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

Good day follow steemains and I welcome to once my homework for today which is on a Lecture delivered by Prof @pelon53 of the department of crypto academy. The Lecture is on a very interesting and fascinating topic on HASHGRAPH TECHNOLOGY. The homework task is on the following:-

1. Explain in detail the Gossip protocol, used in Hashgraph.

2. Explain Tolerance to Byzantine Faults in Hashgraph.

3. Make a comparison between Hashgraph Vs Blockchain, for a voting process in your country. Which technology would you choose? Why?

4. Explore Hedera Hashgraph link show screenshots.

But before I start my homework, am going to explain what real is HASHGRAPH and what it's all about. Thank you as you read through.

WHAT IS HASHGRAPH TECHNOLOGY

Hashgraph technology can be said to be an advanced distributed ledger with the capacity to utilize the Direct Acyclic Graphs(DAG) to create an asynchronous Byzantine Fault-Tolerant (aBFT) consensus algorithm. We can also describe Hashgraph technology as a revolutionize blockchain technology with more advanced in fairness, transaction speed, lower cost and energy, also equip with advance security features.

Hashgraph utilize a consensus protocol called Gossip protocol which depends on virtual voting. The HASHGRAPH Technology does not use the miners to validation transactions like Blockchain Technology, it uses a fascinating Gossip protocol for validating transactions. It's remains the only ledger use by Hedera Hashgraph, which has it'snative currency as Hedera Hashgraph, with HBAR as it's symbol

** Explain in detail the Gossip protocol, used in Hashgraph**

The Gossip protocol, is a protocol which Hashgraph technology use to validate transaction processes more efficient and with speed. It give the nodes the authority to transfer and share information among all set of nodes that is connected to the same network, with the intention of distributing data throughout the whole system, and with the ambition of achieving consensus when validating transaction on the network. This are done so that it will maintain a very high secure and cryptographically reliable data entity on the network.

The Gossip protocol, replicate information to all other nodes when certain point has been achieved on the Hashgraph network through gossip. This will make all nodes to be able to validate and process information, and also with the knowledge and the details of the operation done. This process make sure its faster, secured and more efficient validation, and it's far more better than the Proof of Work (PoW) and Proof of Stake (PoS) consensus algorithm. It also has the ability not just to send data from node to node but can send data with a complete detailed record such as date, time of approval, and digital signature generator of the operation.

The Gossip protocol operate based on communication with intentions of making distributing information on transactions very quick and reliable. This transmits operation of data to all nodes in the distributed network in seconds and therefore can perform than 10,000 transactions in a second. This is a huge improvement in Scalability when you compared it to blockchain technology. It remains one of the outstanding features of Gossip Protocol which use by Hashgraph technology.

Explain Tolerance to Byzantine Faults in Hashgraph

The Tolerance to Byzantine Fault in Hashgraph is Asynchronous Tolerance (aBFT) and it is a of BFT that ensures security of data stored in the network. It ensures and prevents any kind of malicious act from actors, like modifying or manipulating the information for selfish interest. The Hashgraph are built with Asynchronous Byzantine Faults Tolerance, which to said that transactions are validated when nodes in the network are at consensus. The aBFT ensures that no member can prevent the community from achieving consensus, and when consensus is achieved, there will be no reverse.

For Hashgraph been Asynchronous Byzantine Tolerant, which means that once a majority 2/3nodes of the network is valid then the nodes will achieve consensus on transaction and also if minority 1/3 nodes of the network, This will be seen as malicious or invalid and the system will also reach consensus on that transaction as malicious.

The aBTF in Hashgraph help to reach the following:-

1. It ensure that when a consensus is reached all member will know that consensus has reached

2. The information of the consensus reached will be available in the network for all members

3. A transaction can only be validated only after a consensus has reached in the network.

4. Consensus are mathematically prove, this makes all nodes in the network achieve same consensus.

Make a comparison between Hashgraph Vs Blockchain, for a voting process in your country. Which technology would you choose? Why

There a number of way that Hashgraph and Blockchain can be compared, but I will be going with this important ones which are l below:-

• Security
• Transaction Validation
• Scalability
• Speed
• Approach
• Efficiency

SECURITY

Blockchain and Hashgraph are both of strong security. Blockchain on it own uses a cryptographic method to achieve the security for the data that is stored and is transmitted on it's network,and the digital blocks are tamper-proof, this makes that malicious actors wont be able to alter data on the network. Hashgraph technology on its own utilities Asynchronous Byzantine Fault Tolerance (aBFT) to ensure that data on the network from malicious actors, on events recorded correctly, and this ensures that no data can be tampered even if the network is under attacks of malicious actors.

TRANSACTION VALIDATION

The Hashgraph transaction validation is on per consensus, with it's Virtual voting and Gossip, ensuring that consensus is reached by majority. In Blockchain, the miners validate or postpone a transaction and also has the power to cancel transaction.

SCALABILITY

Hashgraph perform more scalable transaction, because transactions on the network are not delayed and don't depends on the miners for validation. Blockchain transactions depends on work of the miners and this will cause it to delay.

SPEED

Hashgraph have the speed ability to perform 500,000 transactions per second without delay because of the use of Gossip Protocol. Blockchain transaction speed is slower to that of Hashgraph, it also based on the consensus algorithm in use by that network. Some Blockchains using Proof of Work(PoW) and Proof of Stake (PoS).

