When it comes to distributed ledger technology, the Hashgraph Technology is gaining more and more attention. It is basically known as an innovation when it comes to distributed ledger technology and is seen as a more efficient, faster and secure than blockchain technology. The Hashgraph Technology is known for being super-fast and can handle thousands of transactions per second. The Hashgraph is basically a consensus mecahnisam that utilizes concepts that is known as gossip about gossip and also the virtual voting system that aims to achieve a secure and fast transactions. We all know that even though blockchain technology is very powerful and has a lot of benefits, there are also some cons about blockchain and this is where the Hashgraph aims to solve some of the cons of blockchain. Another good thing about Hashgraph is that It is also a peer-to-peer.
The gossip protocol is utilized by the Hashgraph to come to consensus by sending information between network nodes. The term Gossip about gossip is basically about the history of how these nodes events are related to each other. This results in a DAG which stands for directed acyclic graph also called a hashgraph. The Hashgraph technology is known to be a secure and very fast type of ledger technology which uses the Gossip protocol as one of the techniques that ensures a fast secure and fair consensus on the Hashgraph. The Gossip protocol also the gossip about gossip basically talks about the history of how nodes have talked to each other. In the gossip about gossip or the gossip protocal, nodes don’t just communicate information to each other, the nodes also communicate the information about what the nodes were doing before then and the time it occurred. With this, it shows that they’re gossiping about gossip.
Explain Tolerance to Byzantine Faults in Hashgraph
The Byzantine fault tolerance is basically derived from what is known as the Byzantine General’s Problem. Tolerance to Byzantine Faults in Hashgraph basically means that no small group of members can stop the community from reaching a consensus. It also means that no single member can alter the consensus once the consensus has been reached. When it comes to Tolerance to Byzantine Faults in Hashgraph, there are different degrees which depends on the assumptions made about the network and transmission of messages.
The asynchronous still remains one of the strongest form of the Byzantine Faults Tolerance which means that it can still attain consensus regardless of whether bad actors have taken control of the network. The only assumptions made are that more than two-third are correctly following the protocol correctly, however, if messages are continuously delivered from one node to another via the internet, one will eventually go through, and then the next will follow. This goes on and on. Also, the Asynchronous Byzantine Faults Tolerant is Hashgraph which basically means that before transactions are validated on the network when the nodes in a distributed network reach consensus.
Hashgraph Vs Blockchain
One of the main differences between the Hashgraph technology and blockchain technology is their approach. Hashgraph utilizes directed acyclic graph for accessing and storing information. While blockchain technology uses blocks to store data and information.
Hashgraph technology utilizes the virtual voting mechanism to reach consensus mechanism on the network. While Blockchain technology utilized different types of consensus mechanisms or algorithms such as proof of work, proof of stake etc to reach consensus.
Security is another differentiating factor between hashgraph technology and blockchain technology. In Hashgraph technology, Asynchronous Byzantine Fault Tolerance is used to secure the network. While in blockchain technology, cryptographic methods is used to secure the network.
Hashgraph technology is tamper-proof which means that there is no way that the data can be changed by malicious actors, which ensures the integrity of the data by utilizing the asynchronous byzantine Fault tolerance.
The Hashgraph technology is based on patented algorithms. This means that it is basically owned by Swirlds and before any new entry is made, it has to pass through Swirlds. While blockchain technology is open source. This means that anyone can contribute to its development.
The Hashgraph technology provides faster transactions due to its use of the gossip about gossip protocol. In Hashgraph technology up to 500,000 transactions per second can be processed. While blockchain technology, the transaction speed varies and is heavily dependent on the protocol implemented.
In Hashgraph technology, there are no wastage of resources because it reserves all the events that are gossiped about to the network. While in blockchain technology, when two blocks are mined at the same time, one is discarded as only a single block is needed.
Which is a better Technology
For me, I would choose the Hashgraph technology. Looking at the advantages of the Hashgraph technology, The first reason why i would choose it for a voting process in my country because of the benefits the Hashgraph technology. Since the Hashgraph technology provides faster transactions per second, it would provide a faster solution to process all the voting data and records that is stored on the network. The second I would choose the Hashgraph technology is that, it is temper-proof which means that voting data and records cannot be altered or changed once it is on the network which ensures the integrity of the data.
One of the main advantages of Hashgraph over other DLT is that it is designed to be fast, secure, and fair. Nice share
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