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

Introduction to Hashgraph

Blockchain technology is widely regarded as one of our generation's most significant advancements and inventions. Still, some businesses haven't found out how to make use of this technology. As a result, companies continue to overlook blockchain technology. Although blockchains are a fantastic piece of technology, they are not without flaws. As a result of these drawbacks, blockchain-based technologies have emerged as viable alternatives.

Hashgraph technology is one of the alternative blockchain technologies.

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Hashgraph technology is an updated distributed ledger technology that has entered the crypto ecosystem to drive innovation that exceeds the bulk of cryptocurrencies' early distributed ledger system (blockchain).

Hashgraph Technology attempts to improve network transaction efficiency by combining high scalability with the capacity to securely process large numbers of transactions per second.

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

Different algorithms are used in blockchain technology; Bitcoin, the mother of all cryptocurrency, utilizes the Proof-Of-Work algorithm, while Ethereum, the second largest cryptocurrency by market capitalization, has switched from Proof-Of-Work to Proof-Of-Stake.
The Gossip Protocol is employed in the case of Hashgraph.

The Gossip Protocol, which is utilized in Hashgraph technology, is a protocol that allows network nodes to share and disclose information with each other rapidly and reliably.

Gossip refers to rumors, or the spreading of knowledge more quickly by passing it about. The gossip protocol is similar to rumors in that it allows a system node to communicate data to other nodes at random in order to reach a consensus. All available information on

Furthermore, the Gossip protocol used in Hashgraph technology not only sends data from one node to another, but it also sends data in detail, highlighting all nodes already involved in the data, such as what they were doing before the data arrived, the time the data arrived at other nodes, the nodes' interactions with the data, and so on. As a result, nodes are always chatting about gossip in order to reach consensus faster than blockchain technology permits..

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Type of Gossip Protocol

Protocol for broadcasting This sort of protocol is a sort of information that functions under a group or multicast communication system for the distribution of messages.

Multicast communication*: the information in this group is not always consistent.

Group communication: in group communication, the peer network nodes are in constant contact.

Aggression protocol: In this sort of protocol, peer network nodes receive and process data before transmitting a summary of that data to other nodes on the network. This method of data distribution keeps track of all information that has been processed. Distributed data mining is a term often used in distributed ledger technology to describe this process.

Highlights of Gossip Protocol used in Hashgraph

• Unlike Proof-Of-Work, where the first block reward is granted to the miner who solves the computational challenge first, the Gossip protocol validation process is fair because all nodes are involved in the process.

• The Gossip protocol, which can process up to 10,000 transactions per second almost instantaneously, makes transactions on the Hashgraph network faster, safer, and more secure.

• A Gossip packet transports all transaction data from one node to another, including the details of nodes that participated earlier and the time of contact.

2. Explain Tolerance to Byzantine Faults in Hashgraph

Before I go any further, I'd like to discuss Byzantine Faults. It occurs when a node in a distributed network fails without the failure being noticed by other nodes in the network.

Hashgraph is Asynchronous Byzantine Faults Tolerant, which means that transactions are only validated when nodes in a distributed network reach consensus, and so transaction validation can be shown mathematically.

There are a few things to know about the Asynchronous Byzantine Faults Tolerant, and they are as follows:

• It would be possible to strike an agreement.

• After then, the network will be informed of the agreed consensus.

• After that, it will be mathematically shown that all nodes in the network will reach the same conclusion.

• After the consensus has been obtained, the transaction is validated.

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

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The performance of Hashgraph and Blockchain will be compared in the following areas: scalability, speed, safety, security, and overall efficiency.

Scalability: Because transactions on the network are not delayed, Hashgraph is more scalable than blockchain. On the blockchain, transactions are often dependant on the labor of miners, which might cause a transaction to be delayed.

Speed: When comparing the Hashgraph and the Blockchain, the Hashgraph is found to be quicker, with 10,000 TPS and no delays in transaction approval, whilst the Blockchain has a significantly lower figure. This is because the gossip protocol is much faster than the PoW or PoS protocols due to the approach utilized in both cases.

