Crypto Academy Week 16 | Homework Post for @pelon53 | Hashgraph Technology
Introduction
In this age of technology, we need to know what development is taking place. In this context, the professor has selected an important topic that will enhance our knowledge. The professor explained about Hashgraph Technology. And at the end of the lecture there are some questions which I have tried to answer. I think, this topic will help you in understanding Hashgraph Technology more.
What is Hashgraph Technology
Hashgraph is a technology also known as advanced distributed technology. This technology was introduced to improve the crypto system. Hashgraph Technology is designed to increase system performance and run maximum number of transactions at the same time. Hashgraph Technology processing speed is very fast. Blockchain technology uses many Consensus Algorithms, such as proof of work (PoW) in a popular cryptocurrency bitcoin and proof of stake (PoS) algorithms in the Tron network. In contrast, hash graph technology uses gossip protocols that work faster than consensus algorithms.
What is Gossip Protocol
The gossip protocol is used in Hashgraph Technology. This protocol is spread throughout the system so that it can reach every transaction. This protocol works on gossip about gossip. It does this so that it can reach concensus. And to do all this it randomly sends data to other nodes. It transmits data of all transactions from one node to another through gossip protocols. This is done to verify that the transaction is complete.
The gossip protocol not only sends data from one node to another, but also sends a complete description of it. Data is sent to all the pros who are involved in this network. The information that is passed from one place to another includes, for example, these things
- What the nodes were doing before the data arrived
- Time for other nodes to arrive.
- And nodes interact with data.
Its gossip about gossip method makes it faster than block chain. For example, if one node in a distributor network sends data to another node, the first node specifies the other nodes that interact with the data, and when that happens, it discloses the data from the receiving node. And it sends this disclose data to the previous node. So we see that it works very well which makes it the best.
Blockchain technology uses a variety of algorithms, including proof of work, proof of stack, and proof of burn. On the other hand Hashgraph Technology uses the Gossip protocol which does not have any algorithm standby. It sends all the information about the transactions to other nodes to reduce the workload on the network. And if the load on the network is low, all transactions will be executed very quickly and in a specific way, so this technology can be very useful in the future.
What is Tolerance to Byzantine Faults in Hashgraph Technology? Explain
First we need to know what F actually is. This is a fault in Hashgraph Technology which occurs when one node in the network fails without knowing the reason for the failure of another node. In Hashgraph Technology, this ward means that all transactions must be verified when all transactions have reached concensus in the distributor network, and this process also mathematically proves that the transaction is verified. Some things we need to know about it.
- All nodes must reach concensus.
- Know how to reach the concensus of all the nodes in the network.
- And this information must prove mathematically that all nodes have reached concensus.
- Nodes must be verified after reaching concensus.
Difference between Blockchain and Hashgraph Technology
In this question we will compare Hashgraph Technology and Block Chain. This comparison will be made keeping in view certain things. In this we will see how the two technologies are different from each other.
Speed
If we look at both technologies, we know that the speed of transaction execution in Block Chain depends on the algorithms used in it. All types of crypto networks use different algorithms. And their speed depends on the work of the miners. While in Hashgraph Technology, transactions are executed at a very fast speed. This technology executes more than 10,000 transactions per second. Because it does not use algorithms, it uses gossip protocols. The speed of this technology is higher than blockchain technology
Scalability
This means the ability to handle multiple entries at once. Hashgraph Technology handles many entries at the same time and no transaction is delayed. But in blockchain technology, the power to handle entries depends on the work of the miners. Therefore, the scalability of Hashgraph Technology is higher than blockchain technology.
Safety and Security
The hash graph uses the gossip protocol. Therefore, its safety and security is more than blockchain technology. This is because this protocol sends all transaction data to other nodes and degrades all transactions that cannot reach concensus. In this way, the protocol enhances its security.
Efficiency of overall these systems
If we look at all the headings above, we find that the efficiency of the hash graph is higher than that of blockchain technology. If we talk about scalability, the hash graph has the ability to handle many transactions at a time and Due to the gossip protocol, its security is high and its speed is also high, which means that its overall effectiveness is also higher than blockchain technology.
Adoption of Hashgraph technology for Voting in my Country and Why I choose Hashgraph
I will use Hashgraph Technology for voting process in my country. I will choose this technology because this technology is very secure and safe. All the nodes in it know about other nodes in the network and the person on whom the vote has been cast will reach concensus in this transaction. And if it is cast incorrectly, the gossip protocol will detect it and send all its information to other nodes. And will also degrade it.
I will also choose the hash graph technology because it allows us to conduct the voting process in a fair manner. Its processing is very fast and it does not require result compilation. This work is done automatically.
What is Hedera Hashgraph, Explore Hedera with screenshots.
Heder Hashgraph uses the hashgraph technology. Hedera is the only network that uses the Hashgraph technology. I will explore Hedera network by visiting the site hedera.com/.
It has its own cryptocurrency know as HBAR. At doing homework the price of HBAR is $0.2358. And it is ranked at the 52 position, as we can see in the figure. This screenshot is taken from the coinmarketcap.
Due to windows problem in my laptop I will explore Hedera by using mobile browser. First we will visit site by link as Hedera.com/. Site is open and first we will click on the top right corner three dots.
In the dropdown we will see the menu of this site. We see that different tabs are located. Like Network, Devs, Use-cases, HBAR and about tab. First we click on the Network tab.
Networks
After clicking on the Network the next screen appears. In this screen we will see top two options. One is token service and other one is Consensus Service.
In the first tab we can configure, mint and manage its own non-fungible and fungible tokens on this network.
In the next tab we can verifiable and time stamping as well as ordering of some events for the any application in the framework that is permissioned blockchain.
DEVS
In the DEVS tab we can learn about the concept of and also review the APIs of this network. In this Hedera desk we can also find our favorite language according our taste.
Next in resources we can add plugins and microservices in the Hedera Network. In this tab we can understand and estimate the cost of our transections. We can also explore many things in this tabs.
Use-Cases
In the use-case tab we see that there are many use cases present in this tab. We can see the payments activities to unlock the new revenue. We can also manage and swap asset in the tokenized asset tab.
We see other use cases like maintaining the credential of lifecycles in Identity and many more.
HBAR
HBAR is its own token that is created by Hedera Hashgraph. In this tap we see the three options like overview. In this tab we will learn all about HBAR token.
We can also create the account of HBAR. In the Next tab we can manage the wallet and exchange activities in the last tab present in the HBAR.
Investors
In this tab we can see the list of investor that invests in this token. This list is so long, due to short screen few investor icons are shown in the figure.
About
In the about section we see that the team that is involved in Hedera. We can also explore the journey and Roadmap of this token. We can also visit the latest news about this network and explore the Blog.
In the developed world there are many new technologies available in the market. Development in technology is increased day by day. In the current situation the Hashgraph technology is best technology in the crypto world. It increase the efficiency, speed, reliability, security and scalability of crypto world. It is the best technology that is created so far. It better than block chain technology.
Gracias por participar en Steemit Crypto Academy:
En cuanto a la Tolerancia de Fallas Bizantinas asincrónicas usadas por Hashgraph, debemos tener en cuanta que para que exista consenso debe haber menos de 1/3 de nodos maliciosos.
Espero seguir leyendo tus publicaciones.
Calificación: 8.2
Hello dear,@pelon53
Thank you very much for checking my homework.