Hashgraph Versus Blockchain
Source: techcrunch.com
Yesterday, I posted an article concerning the power consumption issues due to mining bitcoins. A small town in New York has placed a moratorium on mining for 18 month because it was raising the cost of electricity to the residents.
I received a comment from a knowledgeable steemian, @unclehermit whom theorized that hashgraph would eventually usurp blockchain. Due to my ignorance, I couldn't make an intelligent reply.
I've heard the term hashgraph but I never researched it. Today, I did a somewhat comprehensive study on how hashgraph works and if it is in fact a better way to verify 'proof of work'.
Hashgraph was invented by Leemon Baird. It is a consensus mechanism based on a virtual voting algorithm using the gossip protocol. The founders of Swirlds, a permission based ledger launched the Hedera Hashgraph Platform dedicated to developing a public ledger.
Baird combined the gossip protocol with a voting algorithm to reach consensus securely without proof of work. The gossip protocol shares new information that other nodes don't know and the gossip about gossip includes where that new information originated. It creates a new message which covers the entire history of whom talked to whom on the network and in what order.
Hashgraph reach speeds of hundred of thousand transactions a second on the Hashgraph Hedera Platform. This is compared to the proof of work blockchains like bitcoin and ethereum which process about 5 to 7 transactions per second.
After completing my research, I am in total agreement with @unclehermit's comment.
Ha, not sure about knowledgeable, indeed, your research means that you now know more about hashgraph than I do, although I am keeping an eye on it. Thanks for the mention though ;)
Trading comments with you and reading your posts, makes me think you are 'smarter than the average bear'. lol I stole that line from an old cartoon, Yogi Bear. In your case, I think you underestimate yourself.
Thanks - I've certainly been mauled by a few bear markets over the years!
I posted this on someone else's post earlier. It pretty much sums up my experiences being invested in the silver market over the years.
I can feel your pain. What they do to the metals market is enough to make one ill.
If you haven't already, check out the DAG (Directed Acyclic Graph) based currencies like Iota, Nano, and ByteBall. They use what sounds like a very similar technology. I'll have to look into hashgraph in more detail. Thanks for the info!
DAG uses a similar protocol to Hashgraph I believe, from my limited knowledge, but yes IOTA is certainly one of the utility based crypto's that I might consider investing in in the future. I like the idea of a decentralised control mechanism for the internet of things so I'll be researching IOTA in detail in good time.
Thank you for the information on DAG, I have never heard of it. I will be researching it shortly. I appreciate your comment.