Hyperledger of the Linux Foundation is something you will imminently stumble upon when you follow blockchain conferences and news. Hyperledger initiative is not as straight forward to understand as Bitcoin or Ethereum are. However, if you could get your head around it, you’ll find some exciting projects for non-currency, industrial blockchain applications.
The Linux Foundation’s Hyperledger Project (Hyperledger)
The world’s most top developers and companies choose the Linux Foundation to build ecosystems that stimulate open technology development as well as commercial adoption.
Mostly from corporates, fund this project via membership fees. It offers its members conformity, counseling, training, events, networking and webinars.
Among its other projects, the Linux Foundation runs the Hyperledger Project.
What is Hyperledger?
Hyperledger is an open source collective effort initiated for the betterment of cross-industry blockchain technologies. As mentioned before, it is hosted by The Linux Foundation, and the leaders in finance, banking, internet of things, supply chains, manufacturing, and technology join forces to make it happen.
What is it not: It’s neither a company, nor a cryptocurrency, nor a blockchain. Rather it is more of a hub for open industrial blockchain development.
Why Create Hyperledger?
The Web itself has a technology which promises an extensive and more fundamental revolution than blockchain technology. A blockchain is a P2P distributed ledger forged by consent, joined with a system for “smart contracts” and other useful technologies. Together they help in building a new genesis of transactional functions. While conducting business processes and legal constraints, these functions establish trust, accountability, and transparency at the core.
It acts as an operating system for marketplaces, data-sharing networks, micro-currencies, and decentralized digital communities. It has the potential to vastly lessen the expense and complications in getting things done in the real world.
Only an open source, collaborative software development approach can make sure the transparency, durability, interconnected operability and support required to bring forward blockchain technologies to the prevailing commercial adoption. That is what Hyperledger is all about – communities of software developers designing blockchain foundations and platforms.
The project aspires to collaborate many independent efforts to advance open protocols and standards. This is possible by providing a modular framework that acts as a backbone to different components for various uses. This includes various blockchains with their own consent and storage models, and services for identity, access control, and contracts.
Who funds the project?
Companies who are corporate members of The Linux Foundation can only be members of the Hyperledger project. There are three types of members: premier members, general members, and associate members. However, their fee varies:
- Premier members pay $250k/year
- General members pay $5k-$50k per annum based on the census of the organization
- Associate members (pre-approved non-profits, open source projects, and government organizations)