Hello everyone and welcome to my entry for this week's homework task on HASHGRAPH Technology.

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Introduction.

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I am very excited to be a part of prof @pelon53 class because over the past few weeks I have learnt a lot. We have been given lectures and tasks on penny cryptocurrencies, ERC-20 and ERC-721 standard tokens and the types of tokens. But this week's task is on Hashgraph technology.

I would first talk about what Hashgraph technology is before I present my answers to the questions asked.

Hashgraph is a decentralized system created by Dr. Leemon Baird that aims to deliver very lot more faster transactions and security than the blockchain decentralized systems. Like blockchains, Hashgraph is put in the category of keeping records of transactions in a Distributed Ledger Technology.

Hashgraph uses what is known as the Gossip protocol and the Virtual voting technique. The Gossip protocol simply distributes reliable information via nodes using the various computer set ups. I would elaborate more on this technique in the subsequent paragraphs.

The second technique, the Virtual Voting basically allows the system to authenticate valid transactions by ensuring the transaction has a majority of up to 2/3 of the network nodes.

Hashgraph is created to remove the scalability problems blockchain systems face providing very fast trades.

I would now be presenting my answers to the questions asked.

The Gossip Protocol.

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Blockchain technologies have been known to be decentralized and offer fast transactions without intermediaries. Even blockchains have been faced difficulties like scalability and have been accused to not be 100% decentralized.

Because of this, the hashgraph technology was invented to address these problems of scalability and decentralization. The hashgraph technology like I have already stated above uses 2 important techniques for its activities. The Gossip Protocol is one of the notable techniques.

Gossips are responsible for how fast information spreads across all platforms. Rumors are not verified to be true or false but is spread so quickly to people due gossip.

Using this strategy, hashgraph has developed the gossip protocol that spreads valid and reliable information.

The Gossip protocol is responsible for communicating information throughout the system via nodes. These nodes are sent via a medium called the Gossip Pocket. Transactions are carried out when nodes are able to deliver data to other nodes to reach a consensus.

The data these nodes send comprise of the activities these nodes have been up to, how long it took nodes to deliver information and how communication is done between nodes.

An illustration of this is for when for example, node 1 decides to randomly send data to node 2. Node 1 gives all the detailed information it has on the data it is sending to node 2 and node 2 shares the same information to node 3, 3 sends to node 4 and that process is repeated until the information of the data reaches all the nodes.

This gossiping process is a very fast and secure process. And take note that the information sent is very detailed containing everything about the data.

The primary goal of the invention of the gossip protocol is to remove the scalability problems by sending reliable information quickly and securely across its systems by gossiping via nodes.

This process of gossiping validates operations and transactions on the hashgraph quickly. One important point is that, not all nodes in the hashgraph need to get the information before it is validate. When two thirds ( 2/3 ) nodes get the information, it is considered reliable and as such validated speeding up the transaction process.

Hahsgraph Gossip Protocol can process about 10,000 transactions per second providing fair validation since all nodes can take part in the validation process. Some other merits of the hashgraph gossip protocol include;

• The gossip protocol is decentralized and is not compromised by an individual or group of people.

• In the gossip protocol, the fault of one does not affect other nodes and as such does not negatively affect the gossip communication system.

Tolerance to Byzantine Faults in Hashgraph.

Byzantine faults occur when a node in the hashgraph system fails but that failure does not affect other nodes in the hashgraph network. It is known that in the hashgraph protocol, transactions can be proven mathematically.

This is due to the fact that the network is Asynchronous Byzantine Fault Tolerant which approves valid transactions when nodes are in consensus and that no faulty node can prevent validation.

Hashgraph has been proven to be Byzantine Fault Tolerant ( BFT ) by a computational math calculation known as Coq system. This Coq system is a proof verification system checked by computers used to verify or certify math theories.

Hasgraph technology is also called Byzantine fault tolerant because even when users try to hack the system and get control not exceeding one thirds of the nodes, operation consensus can still be reached since it would take more than two thirds node control to compromise the hashgraph network.

