, it only requires 3-5 seconds, compared to Bitcoin which takes 10-60 minutes.

High Security (ABFT)

Hedera Hashgraph uses Asynchronous Byzantine Fault Tolerance (ABFT). This is the gold standard in distributed security systems, ensuring that the system remains secure even if some nodes or participants fail or act dishonestly.

Low Cost

One of Hedera's biggest draws is its extremely low transaction fees. Each message processed by HCS only costs approx $0.0001, making it a very economical solution for large-scale applications.

Flexibility in Development

Developers can build applications using any programming language and utilize various features of the Hedera Consensus Service without needing to adapt to a specific platform. It provides complete freedom in creating innovative applications.

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Main Features of Hedera Consensus Service

Source: Hedera

Following are some of the key features of Hedera Consensus Service that make it a very useful tool for developers and companies:

- Auditable Decentralized Logging:

HCS allows recording transactions or events that occur in applications in a decentralized manner. Each transaction is accompanied by reliable timestamp And fair order, which ensures data integrity and prevents manipulation.

- Consensus Integrated with Other Blockchains:

HCS can be integrated with other blockchains and decentralized applications (dApps), enabling fast and secure consensus for a variety of different platforms.

- Privacy and Security:

Hedera also provides the option to encrypt the content of messages sent via HCS, ensuring that sensitive data remains protected while still leveraging the transparency and trust of the Hedera network.

- Ease of Use and Cost Efficient:

The process of using HCS is very simple. Users only need to create a topic, send a message, and the system will ensure that the messages are processed in the correct order and safely. Costs are very low, making HCS affordable even for high-volume applications.

Tutorial on Using Hedera Consensus Service

Source: Hedera

To start using Hedera Consensus Service, here are the basic steps you can follow:

1. Create Topic: The first step is to create a topic for your application. This topic will manage message flow for a specific application, such as a marketplace where people can bid on products.

2. Send message: When an event occurs (for example, an in-market bid), you can send an encrypted message to the created topic.

3. Order Process: Hedera mainnet will process all messages and arrange them in the correct consensus order. Next, the message will be sent to the application for further processing.

4. Message Audit: If necessary, you can audit the messages that have been sent, along with proof of status to ensure that the messages have not been manipulated.

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Conclusion

Hedera Consensus Service (HCS) offers a much-needed solution for a wide range of decentralized applications. This service operates with an emphasis on speed, security and low costs. 

With its advantages, HCS allows developers to build applications that are more efficient and affordable. This can be done without having to sacrifice data integrity or transparency.

This is a review of the Hedera Consensus Service that Bittime has summarized. Keep following the latest articles from Bittime to find out about other crypto technologies, okay?

FAQ About Hedera

What is Hedera Hashgraph?

Hedera Hashgraph is a public distributed ledger network that can support the next generation of internet applications. This network differs from other DLT platforms in terms of scalability, security, and stability.

What Services Does Hedera Offer Developers?

Hedera offers developers the ability to utilize the following services: Hedera Token Services, Hedera Smart Contracts, and Hedera Consensus Services.

How is HBAR used in the Hedera network?

Hedera's native token, “HBAR”, has two important purposes:

• To secure the network from cyber attacks through the Hedera coin proof-of-stake consensus mechanism.
• It becomes the “fuel” that incentivizes and pays for the computing resources needed to make it all work.

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Reference 

Hedera Hashgraph, Ivy Consensus Service, accessed December 16, 2024.

Medium, Akun Medium Thomas Cherickal, accessed December 16, 2024.

Author: Y