Project overview

The Hedera hashgraph platform provides a new form of distributed consensus; a way for people who don’t know or trust each other to securely collaborate and transact online without the need for a trusted intermediary. The platform is lightning fast, secure, and fair, and, unlike some blockchain-based platforms, doesn’t require compute-heavy proof-of-work. Hedera enables and empowers developers to build an entirely new class of distributed applications never before possible.

Using a gossip protocol, nodes efficiently and rapidly exchange data with other nodes in the community. This automatically builds a hashgraph data structure using the novel “gossip about gossip” protocol. This data structure is cryptographically secure and contains the history of communication in a community. Using this as an input, nodes run the same virtual-voting consensus algorithm as other nodes. The community reaches consensus on the order and timestamp without any further communication over the internet. Each event is digitally signed by its creator.

Token model

The Hedera hashgraph network will have a native cryptocurrency, which is a utility token that grants token holders access to distributed applications on the platform. The token may also be “staked” and used to run a node (for example, adding CPU to the Hedera public network), thereby providing the network security within the public ledger. The Hedera team expects the token to act as a unit of value to motivate responsible use and governance of the platform.



The Hedera Hashgraph whitepaper is extremely extensive and covers in detail all the different features and intricacies of the Hashgraph. It however lacks certain useful information like a precise section on the token model, the token sale metrics and the roadmap.


Dr. Leemon Baird – Co-Founder, CTO, and Chief Scientist

Leemon is the inventor of the hashgraph distributed consensus algorithm, and is the Co-Founder, CTO, and Chief Scientist of Hedera. With over 20 years of technology and startup experience, he has held positions as a Professor of Computer Science at the Air Force Academy and as a senior scientist in several labs. He has been the Co-Founder of several startups, including two identity-related startups, both of which were acquired. Leemon received his PhD in Computer Science from Carnegie Mellon University, and has multiple patents and publications in peer-reviewed journals and conferences in computer security, machine learning, and mathematics.

Mance Harmon – Co-Founder and CEO

Mance is an experienced technology executive and entrepreneur with more than 20 years of strategic leadership experience in multi-national corporations, government agencies, and high-tech startups, and is Co-Founder and CEO of Hedera Hashgraph. His prior experience includes serving as the Head of Architecture and Labs at Ping Identity, Founder / CEO of two tech startups, the senior executive for product security at a $1.7B revenue organization, Program Manager for a very-large scale software program for the Missile Defense Agency, the Course Director for Cybersecurity at US Air Force Academy, and research scientist in Machine Learning at Wright Laboratory. Mance received a MS in Computer Science from the University of Massachusetts and a BS in Computer Science from Mississippi State University.

Tom Trowbridge – President

Tom started and ran the New York office for UK-based Odey Asset Management, and is the President of Hedera Hashgraph. Before Odey, he held various positions at Lombard Odier, Atticus Capital, and Goldman Sachs. He began his career in 1996 as an investment banker in the telecom group at Bear, Stearns & Co., and subsequently spent three and a half years at the private equity firm Alta Communications, where he executed 10 deals in technology, telecom, and media and served on two boards. Tom has a BA from Yale University, and an MBA from Columbia University, where he was a member of Beta Gamma Sigma.

Patrick Harding – Senior Vice-President, Product

Patrick has more than 25 years of distributed computing, cyber-security, and digital identity experience, and is the Senior Vice-President of Product of Hedera Hashgraph. Most recently as CTO for Ping Identity (acquired by Vista Equity), he was a key member of the executive team and was responsible for establishing the product and technology strategy. At different points in time he led the CTO Office, Product Management, PingLabs, Standards, M&A, and Security. Prior to Ping, he was a Vice-President and Security Architect at Fidelity Investments, where he guided the strategic alignment of identity management and cyber-security technologies with the goals of the business. Prior to Fidelity, he was a Senior Manager with PricewaterhouseCoopers, where he built their Internet Security Practice in Australia. Patrick holds a BSc in Computer Science from the University of New South Wales in Sydney, Australia.



The Hedera team has not released a roadmap yet.


ICO terms

Hedera is not conducting an ICO and they will not have a token until the network launches. They are instead doing an SAFT (Simple Agreement for Future Tokens).

The SAFT sale will end when they have raised 20M USD or on August 15th, 2018, whichever comes first.

Ticker: no info
Token type: Own wallet
SAFT Token Price: 1 SAFT = 0.12 USD  / 1 SAFT = 0.096 USD
Hardcap: 120,000,000 USD
Sold in pre-sale: 100,000,000 USD
Min/Max Personal Cap: 1,000 USD / 250,000 USD
Accepts: USD and BTC

Two options are available, with different prices and token release schedules.

Option A: $0.12 per token. 20% of tokens to be issued as soon as practicable six months after the network launch, with an additional 10% of tokens per month over the subsequent 8 months.

Option B: $0.096 per token. 20% of tokens to be issued as soon as practicable six months after the network launch, with an additional 20% of tokens per year over the subsequent 4 years.


Community hype

Telegram: 39,931 members

Twitter: 27,054 followers

Reddit: 5,750 subscribers



  • Hedera has already raised 100M USD from institutional investors. This shows that there is a lot of interest in this project.
  • Their hashgraph can handle 250,000 transactions per second.
  • The Hedera platform will support smart contracts written in Solidity, which will allow anyone already working with Ethereum to easily switch to Hedera.


Red flags

  • Since Hedera is leveraging an untested type of DLT and did not open-source its development, attack vectors may be discovered after the launch of the platform and affect its ecosystem.
  • The Hedera governance is not decentralized. All decisions are made by the Hedera Hashgraph Council which is governed by 39 entreprises and organizations.
  • A lot of useful information are missing, i.e the roadmap, the token metrics and the members of the Hedera Hashgraph Council.


Hedera hashgraph Ratings

Team 9/10:

 The team behind Hedera is extremely solid. Not only are they all experienced in entrepreneurship, they all have impressive curriculums. They all also backed by many notable investors.

Token model 8.25/10:

The Hedera token model is simple but effective for a blockchain platform. The staking will give an incentive for users to hold tokens in the long run.

Token distribution 0/10:

The token distribution is very centralized. There is no community reward like an airdrop, bounty campaign, etc. Also, $100,000,000 of their token sale has been sold to private and institutional investors.

State of the project 5/10:

According to Hedera’s FAQ, the platform is scheduled to launch in the upcoming month. There is however no roadmap available so it’s impossible to see if they’re on schedule or not.

Market 7.6/10:

The ICO market has boomed in the past year and there is definitely room in the market for different smart contract platforms. However, it will be hard to attract developers from Ethereum.

ICON score: 6/10



At Icon Partners, we consider Hedera Hashgraph to be a very promising project. Their new method of distributed consensus is innovative and solves the scalability that most other smart contract platforms have. Additionally, their team is impressive and can definitely deliver on all the features described in their whitepaper. However, their token distribution is very centralized and the governance of the Hashgraph is only decided by the 39 members of their Council. Finally, it is important to note that Hedera’s rating will be increased once/if they release information about their token metrics and roadmap.

We encourage you to do your own research and come to your own conclusions when investing in an ICO. All the information in this review are either facts or ICON Partners’ opinions and should not be used as investment advice.









P.S. Sign here for our weekly ICO review!

This document is intended for informational purposes only. The views expressed in this document are not, and should not be construed as, investment advice or recommendations.