APPROACH

Hashgraph uses the Directed Acyclic Graph(DAG) for storing and retrieving data on the network. In it distributed ledger, all nodes will have it's own copy of the ledger, and this is one of the unique features of HASHGRAPH and it make it a complete decentralized system. Blockchain on it own, stores data in blocks which are in a linear arrangement, this approach though works fine but it not really the blockchain solutions.

EFFICIENCY

The Hashgraph has efficient of 100%, which is mainly because of its approach and depends not on block creation, but events. While Blockchain’s block creation makes it difficult for miners to work on a block and causes it be less efficient.

Hashgraph technology for Voting in my Country NIGERIA, Why I chose it?

Nigeria with a population of over 200 million, and with the high problem of electoral malpractice in Nigeria. I will chose Hashgraph and my reasons are as follows

Hashgraph is 100% virtual voting technology that can't be manipulated, and this virtual Voting are in such a way all nodes in the network knows each node which has voted with all details of that vote, this helps it to reach a consensus transaction. Adopting the Hashgraph Virtual Voting as the voting system Nigeria, the process of voting will be free of manipulation and each individuals will have the right to vote, because every nodes are sending the data of a vote to another node in the a bid to validate the each vote, therefore make it impossible for irregularities.

It will compile all votes after completing the process and correct data from all nodes in the network to achieve a consensus, which will be automatic, therefore it will now be more easier, secured and faster and efficient. The nodes will reach a consensus after the voting a valid election result will be produce, which is base on majority of nodes and a winner will be declared.

Explore Hedera Hashgraph. Show screenshots

Hedera Hashgraph is a network that provides a platform for individuals and business owners to create sophisticated DApps. It's platform are highly efficient and fair, and also helps to reduce the limitations of existing blockchains. It's native digital assets is Hedera Hashgraph and it symbol is HBAR.

Now let me explore Hedera Hashgraph, which you have to visit the Hedera HASHGRAPH home page at www.hedera.com/ with your browser. Am going to use a mobile, now you click on go after you have enter the web address on your browser.

Now you click on the menu icon at the top right

A pops window with the following features such as:-

• Network
• Devs
• Use Cases
• HBAR
• Governance
• About

NETWORK

As you click on the network icon, it open are has various options such as:-

1. Token Service: It's where you have the privilege to mint and configure tokens and also manage native fungible and non-fungible tokens, and without smart contract
2. Consensus Service: It provide you for a Verifiable timestamps and ordering for events of any application and permissioned blockchain framework.

DEVS

The DEVS mean has the feature and options such as:-

1. TOOLING

*DOC:- This is where all documents about Hedera Hashgraph are stored

• HEDERA SDK: This houses the Hedera API which is in different languages

2 RESOURCES

• INTEGRATION : It give you the privilege to integrate your existing application and also permissioned blockchain framework into the Hedera network.
• FEES:- This is where the fee schedules as decided by the governing council is displayed, as a developers you can use it to know the fees of integrating into the Hedera network.
• OPEN SOURCE:- This is where you know some things about Hedera Hashgraph on github.
• LEARNING CENTER: This is where you learn about Hedera Hashgraph.

USE CASES

The USER CASE is with features such as:-

• PAYMENTS: It can help to reduce cost and also open new revenue.
• TOKENIZED ASSETS: Provide you the ability to Manage and swap assets.
• FRAUD MITIGATION: It reduce costs and also help to protects users.
• IDENTITY: It ensure that the lifecycle of credentials are maintain.
• DATA COMPLIANCE: It's Log and publicly verify actions.
• PERMISSIONED BLOCKCHAIN: It give you the opportunity to Create private ledger with public trust.

HBAR

It is the native token of Hedera Hashgraph and its value to be $ 0.223 and ranks 53rd, with ba market capitalization of $1,912,645,936.38

The HBAR have features such as:-

• OVERVIEW- It give users the overwiew about the cryptocurrency
• ACCOUNT CREATION- This is where users creates new Hedera mainnet account.
• WALLETS & EXCHANGES- This is where you will find out all the available wallets and exchanges that supports the HBAR cryptocurrency.

GOVERNING COUNCIL

This is the section of the governing council and gives you every details about the governing council of Hedera Hashgraph. There duty of the council is to make decisions ton improving the stability of Hedera Hashgraph and make necessary changes with time to better the network.

Below are the Hedera Governing councils

ABOUT

The about section has many options such as
*Team The management team
*Journey

• Roadmap the road map of HEDERA Hashgraph
• User Group
• Careers for careers
• Media This place is for medias
• Press for press releases
• News for News
• Blog The official blog
• Papers

Every of this options have a very important information about Hedera Hashgraph.

This Hedera management team, it will display when you click team

CONCLUSION

Hashgraph a more advanced technology in the crypto ecosystem, that utilities a virtual voting process, which help to make Hashgraph resolving inefficiency very easier than Blockchain. It has been more efficient, faster, safer and secured also much much than blockchain can offer. It will also be a wonderful idea to adapt it into electoral college, most specially in third world countries where there is a lot of election malpractice and manipulation which sometimes lead loss of lifes. Hashgraph has revolutionize Blockchain and will be dominating the cryptocurrency industry in the near future.

@pelon53, I appreciate you and also the Steemit management team for providing such an educative program.