Steemit Crypto Academy Season2-Week8: Homework post for @pelon53 (HASHGRAPH TECHNOLOGY)

Hello everyone, it’s a great opportunity taking part in the weekly crypto academy. I want to thank the professor @pelon53 and the other professors for such wonderful lectures and the work they have been doing.
This week’s lecture is about HASHGRAPH TECHNOLOGY and I will present my homework below.

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HASHGRAPH

It is a decentralized system, which is similar and competing with the blockchain technology. The Hashgraph uses a consensus protocol called Gossip protocol which helps data transmission through different nodes on a particular network. This idea enables communication between computers on that same network.
The data/information transmission occurs very fast due to the different nodes acting on their own. From its name Gossip, information is spread out throughout the network just as how rumors spread quickly.

Question 1: Explain in detail the Gossip protocol, used in Hashgraph

The name itself paints a clear picture of this protocol. It uses the mechanism of how rumors are spread very fast. It is almost the same as news or rumors about a particular topic goes to ears of everyone. For example in football transfer news when a football club decides to buy or sell a particular player, the information is passed on secretly to the fans and from the fans it spreads to everywhere. And this kind of information spreading occurs very fast which may even happen in a matter of seconds or minutes.
This same mechanism is adopted by the Gossip protocol to disseminate information

The mechanism of Gossip protocol works under a network of interconnected nodes which transmit information/data onto the next node and hence making the data transmission very fast. With this protocol, data/information is simultaneously accessed and validated by the randomly interconnected nodes. This makes it more reliable and fast than other protocols used on the blockchain network.

There is a partnership between the gossip protocol and the Hashgraph which makes the rate at which confirmation of transactions are done very much higher than the blockchain network. Additional, the number of transactions completed with the Gossip protocol is more than 100% of the transactions completed on blockchain and this makes it so much faster.

Question 2: Explain Tolerance to Byzantine Faults in Hashgraph.

This is another feature on Hashgraph that helps to find a solution to problems or disagreements arising from the network. Since there might be minor complications on any system, this particular feature is in place to make corrections to any complications or faults that may affect the Hashgraph network.

A consensus must be reached between nodes before any transactions can be verified and completed, and this is made possible by the Byzantine Fault Tolerance. This makes it impossible for reversal of transactions. To prevent any doubt about the reliability of Hashgraph, Byzantine Fault Tolerance is put in place to avoid people from spreading or transmitting incorrect data. Validation of a transaction will only be possible when there is at least 2/3 reaching a concensus and there should also be 1/3 less of nodes to be detected.

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

First of all, both of these systems have a different security measure that it uses to ensure security on their platforms. Blockchain uses cryptographic method and Hashgraph uses the Byzantine Fault Tolerance mechanism. Each of these are very good security systems on their respective network.

Secondly, on the blockchain network there is some kind of similarity/link between operations occurring on the network. In technical terms, operations on blockchain network is synchronous.
Hashgraph on the other hand has no link or relations between each operations and it is technically called asynchronous.

Additionally, the speed at which transactions are performed on Hashgraph are relatively fast than that of the blockchain network. Transactions on Hashgraph can be processed up to 250,000 transactions per second. This makes Hashgraph technology very far away in terms of speed from the blockchain network and hence more efficient than blockchain.

Also, blockchain network is written in different programming languages such as java script, python and C++ while Hashgraph is written in java and lisp.

There are different consensus algorithms applicable to a particular blockchain. Some blockchain network may use proof-of-work or proof-of-stake or even both. Hashgraph on the other hand uses virtual voting and Gossip protocol.

Which technology would you choose For a voting process ? Why?

From what I understand about the two, blockchain and Hashgraph my preferred technology for voting process in my country Ghana, would be Hashgraph. My reason for choosing this technology is from the many advantages it has over blockchain.

Looking at the current voting population in my country, the best way or technology to care of the voting process would be Hashgraph since it provides a very fast rate of performance. And elections conducted usually need to be done quickly and this is why I think Hashgraph is the best option. Moreover Hashgraph will not get distraction from other votes and this will also help make voting very quick.

Additionally, elections are conducted to be fair and transparent. Due to the randomize transmission of information on Hashgraph, the votes will not come in a any particular order. This will prevent any form of data fishing and hence prevent any disruption.
This will help provide the transparency needed in the elections making it fair to all.

Question 4: Explore Hedera Hashgraph. Show screenshots.

First of all, I will open the official website through this link hedera.com
Homepage of Hedera

1. Network
   
   In the network section, it shows “Token Service” where you can mint and configure tokens. It is also known as the section for selling and buying tokens.
   “Dashboard” is where you can find the network activities, per second hedera activity.
   “How it Works” is where you can create new applications and how Hashgraph and hedera work together.
   “Consensus service” where you can create verified messages logs.

2. Devs
   
   “Docs” is a section to learn the concepts of Hedera and give a review.
   “Hedera SDK” is a section you can search for your preferred favorite languages.
   “Fees” here is where you will understand all about transactions fees.
   “Open source” is where you can send your contributions to in order to make improve Hedera

3. Use cases
   
   “Payments” shows you how payments are made to increase profits.
   “Enterprise” you can gain new business ideas over here to improve your business
   “Gaming” how to play games on Hedera

4. HBAR
   
   “Overview” show you all you need to know about Hedera’s cryptocurrency.
   “Account Creation” where you can create your new account on Hedera
   “Wallets and exchanges” you can find out supported wallets on Hedera here.

5. Governance
   
   This is where you can find information about the leadership of Hedera and also the companies they have partnerships with.

6. About
   
   In the about section, you can find information on the Team, roadmap, career opportunities, news,blogs and so many other information you need to know about the Hedera website.

Conclusion

After reading this lecture delivered by professor @pelon53 , I have grown a strong interest in Hashgraph and wish to further my research about it. It has been a very good lecture and from my opinion, I think Hashgraph is far better than blockchain. With time more people will be heading towards Hashgraph in the future.
Thanks for reading my post.