Steemit Crypto Academy Season 2 Week 8 Homework Task By @tymes2 : Hashgraph Technology

in hive-108451 •  4 years ago 

INTRODUCTION
Hello steemians, I am very delighted to write my homework post for this week and also using this opportunity to say a very big thank you to prof @pelon53 for this wonderful lecture this week.


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Picture edited by myself


Question 1

Explain In Detail The Gossip Protocol, Used In Hashgraph


The Gossip protocol is the technology or protocol involved in the HASHGRAPH technology. It operates by sending out data or information all over the system. This is aimed at getting a consensus with regards to the transactions taking place in the system.

These data or information are sent in forms of nodes. That is a node is able to send or give out data to other individual nodes to get to a consensus about the transactions in the network. The nodes are sent with a medium called the Gossip packet. The data is sent in nodes involves a complete detailed about is going on in other nodes. In a sense that, the data sent or given out involves the activities the nodes have been carrying out, the time upon which was used for the arrival of the nodes and also how the nodes communicate among themselves. This makes the Gossiping aspect come on. This also brings about the Gossiping between the nodes in other to get to a consensus for a transaction to take place. This a very fast as compared to that of a blockchain technology. When we take a look at consensus algorithm we have proof of work and proof stake but with HASHGRAPH technology, we have the Gossip protocol which works on nodes in which they have a great knowledge as to transactions happening thereby making it very faster and very secured. This technology or network brings about faster validation in getting to consensus.

Let's say for instance, if Node A gives a data to Node B, Node A will present or tell what ever activity that happened with data, as to the time it happened the communication or interaction with other nodes and so on. These are all the gossips that are involved in data that will be given out to the Node B which will also then to give it back to Node A.

In a long run, what we have to know about the Gossip protocol is that, transactions data are all sent through with the help of a Gossip packet which is done from one node to another with their intensified details also involved. Also, these transactions are faster, safer and very secured with a large of transactions that can be done within a shortest possible time. Lastly, the process of validation is also just with the Gossip protocol because of the involvement of all nodes.

Question 2

Explain Tolerance To Byzantine Faults In Hashgraph

To start with, let's look at what Byzantine Faults are. They are occurrences where a node in a distributed system tends to fail without other nodes in the system having the information about the failure.
Hashgraph is Asynchronous Byzantine Faults Tolerant which means transactions are only approved when nodes in a distributed network gets to consensus and as such can be mathematically proven that the transaction validation would occur.
They are some few concepts one has to know about the Asynchronous Byzantine Faults Tolerant and below are some of these concepts;
A consensus would be reached. After which, the information about the reached consensus would be made known in the system. And the consensus is proven mathematically that every nodes of the system are going to reach the same consensus. Before validation of transaction takes place after consensus is reached. This is just a brief concept one needs to know about the Asynchronous Byzantine Faults Tolerant.

Question 3

Make A Comparison Between Hashgraph Vs Blockchain, For A Voting Process In Your Country. Which Technology Would You Choose? Why?

The comparison that is to be made between HASGRAPH and that of Blockchain can be carried out with some key terms. That is, with these terms we will be able to make a good comparison between these two. Also with the technology I will go for the Virtual Voting as a HASHGRAPH technology for Ghana my country.
The Terms are as follows;

  • Efficiency
  • Adaptability
  • Transaction speed
  • Security

Efficiency

Looking at the overall view of the Hashgraph technology, it is more trust worthy, safe and secured than that of the blockchain making it more structured and well organized than that of blockchain. This is also emphatically true because there are mathematical proves to show these facts of the Hashgraph technology.

Adaptability

This termed is used to describe the situation in which a network system is having the strength to manage or hold a lot of inputs or data within a period of time and manipulate it and give the required results. Looking at Hashgraph and that of Blockchain, Hashgraph has this ability to manage and manipulate numerous inputs or data in a sense that, most transactions are carried out within the shortest possible time without any delay but with that of blockchain, the transaction activity is also determined by the activities of the miners in which there are some cases of delaying.

Transaction Speed

The Hashgraph technology is known to have a transaction speed of about carrying out a tens of thousand number of transactions in a second. This is done with no hindrance or what so ever. But with the speed of validation in a blockchain which relies on the consensus algorithm either that of proof of stake or proof of work with making transactions is solely on the miners activity. This makes the speed of transactions in a blockchain far lower than that of the transaction speed in a Hashgraph.

Security:

High security and safety of crypto assets are seen to be more within the Hashgraph Protocol given to the speed of exchange which diminishes the malevolent assault with more bigger nodes getting conveyed data at back time which makes it harder to modify. Typically seen to be restricted within the the blockchain in spite of the fact that there are still great security guaranteed.

Question 4

Explore Inherit Hashgraph

The Inherit Hashgraph is the official and authorized dispersed agreement stage that's built with the Hashgraph agreement component which ensures speed, productivity and security of exchanges in its arrange. Knowing that the Hashgraph innovation is one that comes with the Nonconcurrent BFT which is the most grounded within the BFT and persistently guarantees of agreement are come to which is custom-made towards approving exchange.
Below are some screenshots as i explore the hedera;

  • Visit the homepage using the link (https://hedera.com/) and click on the three parallel lines at the left side of your screen.

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  • A menu will appear with a list of items, Network, Devs, Use cases,
    HBAR, Governance, About.

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  • You then click on the network option which gives the you the opportunity to have the Hedera Token service. This enable the user to configure, mint, and manage native fungible and non-fungible tokens on the Hedera network without needing to deploy a smart contract.

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  • In the Devs option we have the DOCS; which helps us to Learn core concepts and review the API.

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  • With the Use Cases we have the following features;
    PAYMENTS: For reducing cost and unlocking new revenue.

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TOKENIZED ASSETS: For Managing and swapping assets.

FRAUD MITIGATION: Reducing costs and protecting customers.

IDENTITY: Maintain the lifecycle of credentials.

DATA COMPLIANCE: Log and publicly verify actions.

PERMISSIONED BLOCKCHAIN: it encourages users to Create private ledger with public trust.

  • You can use the HBAR option to perform the following tasks;

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OVERVIEW: Learning about Hedera's cryptocurrency, HBAR.

ACCOUNT CREATION: Instantly create a new Hedera mainnet account.
WALLETS & EXCHANGES: Find HBAR supported wallets and exchanges.

  • The Governance tells us how the Hedera is build up.

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  • The About option gives us a round down list of what we know already about hedera.

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Conclusion

Thanks to all for reading and passing by my post. I would like to appreciate the good efforts of prof @pelon53 for this great lecture taught this week.

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Gracias por participar en Steemit Crypto Academy:

Profundizar el protocolo de Gossip y la Tolerancia a Fallas Bizantinas.

Hay que justificar el texto.

Espero seguir leyendo tus publicaciones.

Escala de Estimación.Puntaje.Observación
Protocolo Gossip.1.0Falta profundizar.
Tolerancia a Fallas Bizantinas.1.0Falta explicar más.
Hashgraph Vs Blockchain (proceso de votación).1.5Se hizo la comparación, peor no vi el costo, que es un elemento importante.
Explore Hedera Hashgraph.2.0Hizo su exploración a la plataforma.
Originalidad0.7Puede mejorar
Presentación/cumplimiento de reglas.0.7Hay que justificar el texto.

Calificación: 6.9