BFT is achieved through computational mathematics and as such is energy efficient. It doesn't use proof of work consensus algorithm unlike in some blockchains like BTC and as a result uses less energy.

Comparison Between Hashgraph and Blockchain and Which I will Choose for voting Process In My Country.

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Hashgraph technology and Blockchains come with very good advantages and have their disadvantages as well. They are certain similar features and are also different in some regard.

Elections or voting are meant to be free and completely what the people desire. But voting processes have been known to be rigged to favor people. Because of this, some countries have decided to adopt other means of conducting their elections of which some have considered using blockchains. But with the introduction of hash technology, I would like to compare the two and choose which I think is better for voting in my country and why.

Blockchain technology vs Hashgraph technology.

Security: I think there is no other place to start than security. Security is very important and one most important factor everyone considers before taking part in something. So before countries would make a choice on either blockchains or hashgraph, they must first consider security.

Blockchain technologies are secure to some extent since some blockchains have been hacked before. However, hashgraph technology has proven to be more hack resistant. Hashgraph technology has the gossip protocol that is able to predict the transactions and process randomly. This increases security. Hashgraph is also resistant to attacks like Sybil.

With the mentioned above, hashgraph technology gives better security than blockchain technologies.

Cost: Cost is also an important factor to consider. Cost on blockchains are very high because several computer severs have to be put in place to facilitate its decentralization and security. It is very expensive to mine blockchain tokens since the manpower and energy involved is too high. Specialized hardware mining devices are used to mine tokens which use up a lot of energy on its consensus algorithm like the proof of work consensus algorithm.

Gas fees are paid on the Ethereum blockchain which are quite expensive. Because of all these, the hashgraph technology is relatively cheaper because it offers transactions at lower costs.

Fairness: Fairness or honesty is a major factor which is one of the main aims of the hashgraph technology. Because there is no sequential order of operations in the hashgraph but rather a mixing of operations, it is not possible to manipulate the hashgraph network in someone's favor.

In blockchain systems, operations happen in a sequential order and as such one can predict or tract when data flows would take place and hence manipulate the system to suite their needs.

From this, it is clear the hashgraph technology offers more fairness.

Speed of transactions and scalability: Blockchain systems were created or introduced to handle fast transactions with no intermediaries. But over the years they have been faced with problems of scalability and do not offer very fast transactions. An example is BTC that performs about only 3-7 transactions which is a shame because BTC is such a big brand.

The main goal of the hashgraph technology with its introduction in 2014 is to handle faster transactions than what is provided by the blockchain systems and solve the scalability problems. Hashgraph systems can perform about 250000 transactions per second. This is way better than the 3-7 transactions per second BTC offers.

This shows that hasghraph technology performs faster transactions than blockchain technologies.

Popularity: In the cryptocurrency world, popularity often means trust and so investors and traders lean towards blockchain technologies because they have been tried, tested and verified by multiple users. A lot of people have cryptocurrency knowledge and so it will be kind of easier to integrate blockchains into the lives of people.

On the other hand, Hashgraph technology is not that popular in the crypto world. As such, some of its proposed "operations" have been rumored to be just theoretical and not practical. It will be difficult to integrate hashgraph to a larger public as it would require massive information share on the network.

With popularity comes exposure to risks which leads to a lot of problems. Blockchain systems are coupled with problems like money laundering, among others. Hashgraph is not so popular and as such have fewer problems.

Centralization and decentralization: Blockchain technologies were created to be decentralized allowing their users to have 100% freedom and control over their actions on the system. Many people have come out with claims that blockchains are not totally decentralized.

Hashgraph technology looks like it is less decentralized than blockchains. Permission is required to use the hashgraph network.

Efficiency: Because of the presence of gossip protocol in hasghraph network and its absence in blockchains, hashgraph technology is more efficient than blockchains are operations are done quickly by validation from two thirds nodes.

Which Technology I Would Choose for Voting In My Country and Why.

