STEEMIT CRYPTOACADEMY : SEASON2 WEEK 8 || HASHGRAPH by @pelon53

Hello everyone,

Special thanks to @pelon53 for the concise lecture. Keep up the good work. Below is my assignment for this week.

Introduction

Change they say is the most constant thing in nature and we should be willing to embrace it when it does come. Conventionally when we use a particular platform or do something a very a long time we become used to and embracing something we are not used to may become difficult. However, new inventions would continue to pop in future and what already existing ones would worked on and improved upon as time goes on. Before now trading was done by trade by barter, then coins before the invention of currency notes until over one decade ago the digital currency was invented making of blockchain technology. A new invention theoretically tested but yet to be tried live is under way to replace the blockchain technology. With Hashgraph by Hedera, the future is here !

Explain in detail the Gossip protocol, used in Hashgraph.

Hashgraph makes use of “gossip protocol” which as an information dissemination tool between network of computer nodes thereby reaching a point of mutual agreement in order for transaction to be finalized. In the simplest language we can call it peer to peer(p2p) form of information amongst computer devices.

This technology is used by participants on the platform to share information amongst themselves. This is form of information sharing used in the Hedera Hashgraph technology.

This can be illustrated by what we see during a football match, a coach gives instruction to a particular footballer before substituting him with another whom he feels should be replaced, when this new comes on the pitch he start relays the information given to him to by the other players on the pitch and they in turn relay it other teammates on the pitch. When this players makes use of this information, their game changes, they begin to defend better and their opponent attack better, and they may even emerge victorious at the end of game because this gossip that was shared between them.

In Hashgraph technology, information is shared about identities of users, different transactions carried out by users on the platform, the Hashgraph technology keeps a record of when and with whom this transaction was carried was done with. The system keeps a track record of everything interaction between users on the platform. The most interesting concept about this technology is its ability to gossip about itself or the “gossip about gossip” phenomenon. Conclusively we can say that the gossip Protocol is an information sharing technology in computer that is being applied into the hashgraph technology to make it more efficient and reliable.

Explain Tolerance to Byzantine Faults in Hashgraph.

The Asynchronous Byzantine Fault Tolerance is system that is designed to resist any attack from an external source that may possibly affect an already initiated transaction. Byzantine faults are malfunctions in some nodes of a computer network caused by an external interference.

This was designed to counteract failure of system that may inadvertently prevent or components of the system from sharing information among members. With the application of this system, it would be difficult or impossible for anybody with dubious motive to alter, change or divert an already initiated transaction. The byzantine fault tolerance was primarily designed to give maximum protection against faulty detected in the system. Tolerance to Byzantine Faults in Hashgraph helps in filtering only information from reliable and verified sources on the platform. In a nutshell we can say that this system is designed as a problem solving tool

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

This is a very delicate topic that has been debated over time by various crypto experts and enthusiast and it is a very crucial topic that would continue to generate debate and opinion from different angles. Blockchain has become a household name in Nigeria, it is popular that even teenagers in high school are enthusiastic about and have even started learning to trade crypto currencies, no wonder Nigeria is ranked third after America and Russia when it come to dealing with crypto currencies. Among these crypto currencies the most popular in Nigeria are bitcoin, ethereum, ripples and doge coins. Let us now briefly take a moment to look a few thing between this crypto giants

• Speed: the blockchain technology has a limit to the number of transactions it can handle at a given period of time, and there may be system break down or delay in transaction if this limit is exceeded while the Hashgraph technology can handle as many transactions as possible without any hitches.

• Cost effective: with the scarce funds and resources at disposal everyone likes to enjoy at reduce cost. The cost of running transactions on blockchain is higher compared to the less than one percent cost of doing transaction on Hadera Hashgraph.

• Energy conservation: recently Elon Musk the CEO of Tesla and Space X one of the advocates for switching to green energy, announced that his company would no longer be accepting the use of bitcoin as means of transaction due the high amount of electricity it consumes, Hadera Hashgraph does not need all of that energy to function.
  

Which technology is most preferable to me ?

Nevertheless Blockchain technology is safe, secure, private and there is absence of third party interference as well as it being trusted by most users because how long it has been here. If give a chance to choose I would recommend the Hadera Hashgraph technology because of its competitive advantage over Blockchain and also speed with which it handles multiple transactions.

When comparing Hashgraph to Blockchain it was discovered that Hashgraph is more efficient, accurate, safe, secure and stable. Apart the under listed beneficial features of Hashgraph. Taking a holistic look at both the merits and demerits of both system, the disadvantage contained in Hashgraph is minimal compared it to the blockchain technology, so with this, I can strongly recommend the introduction and use of Hashgraph

Every good investor would want look at the advantages and disadvantages of a business before making putting in their money. Theoretically, it has been proven that Hashgraph technology has tendency of appreciating and depreciating in terms of cost.

In this case however, Hashgraph has a more competitive advantage over Blockchain, as well as the meager cost of carrying out transactions. If given the popularity and wide acceptance enjoyed by Blockchain,we can be certain that Blockchain will be relegated to the background here in Nigeria.

Explore Hedera Hashgraph link show screenshots.

Hedera is a crypto currency that was built on the hashgraph technology. The current market value as the time of preparing this assignment the market value stood at : $0.2369 and a market capitalization of 2,052,517,480.97 and it was rank #51 on the market table above

Hedera can be found on the following exchange platforms as shown above

• Binance
• Huobi Global
• Bitrex
• Binance.US

Above Shows an image of globe immediately you login on the website.

Above is Network
Upon clicking on the network feature on the website it drops down a bar that allows user to mint and configure token on their accounts.

Above is Dev.
Upon clicking on the dev feature it drops down a bar showing Docs, Hedera SDK, Integration, Fees, Open source and Learning center.

Above is the Use cases
The use case has several features that displays once it is tapped on it.
It shows reduced cost and unlock new revenue.
Fraud mitigation that helps in cost reduction and protection.
Data compliance- this shows where to log and publicly verify actions.
Tokenized assets- this feature helps users to swap assets easily.

Above is HBAR feature
This features shows the overview which allows a user to know more about Hedera crypto currency
The feature also helps to stress free account creation.

Above is Governance feature:
This part of website allows users to view those behind the hedera hashgraph. This governing council consist of 39 term-limited organizations and enterprises from 11 different sectors.

Above is About us page:
This is designed more a media aspect of platform, because it gives visitors to the site information about the team, news, blog and papers.

Conclusion

Life is beautiful because we always hope and believe that the future will be better. With the innovation of the Hedera Hashgraph technology, that future here and we can say Hello to it. Though it is new, it is our utmost believe that with its superb features it is going to be the new global future of digital currency, after the practical application of the features in real life.