Crypto Academy Week 16 | Homework Post for @pelon53 | Hashgraph Technology

I am so glad to read a bout the hashgraph technology. Prof. @pelon53 has so made the lectures well simplified and I really love to know that this kind of technology actually exists.
Below is my task.

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Source

1) Gossip Protocol Used In Hashgraph

Gossip protocol is a protocol used by Hedera Hashgraph that circulates information all around a network in a quick and efficient manner. This means that when a particular node (computer) has an information, it will transfer it to the next node, the next node now moves the information to another node until every node in the network gets the information they never knew before.

Let me further break it down. Take for example a network that consists of five nodes (computers), labeled Node A, Node B, Node C, Node D, and Node E.
Node A has a new information which the other nodes do not have, it will send all the information it has to Node B, Node B will now send everything it knows to Node C, Node C now propagates all the information it received to Node D, and Node D now relays all the information it received from other nodes to Node E.

That way, all the nodes in the network are well fed with every new information or update in the system. This complete transfer of information can also be called gossip about gossip.

This information or data transfer are not necessarily done in a sequential order. They are done randomly. Meaning that a particular computer or node can randomly pick any other node or computer, interact or talk with it about everything it knows that the other computer doesn’t know and vice versa. And before you know it, the whole network has reached a consensus.

Advantages of Gossip Protocol

• Speed: Propagation of information with the gossip protocol are very fast and robust.

• Scalability: The gossip protocol supports the Hedera Hasgraph technology, allowing it to efficiently process more than 10,000 transactions in one second. Wow, that is really massive compared to blockchain.

• Sturdiness: All the nodes have the same efficiency. Meaning that no one node is better in any regard than another node. Therefore if a single node stops functioning, it doesn’t slow or makes the other nodes any less efficient in their operation.

• Fault Toleration: Should for any reason a particular node gets disconnected, the peer-to-peer distribution of information still goes on very correctly, as if the node being removed was still present.

• Decentralization: Networks that employs the services of the gossip protocol gets the distribution of information done in a complete transparent, decentralized and autonomous manner.

Disadvantages Of Gossip Protocol

• When a particular node gets malicious, there is a tendency that of it modifying the correct information it received and replacing some of the information it received with erroneous information. The preceding node which receives these erroneous information will distribute it to the rest of the nodes in the network.

2) Tolerance to Byzantine Faults in Hashgraph

Byzantine fault tolerance is simply define as the scenario where a system doesn’t stop functioning despite the fact that a single node or several nodes in the system’s network are malfunctioning or acting maliciously.

But when it comes to applying Byzantine Faults Tolerance in Hashgraph, Asynchronous Byzantine Fault Tolerance makes the Hashgraph more faultless.
This is so because the Byzantine fault tolerance works base on assumptions. It assumes that a particular node or some nodes are honest in their timing of reaching a consensus. Even if 1/3 of the nodes in the network are opposing consensus by delaying the timing which a system should reach a consensus, the Byzantine Fault Tolerance is known for assuming that the active nodes are still honest.

But the Asynchronous Byzantine Fault Tolerance has overcome this challenge of fault tolerance which is timing. It eliminates assumption by allowing some of the messages to be lost or indefinitely delayed and allows only the honest messages from the honest nodes to get through.

3) Comparison between Hashgraph And Blockchain.

There are various differences between Blockchain and Hashgraphs.
Below are some of the significant differences between them.

Category	Hashgraph	Blockchain
Speed	Hashgraph can process more than 10,000 transactions in just a second	Blockchain are very slow compared to Hashgraph. Bitcoin network for example can only process maximum of 7 transaction only per second. Generally, Blockchain process 1 to 10,000 transactions per second.
Approach	Datas and information are stored in the acyclic graph storage	Datas and information are stored in blocks and in a linear manner.
Consensus Algorithm	Hashgraph in itself is also consensus algorithm. It utilizes virtual voting as a means of achieving consensus network.	Blockchain is popularly known to use the Proof-of-Work (PoW), Proof-of-Stake (PoS), Proof-of-Elapsed Time and few others as its algorithm.
Efficiency	Hashgraph, due to its acyclic graph storage approach is mostly 100% efficient	In the blockchain, blocks are linearly filled. A particular block has to be filled before another block. So in cases where two blocks gets filled at the same time, one block has to be decided and the other discarded. This linear approach makes it less than 100% efficient.
Fairness	When it comes to selecting transaction orders, hashgraph uses the consensus time stamping to ensure that users are not affected with the order of attending the user's transaction	Blockchain miners take transaction orders in a bit more unfair manner in that they chose which transaction they want to attend to and these miners might chose to even stop taking transaction orders any time.
Accessibility	Hedera Hashgraph can be private or public	Blockchain can be private, public or hybrid, depending on some factors.

I Adopt Hashgraph For Voting In My Country.

When it comes to voting, I will chose Hashgraph because of its scalability. How scalable a system is will always determine the other factors in a network. With the ability of hashgraph to process more than 10,000 transactions in just a second, it means when it comes to voting in Nigeria, citizens will vote with very less hassles or stress and also the voting will be transparent and the result of the voting will speedily be out without much delay.

Virtual voting allows the Hedera network to run a voting algorithm without necessarily having to send any voting messages. With just a little amount of bandwidth, the network can create honesty and transparency among the nodes.

4) Explore Hedera Hashgraph.

Before I begin answering question, lemme take a shallow dive into the market stat of Hedera native token known as HBAR.

As at the time of writing this post, HBAR is worth $0.236 each. Above is the screenshot the market stats of HBAR.

Here is the landing page of https://hedera.com. To explore more features, click on the three parallel lines at the top right corner. This are the options that will pop up;

• NETWORK

• DEVS

• USE CASES

• GOVERNANCE

• ABOUT

I am going to explore them one after the other.

The NETWORK contains the list of services Hedera offers and some salient information about how the Hedera works, explores and dashboard.

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One beautiful thing about Hedera is that users can create and mint their own fungible and non-fungible tokens. That can be done under the Network option.

Under the network, there is also consensus service which is for developers.

The next option is the DEVS which has some list of features about Hedera. As seen above, there is the TOOLING option which under it, there is DOCS which shows the core concepts and helps in the review of the Hedera API. Next after it is the HEDERA SDK which allows users to chose their favorite language.

Another sub option of the DEVS is the RESOURCES. Under the resources are the INTEGRATIONS, FEE charges for transactions, OPEN SOURCE which contributes to the Hedera improvement proposals and the LEARNING CENTER which teaches more about how hashgraph works.

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The next option is the USE CASES which contains the following information;
Payment, Tokenized assets, Fraud mitigation, Identity, Data Compliance, Permissioned blockchain Case studies, Enterprise, Healthcare and Gaming. All amazing features.

Another feature is the HBAR feature.
This feature has different sub-features like the;
Overview which allow users to learn more about the Hedera's native token, HBAR.
Account creation allows users to instantly create a new Hedera mainnet account.
Wallet & Exchanges allow user to find wallets and exchanged that supports Hedera token.

Next is the GOVERNANCE. This feature gives the complete breakdown about the governing council of Hedera Hashgraph. More information is on the screenshot.

The last feature is the ABOUT.
This feature summarizes all about Hedera Hashgraph.

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The Hedera wouldn't have come to lime light if not for this team.

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Conclusion

The Hedera Hashgraph if adopted by the world will revolutionize the world in ways blockchain cannot. The beauty of Hashgraph is the honesty and transparency each nodes in the network exhibits. I am happy to learn about this very technology.
Thanks to Prof. @pelon53