Safely: Hashgraph using the Gossip protocol is more secure than blockchain since transaction records are broadcast in their whole to all nodes in the system, preventing malicious nodes from modifying transactions and allowing a consensus to be established to validate them.

overall efficiency: starting at the beginning, we may infer that Hashgraph is more efficient than Blockchain, and all of the preceding statements are mathematically confirmed, confirming Hashgraph's superiority.

Hashgraph technology adoption for Voting in my Country and Why.

Because the Hashgraph technology has a virtual voting component, I would like to use it for the voting process in my nation (Nigeria).
In Hashgraph technology, virtual voting is done in such a way that all nodes in the network are aware of who voted and for what in order to establish a consensus on a transaction.
In Nigeria, which has a population of over 200 million people, adopting the Hashgraph Virtual Voting algorithm as the voting algorithm has made the voting process more fair because anyone can participate, with all of the system's nodes transferring all of the data from one vote to another in the process of validating the process.

4. Explore Hedera Hashgraph. Show screenshots.

• From my phone's browser, I go to the official Hedera.

• Toggle between the three horizontal lines at the top of the page. And the following options will appear: Network, Development, Use Cases, HBAR, Governance, and About.

Network

This option includes Token service options that allow users to create their own fungible and non-fungible tokens in the native Hedera network without having to employ smart contracts. Developers can utilize the Hedera Consensus Service API to check the timestamping and ordering of any event for use in any permissioned blockchain or application, and there is another alternative called Consensus Service.

DEVS

Many choices are available in the DEVS, including:

Tools: this includes sub-options as well;

• DOC- This file contains all of Hedera Hashgraph's extensive information.

• Hedera SDK- this program teaches the Hedera API in a variety of languages.

ResourcesUsers can use this feature to connect their existing application or permissioned blockchain framework to the Hedera network.

• Fees- FEES- displays the governing council's fee schedules; this may be useful for developers who want to know how much it costs to join the Hedera network.

• Open source—displayed the codes as well as network updates on the network. You will be directed to the Github site to view all updates.

USE CASES

Payments, tokenized assets, fraud mitigation, identification, data compliance, and permissioned blockchain (which allows users to create private ledgers with public trust) are just a few of the options in this section.

HBAR

This portion of the Hedera Hashgraph native token HBAR contains a variety of choices, including:

• Overwiev - this provides information about the HBAR coin.

• Account Creation: Users can use a third-party wallet to create a Hedera mainnet account.

• Wallets & Exchanges- this option showed all of the wallets and exchanges that accept the HBAR coin.

GOVERNING COUNCIL

This section covers information about Hedera Hashgraph's governing council, which is made up of 39 term-limited members who represent diverse organizations and enterprises to form 11 sectors with other non-profit organizations around the world, according to the website. The job of the Hedera Hashgraph governing council is to make decisions on a regular basis in order to keep the network stable and to make improvements as needed to strengthen it.

ABOUT

On Hedera Hashgraph, this section includes options such as Team, Journey, Roadmap, User Group, Careers, Media, Press, News, Blog, and Papers. In terms of the link title, each of the aforementioned links gives the information that a user is looking for.

Look at the Hedera team in the pictures below.

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From the above screenshoot, HBAR was compare with BTC and ETH in term of average transaction charge, the time it took to confirm the transaction, and the energy consumed are all factors to consider.

No	HBAR	BTC	ETH
Transaction per second	10,000+ TPS	3+ TPS	12+ TPS
Transaction fee	$0.0001	$22.57	$19.55
Confirmation time	3-5 seconds	10-60 minutes	10-20 seconds
Energy consumption per transaction	0.001 KWH	250 KWH	55 KWH

Conclusion

Hashgraph is an excellent addition to the crypto world because it tries to fix a few issues in existing blockchains and has been shown to be faster, safer, and more secure than blockchain. During my investigation into Hedera Hashgraph, I learned that an existing permissioned blockchain might be integrated into Hedera Hashgraph, the only allowed Hashgraph technology at the moment.
I'd want to express my gratitude to Professor @pelon53 for his excellent presentation.