As I have already compared both technologies above, I would prefer the hashgraph technology to be used for voting in my country. Blockchains technologies are equally very good as well but I feel hashgraph technology edge slightly over the hashgraph technology.

• Firstly, hashgraph technology offers more security than blockchain technology. With this, the voting is unlikely to be compromised.

• Secondly, hashgraph technology costs lower. There is no doubt that setting up good blockchains costs a lot of funds. As a result, using hashgraph technology is cheaper.

• In addition, hashgraph technology is faster. In the last elections held in my country, the Electoral Commission (EC ) promised to announced results within 24 hours after elections but failed to do so. I feel if we had a hashgraph technology, we could have completed the elections and announced results very quickly.

• Also, hashgraph technology offers more fairness. Both technologies have distributed ledger systems that make transactions and other operations transparent but because the hashgraph mixes its operations, it is difficult for someone to manipulate it. As a result, it would produce fair elections.

Exploring Hedera Using The Link https://hedera.com/.

Hedera is the cryptocurrency used in the Hashgraph network. Hashgraph technology is Asynchronous Byzantine faults Tolerance used to validate transactions.

First of all, I would look explore Hedera Hashgraph on Coinmarketcap.

At the time of performing this homework task,

Hedera's price value = $0.2373

Market cap = $2,031,702,560

Market dominance = 0.12%

Market rank = #51

Volume = 0.08677

Here is a screenshot of Hedera market statistics on coinmarket cap;

Hedera is listed on the exchanges below. Again this screenshot is from coinmarket cap

Some of hedera markets are;
Binance, Bittrex, Huobi Global, among others.

I would now explore Hedera using the link https://hedera.com/

• Visit the link above, to display the Hedera Hashgraph homepage.

Features like Network, Devs, Use Cases, HBAR, Governance, About , Get Started and Search are shown.

• I clicked on the Network feature to explore. The Network feature displays the Hedera Token service. This allows users to mint, configure, as well as manage fngitible and NFT tokens without deploying a smart contract. The Network feature also has the Consensus Service that allows users to verify timestamps and ordering of events.

• I clicked on Devs as the next feature to explore. Over here, there is DOCS enlisted in TOOLING which allows users to learn core concepts and review Hashraphs's API. There is also HEDERA SDK that allows users to find their favorite languages. The FEES option here also allows users to have an insight on costs of transactions. There's the LEARNING CENTER that allows users to learn about resources on DLT and the mode of operation of the Hedera Hasgraph.

• The next feature I explored was the Use Cases. Options of the Use Cases feature include, Payments which gives users knowledge on how reduce transaction costs and unlock new revenue. There is the Tokenized Assets option that provides information on managing assets and making swaps.

There is also Fraud Mitigation that helps to reduce costs and protect users on Hedera Hashgraph. Other notable options in the Use Cases feature is Data Compliance, Permissioned Blockchain and identity.

• The next feature I explored was HBAR. The Overview option in the HBAR feature gives users more information on the HBAR. Account Creation allows users to instantly create new Hedera accounts while the Wallets and Exchanges enables users to find HBAR supported wallets and exchanges.

• The Governance feature was my next stop. This feature provides detailed information on the governing council of Hedera Hashgraph. The governing council comprises of a total of 39 term-limited organizations and enterprises. The goal of this governing council is to bring stability and promote hasghraph's decentralization.

• The About feature is the last feature I explored. This gives information on the leadership team of Hedera, the journey, roadmap, media, news, blog , papers, etc of the Hedera Hashgraph.

Conclusion.

I want to say thank you to prof @pelon53 for this very informative lecture. Hashgraph looks like a very good project and if it gains popularity and more usage, it could overtake blockchains. I have learnt from the lecture and my research that hashgraph with its gossip protocol is faster and solves the scalability problems of blockains. Hashgraph technology is more secure and fair than blockchain. I have also learnt what tolerance to Byzantine Faults in Hashgraph technology is.

Thank you.