To make things simple, Hashgraph is a decentralized ledger technology or DLT. Moreover, you can use it as an alternative to blockchain. It is a patented technology and authorizes only one ledger at the moment, which is better known as Hedera Hashgraph. You should also develop a fair idea of the native currency, HBAR. Now, many of you might seem a bit confused with all the debates and discussions around cryptocurrencies, blockchains, and blocks. Let us straighten a few facts for you.
Hashgraph – The Successor
You can call it the successor to the blockchain. It provides a lot of speed, savings, and heightened security. Moreover, the Hashgraph algorithm works on asynchronous Byzantine Fault Tolerant. It mainly revolves around the system, in which a single node or a small number of nodes cannot prevent the network from reaching a consensus. Once, the consensus is reached, they cannot change it either. The blockchain consensus mechanism involves large amounts of computational power, whereas the hashgraph mechanism utilizes node communication.
Hashgraph uses a new model of consensus called ‘Gossip.’ It is the primary information, on which the mechanism works on. The secondary mechanism is called ‘gossip about gossip.’ The biggest difference between the erstwhile blockchain and hashgraph, is the absence of blocks. Moreover, each block is joined to the other, with the help of a chain. Hash graphs lack that. All the information is stored on an encrypted ledger, and every user takes part in the validation process, not just the validators.
Features of Hashgraph
- Gossip about Gossip – The Gossip protocol is the backbone of the Hashgraph consensus mechanism. Each gossip is added to the earlier piece of gossip, or information, true to its name. The nodes in a Hashgraph can create an event, with any of the random new additions, by gossiping. The random new additions can amalgamate together to create a new event. The process is a continuous one and utilizes the consensus of all the nodes. An event on hashgraph consists of a timestamp, the transaction details, the hash of the self-parent, and the has of the second-parent.
- Virtual Voting – It is the second feature. The nodes decide whether or not a transaction is valid by a joint voting system. If at least 2/3 rd. of the nodes consider it to be valid, it is validated. The events are recorded on nodes. Furthermore, the participants will look for events that have already occurred. The new events look for similarities with old events, and eventually vote for them. The event which gets the most votes becomes a witness. The event gives out the transaction orders.
- Programming Language – LISP and JAVA programming languages form of the core of Hashgraph. Such languages provide the network with a high-level of debugging technology. Moreover, it is machine-independent.
Hashgraph is a better solution than blockchain, as it is governed by security, speed, and fairness. You can conduct transactions in an extremely secure manner, with the help of the Hashgraph. It mainly uses the resistant hash function and digital signatures. After you transact, no one can change it or remove it. The Gossip protocol is also quite fast. Hashgraph can perform up to 500,000 transactions per second. That is a record in itself. The Gossip method is the reason behind the speed.
Hashgraph does offer a lot of facilities over the blockchain. However, you will find blockchain adoption on the increase. You may not find Hashgraph replacing Blockchain entirely, but it may create a separate base of users. It is without any doubt a more advanced technology, and a private one. As more and more companies become aware of its benefits, you can see a change coming in the ecosystem.