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 system that has entered the crypto ecosystem to accelerate innovation and outperform the majority of cryptocurrencies' early distributed ledger systems (blockchain).

By combining great scalability with the ability to safely execute huge numbers of transactions per second, Hashgraph Technology aims to improve network transaction efficiency.

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 is a protocol that allows network nodes to share and reveal information with each other rapidly and reliably. Hashgraph technology makes advantage of it.

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. To validate the transaction and reach a conclusion, all known data about a node's transaction is communicated to other nodes through Gossip packet.

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 constantly discussing rumors in order to reach a faster agreement than blockchain technology enables.

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Type of Gossip Protocol

Broadcast protocol This type of protocol are form of information that operates under operational system know as group or multicast communication for the dissemination of messages.

• Multicast communication: in this group the information is not always constant.

• Group communication: in the group communication the peer network node are always in continuous communication.

Aggression protocol: This type of protocol the peer network nodes receive and process information in order to transmit a summary of this information to the other nodes connected to the network. This information distribution method keeps track of all data that has been processed. This process is callee Distributed data mining which is a term that is commonly used in distributed ledger technology.

Benefits of Gossip Protocol

Scalability: The protocols used by Gossip are extremely scalable. This is due to the fact that information may be distributed at a very high level of efficiency.

Decentralization: The protocols used by Gossip disseminate information in a completely decentralized and independent manner.

Reliability: All nodes in the Gossip Protocol work in the same way and have no particular or distinct functions. As a result, if one or more nodes fail, the functionality of the remaining nodes in the network for information distribution will not be affected or interrupted.

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:

• There would be 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.

Hashgraph is an asynchronous Byzantine Tolerant network, which indicates that the nodes will agree on a transaction if 2/3 of the network's nodes are legitimate. In other words, if less than 1/3 of the nodes in the network are invalid, the system will reach a consensus.

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

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.

Security: The Hashgraph Protocol is noted for its strong crypto asset security due to transaction speed, which decreases harmful assaults by letting more larger nodes to get data at a later time, making it more difficult to change. Despite the fact that great security is still guaranteed, it is commonly seen as being contained within the blockchain.

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
Furthermore, implementing this virtual vote in my nation will improve the post-election experience of examining votes for days, which makes all parties apprehensive. Because the Hashgraph can approve 10,000 votes per second, 600,000 votes might be certified and approved in less than 60 seconds. This will speed up the publication of findings, but I believe that this is more about decency, belief, and inclusivity for all members than it is about speeding up the technique.

4. Explore Hedera Hashgraph. Show screenshots.

Hedera Hashgraph employs Hashgraph technology, which is Asynchronous Byzantine Faults Tolerant and capable of establishing consensus while only 1/3 of a network's nodes are invalid.

Before going to the Hedera official website, I'd look at the Hedera Hashgraph on Coinmarketcap.

_{Screenshoot from Coinmarketcap website}

Hedera Hashgraph's native token is HBAR, it is currently trading at $0.2458, with a current market capitalization of $2,109,850,729, circulating supply of 8.58B HBAR, and a maximum supply of 50,000,000,000 HBAR.
HBAR is ranked #51, trading at a volume of $253,711,046 in the last 24 hours.

• I use my phone browser to access 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

consist of Token service options that allow users to create their own fungible and non-fungible tokens without using smart contracts in the native Hedera network. 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

Tools includes sub-options as well.

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

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

Information

• Integration: Users can use this feature to connect their existing application or permissioned blockchain framework to the Hedera network.

• Fees- FEES- FEES- FEES- FEES- FEES- FEES- FEES- FEES- FEES- FEES- FEES- FEES- FEES- FEES- FEES- FEES- FEES- FEES- FEES- FEES- FEES- FEES-

• Open source—displayed the codes as well as the network's changes on the network. You'll be sent to the Github site to see all of the updates.

• User can view the tutorials in the learning center.

HBAR

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

• Overview- this section contains 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.

TEAM

I will like to explore the "Team" option.

I want you to meet the Hedera team in the pictures below.

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Finally, 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.

Cc: @pelon53