Crypto Academy Season 2 Week 8 Homework Post for (@pelon53) - Hashgraph Technology

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As the world progresses, the demand for privacy and user control has become very thin because of harassments from central governing bodies, hackers and other external factors until about a decade ago, bitcoin came into the seen promising what the archaic networks could not offer and ever since, this has forced others to take the difficult challenge to change things. Even with bitcoins blockchain which is secured, there has been some misunderstanding which have led to the creation of forks and the generation of altcoins came into play promising something more than their predecessors.

Just like any other movement, there had to be sacrifices made for decentralization networks to be born from bitcoin's Proof of Work(PoW) to Ethereum's Proof of Stake(PoS) to Hedera Hashgraph's Gossip Protocol. Hashgraph offers it own token HBAR, which is listed on the world leading exchanges Binance and several other crypto exchanges and has a very powerful governing body from the world leading enterprises.

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

Image from eccouncil

To be faster and scalable at the same time secured, Hashgraph employs the Gossip protocol. With the gossip protocol, let take for example 1, 2, 3, 4, 5 as the nodes. 1 communicates to 4 - 4 communicate the self same thing to 2 until all the nodes repeatedly communicates the same information to each other till it is registered on all the nodes and a transaction goes through as presenting it self as some sort of acyclic graph happening in hashes hence the name Hashgraph. The communications which is known as events are registered on the hashgraph have these element thus, Timestamp, double hash, Vitual signature, and Transactions which makes hashgraph super reliable, faster and scalable than other blockchain being able to transact 10,000TPS.

2. Explain Tolerance to Byzantine Faults in Hashgraph.

Once in a while, there can be bad nuts among the good but how do we really know who is telling the truth and who is lying about the fact and how long are we going to wait on this to confirm every bit of information before transaction is processed. Tolerance to Byzantine Faults can be compared to the voting process in our individual countries thus if the majority agree to an event, a consensus is reached and a transaction verified owing to the fact the the majority which is 2/3 gets the vote.

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3. Compare Hashgraph to Blockchain. Which can be utilized for election.

• Transaction Speed

Following the gossip protocol makes hashgraph events more faster which 10,000TPS as compared to Bitcoins 7TPS and Etheruems 12TPS. You know voting process is time bound and we cannot wait forever before we reach a consensus which is why I prefer Hashgraph in this regards.

• Efficiency

Hashgraph does not employ to the Proof of Work algorithm where miners have to spend solves complex math quizs before a block can be created and when more than one is blocks is created, one has to be forgone before the other can be verified. this is why hasgraph is more efficient as all event on the node is kept.

• Transaction Fee
  comparing Hashgraphs 0.00017 KWH transaction fee to Bitcoins 885KWH for transaction. With this, we can see that blockain can be very expensive than Hashgraph.

• Security
  Hashgraph can be hard to hack because it become very difficult to predict the node interaction with each other.

Hashgraph Technology As My Preference
Having considered all of this, I think going with Hashgraph will be better though it also present it own challenges. Bitcoin have stand the test of time for a decade whiles hashgraph is pretty new in the system and needs to grow through the system before some shortcomings can be prevail but that does not always mean new things are not worth the investment.

With regards to elections, we will need something which is more scalable, faster, secured, smart, and cheap this is why I prefer hashgraph technology over blockchain

4. Explore Hedera Hashgraph (show screenshots.)

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Unlike other decentralized platforms, Hedera Hashgraph is not opensource meaning they only have access to the platform but a recent news indicates that provisions are being made to make it opensource. The network is very fast as compared to other blockchain platforms; it is also scalable, secured and efficient and was by founded Dr. Leemon Baird and Mance Harmon with a native token HBAR which is currently selling at $0.2253 on coinmarketcap and ranking #50 on the market.

screenshot from coinmarketcap

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All images below where captured from Hedera.com

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• Open your browser and search for https://hedera.com/

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• This home page
  

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• Network
  
  This shows you all the services offered on the network.

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• Devs
  
  You can find tools and resources on the network here.

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• Use cases
  
  Here you get to understand vital informations on payment options, fruad, and every other thing built on the network.

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• HBAR
  
  Read about HBAR, how to create an account and the wallets and exchanges it supports

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• Governance
  
  Know the leading enterprises and people who form the governing body

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• About
  
  All the info you need to know about hedera can be found here

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• Scroll down on the home page to get here: Public network for all
  

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• This information compares of HBAR to BTC and ETH, the TPS, Fees and Scalability.
  

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• A ledger on Network Metric

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Conclusion

From this lecture, I understand that Hedera is a revolutionary decentralized network and can takeover major blockchains with all the good it offers. I personally think it has a bright future.

cc: @pelon53