Crypto Academy Week 16 - Homework Post by @armstrongdiho

INTRODUCTION

Hashgraph technology is an advanced development which has a consensus protocol called the Gossip protocol that is based on virtual voting. It is characterized by high transaction speed, low cost and energy usage, with suitable security.

Therefore from this article, I will be explaining the below questions.

The Gossip protocol, used in Hashgraph

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In hashgraph, it uses a sequence called gossip protocol to send information between nodes. For instance, Armstrong have selected to send information to another member called Chibueze at random. Then Armstrong will now tell Chibueze all of the information he has gather so far. Armstrong will then repeats this information with a different random member like Manic. Chibueze will also do the same, and all other members will also do the same.

This Gossip will continue till all other members receive the newly information. Suppose Armstrong is received a new information, it will circulate very fast through the community, until all other members noticed it.

Hashgraph uses the gossip protocol to make transaction validation processes and to send information between network nodes. This gossip protocol make transactions and information to be more effective and quicker.The protocol gossip allows a transaction in just a few seconds to be executed by some nodes on the network. At the same time, it offers up to 10.000 transactions per second (TPS), which is a great advancement when compared to that of other crypto assets.

A gossip sync is an important feature that occurs when there is synchronization of information between two users via the gossip protocol. As such, with the help of Gossip protocol, once a certain point has been obtained, the information is being copied to all the other nodes of the Hashgraph network through the gossip protocol about gossip.

This Gossip will continue till all other members receive the newly created event. With this, a much quicker, protected and more efficient validation process is achieved, compared to that of the Proof of Work (PoW) Bitcoin uses.

Tolerance to Byzantine Faults in Hashgraph.

aBFT is an acronym for Byzantine Failure Asynchronous Tolerance. However, in Hashgraph, it's BFT is the type that allows secured data to be stored withe the network. And this effect is to avoid manipulation of information by the users. This entails that the honest members can be allowed to agree on the principles governing the consensus of a set of transactions.

Regardless of Hashgraph having this type of tolerance, does not mean that no single member can stop the community from decision making. This also enables Consensus can not be altered once the community reach the Consensus and each member must reach a certain level where they will be aware that they can have right during Consensus which makes it to have more speed. All these process are done asynchronously.

Some members can maliciously trying to stop that consensus regardless of the number of members planing things that could affect the Consensus negatively by delaying the transaction. Hence, the fault tolerance of the community Will eliminates negative corruption and delay transaction and allows some messages to be wipe off or indefinitely delayed, as such only the honest members message or information will be confirmed.

Hashgraph Vs Blockchain

SECURITY

Blockchain provide Secures data but can not be compare with that of the hashgraph which uses Asynchronous Byzantine Fault Tolerant consensus (aBFT).

EFFICIENCY

I could say the usefulness of Hashgraph is 100% because it depends on event instead of relying on block creation.

While in blockchain its efficiency is less because in Blockchain’s block is very difficulty for miners to work on a block.

TRANSACTION SPEED

Hedera Hashgraph is characterized by gossip protocol whih provide quick transaction speeds. Although it is achieved due to less information to propagate with more information taking place in the community. It can execute approximately up to 500,000 transactions per second.

While the blockchain is slower than the Hashgraph as it has speeds of approximately 100 to 10,000 transactions per second. transactions speed in blockchain is based on the the implementation of protocols like Hyperledger.

Consensus mechanism

Blockchain has various consensus algorithms in use like the Bitcoins uses the Proof-of-Work. So it all depend on the cryptography and currencies. Some uses Proof of Capacity, Proof-of-Stake etc.

While Hedera Hashgraph is characterized by the use of virtual voting to gain network consensus. It does not have any other algorithms.

Finally, Hashgraph is based on a patented which information and consensus algorithm which is owned by swirlds. It has concepts such as gossip about gossip and virtual voting which the is used to achieve quicker and protected transactions. So each new entry must pass through the swirlds.

However, Blockchain is known as an open source DLT that has many people providing support concerning the foundation of building cryptocurrencies and utility tokens.

Hashgraph technology for Voting in my Country-Nigeria, and Why I chose it.

For the voting process in my country, i would prefer Hashgraph technology because of the following

It's very rare to see free and fair voting process. And since Hashgraph is well known as virtual voting technology, and this virtual Voting is performed in a way, that the members of the community knows the members that has voted with more details information of the vote to reach a consensus.

Hence, with adopting the Hashgraph Virtual Voting to be the voting algorithm in Nigeria it makes the various process of voting to be simple as such will be a free and fair because each person will have the freedom of expression to participate in the election, having all the members of the system sending all the data of a vote to another member in the process of validating the process.

And immediately the voting exercise complete and Suppose 3/4 of the members are valid then a consensus would be reached and it execute then a winner will be crown as such avoid manipulation of votes because all votes were protected.

Explore Hedera Hashgraph. Show screenshots.

• visit https://hedera.com/ from a mobile browser, then click on the marked place and it takes you to the homepage of Hedera Hashgraph.

• And the features below will show
Then you have to click on each of them one respectively so as to explore it very well.
▪︎Network
▪︎Devs
▪︎Use Cases
▪︎HBAR
▪︎Governance and
▪︎About

• Click on NETWORK

When you click on network, it shows various options the following below,
Token Service:
Consensus Service:

• Click on DEVS

this option gives all you need to know about Hedera Hashgraph. And permits users to integrate their existing application into the Hedera network.

• Click on USE CASES

Has the following options;

PAYMENTS, TOKENIZED ASSETS, FRAUD MITIGATION IDENTITY, DATA COMPLIANCE
And PERMISSIONED BLOCKCHAIN:

• Click on HBAR

This is the native token(HBAR) of Hedera Hashgraph and HBAR has price value at the rate of $0.222 and market rank #51.

The HBAR section has these options;

• OVERVIEW- that give users details about the cryptocurrency
• ACCOUNT CREATION- and this section allow users to create new Hedera mainnet account.
• WALLETS & EXCHANGES- this entails users the available wallets and exchanges that supports the HBAR cryptocurrency.

• Click on GOVERNANCE

• Then click on ABOUT
Below are the Hedera team.

CONCLUSION

Hashgraph is really special but is not well known as such it really require a savvy person to be able to perform transaction on it. And Hashgraph has an important Consensus called gossip protocol that make transaction validate very fast and to send information between network members.
As such, Hashgraph should be adopted by some countries so as to use it in elections because it will prevent manipulation of votes.

Thank you for reading through

Cc; @pelon53.