Ping invests in Swirlds - a new generation of blockchain alternatives may break the "global single point of logout" dilemma

Rage Review : Ping Identity announced a seed round investment in Swirlds, and they are committed to jointly developing a distributed consensus platform that is superior to blockchain. The hash image distributed consensus platform has three main properties, namely fairness, distributed trust, and recoverability after denial of service attacks, so as to better serve the fields of identity authentication. Whether they can really solve the existing drawbacks of blockchain as they say, this may need to be confirmed by their future practice.

Translation: spring_zqy

Ping invests in Swirlds - a new generation of blockchain alternatives may break the "global single point of logout" dilemma

Ping Identity has announced a seed round investment in Swirlds, a new platform that leverages cloud processing without the need for servers, which could address some of the limitations of blockchain technology.

Swirlds, which builds the trust layer of the Internet, has quietly emerged recently and released its hashgraph distributed consensus platform, which is available for free download to the public and free for developers to use.

Swirlds Hash Graph is one step ahead of blockchain, providing new capabilities that are not possible with existing blockchain technology. Hash Graphs enforce fairness to meet the needs of matching buyers and sellers in auctions and stock markets. It has low latency, low cost, high push volume, high security, and does not require proof of work. Users can quickly receive absolute consensus results of their actions. Developers can fully utilize Java to create smart contracts, and then go beyond the contract to build a completely shared world. You can view the Swirlds Hash Graph Consensus Algorithm White Paper here.

Dr. Leemon Baird, founder and CEO of Swirlds, said:

“Current stock markets are fair in matching buyers and sellers, but they rely on trust in a company. Systems like Bitcoin spread trust, but do not ensure fair ordering of events. Swirlds provides the first distributed consensus platform that is both fair and distributed, while also providing high performance at scale.”

“Developers can build the next generation of ledgers, marketplaces, identity applications, games, cryptocurrencies, and social collaboration applications on the Swirlds platform. They can not only record events, but also build a shared world, enforce community rules, and execute smart contracts without the constraints of the scripting language, but at the full speed of Java. Swirlds inherently enables fairness and consensus by providing a trust layer, and ensures that transactions in these applications are efficient and reliable.”

Blockchain’s capabilities… and limitations

The potential of distributed consensus networks, such as blockchains, to help address the difficulties in establishing trust within peer-to-peer networks has been recognized. Bitcoin, a payment system built on blockchain technology, was originally developed to facilitate transactions in these new forms of distributed trust.

"The OpenID Foundation supports Ping Identity and Swirlds' plans to submit their DSM (Design Standards Manual) standardization systems so that their DSM software can be publicly reviewed as an early reference implementation,"

“Swirlds represents a major technological breakthrough that will transform the way distributed consensus communities function across a wide range of domains and use cases,” said Patrick Harding, CTO of Ping Identity. “The new identity standard we are developing solves some of the major problems that identity experts face in operating and verifying their exit systems.”

The blockchain distributed consensus algorithm can generate distributed trust, but it also faces a series of limitations. If the blockchain community members are not trustworthy, then a proof-of-work mechanism is needed to ensure that the community reaches a consensus. This is inefficient, takes a lot of time, and wastes a lot of resources. In addition, the blockchain does not provide reliable timestamps or receipt proofs.

“The real impact of blockchain is the inspiration it brings. Blockchain has drawn a circle for digital currency, and this circle is amazing. But the first generation of algorithms is not efficient enough and not practical enough for application,”

Steve Wilson

Steve Wilson, Vice President and Chief Analyst at Constellation Research, said:

“What the community needs is real research and development to solve these problems, rather than arbitrarily using blockchain algorithms to settle every solution to a difficult problem. This kind of collaboration between Swirlds and Ping Identity is very fresh, and their focus on R&D will greatly advance the development of identity authentication.”

The next generation of distributed consensus technology will enable global signature consent

Swirlds hash images are the next generation distributed consensus platform that offers significant advantages over existing systems like blockchain, CPU, or ledger-based systems because of its unique three key properties: fairness, distributed trust, and resilience after denial of service attacks, and it does not require inefficient proof of work. Potential use cases for Swirlds hash images are not limited to finance — they include cloud applications, supply chain logistics, social collaboration, and multiplayer gaming.

In identity management applications, Ping DSM, built on the Swirlds hash image platform, can reduce risk by enabling IT organizations to collect user signatures globally, such as employee terminals and in the case of lost or stolen devices. This unprecedented standard enables global logout for all active single sign-on and application links, regardless of the identity authentication protocol used. It can also generate an encrypted timestamp and receipt authentication to confirm that the instruction has been received.

Baird said:

“Swirlds is delighted to have the support of Ping Identity, a forward-thinking partner whose DSM system built on the Swirlds hashed image distributed consensus platform will give its customers unprecedented control over their identity systems. We look forward to working with Ping and their customers to help them adopt a fundamentally new set of identity standards.”