Steemit Crypto Academy – Season 2 - Week 8 - Post for @pelon53

Explain in detail the Gossip protocol, used in Hashgraph

When it comes to distributed ledger technology, the Hashgraph Technology is gaining more and more attention. It is basically known as an innovation when it comes to distributed ledger technology and is seen as a more efficient, faster and secure than blockchain technology. The Hashgraph Technology is known for being super-fast and can handle thousands of transactions per second. The Hashgraph is basically a consensus mecahnisam that utilizes concepts that is known as gossip about gossip and also the virtual voting system that aims to achieve a secure and fast transactions. We all know that even though blockchain technology is very powerful and has a lot of benefits, there are also some cons about blockchain and this is where the Hashgraph aims to solve some of the cons of blockchain. Another good thing about Hashgraph is that It is also a peer-to-peer.

The gossip protocol is utilized by the Hashgraph to come to consensus by sending information between network nodes. The term Gossip about gossip is basically about the history of how these nodes events are related to each other. This results in a DAG which stands for directed acyclic graph also called a hashgraph. The Hashgraph technology is known to be a secure and very fast type of ledger technology which uses the Gossip protocol as one of the techniques that ensures a fast secure and fair consensus on the Hashgraph. The Gossip protocol also the gossip about gossip basically talks about the history of how nodes have talked to each other. In the gossip about gossip or the gossip protocal, nodes don’t just communicate information to each other, the nodes also communicate the information about what the nodes were doing before then and the time it occurred. With this, it shows that they’re gossiping about gossip.

Explain Tolerance to Byzantine Faults in Hashgraph

The Byzantine fault tolerance is basically derived from what is known as the Byzantine General’s Problem. Tolerance to Byzantine Faults in Hashgraph basically means that no small group of members can stop the community from reaching a consensus. It also means that no single member can alter the consensus once the consensus has been reached. When it comes to Tolerance to Byzantine Faults in Hashgraph, there are different degrees which depends on the assumptions made about the network and transmission of messages.

The asynchronous still remains one of the strongest form of the Byzantine Faults Tolerance which means that it can still attain consensus regardless of whether bad actors have taken control of the network. The only assumptions made are that more than two-third are correctly following the protocol correctly, however, if messages are continuously delivered from one node to another via the internet, one will eventually go through, and then the next will follow. This goes on and on. Also, the Asynchronous Byzantine Faults Tolerant is Hashgraph which basically means that before transactions are validated on the network when the nodes in a distributed network reach consensus.

Make a comparison between Hashgraph Vs Blockchain

One of the main differences between the Hashgraph technology and blockchain technology is their approach. Hashgraph utilizes directed acyclic graph for accessing and storing information. While blockchain technology uses blocks to store data and information.

Hashgraph technology utilizes the virtual voting mechanism to reach consensus mechanism on the network. While Blockchain technology utilized different types of consensus mechanisms or algorithms such as proof of work, proof of stake etc to reach consensus.

Security is another differentiating factor between hashgraph technology and blockchain technology. In Hashgraph technology, Asynchronous Byzantine Fault Tolerance is used to secure the network. While in blockchain technology, cryptographic methods is used to secure the network.

Hashgraph technology is tamper-proof which means that there is no way that the data can be changed by malicious actors, which ensures the integrity of the data by utilizing the asynchronous byzantine Fault tolerance.

The Hashgraph technology is based on patented algorithms. This means that it is basically owned by Swirlds and before any new entry is made, it has to pass through Swirlds. While blockchain technology is open source. This means that anyone can contribute to its development.

The Hashgraph technology provides faster transactions due to its use of the gossip about gossip protocol. In Hashgraph technology up to 500,000 transactions per second can be processed. While blockchain technology, the transaction speed varies and is heavily dependent on the protocol implemented.

In Hashgraph technology, there are no wastage of resources because it reserves all the events that are gossiped about to the network. While in blockchain technology, when two blocks are mined at the same time, one is discarded as only a single block is needed.

Which technology would you choose?

For me, I would choose the Hashgraph technology. Looking at the advantages of the Hashgraph technology, The first reason why i would choose it for a voting process in my country because of the benefits the Hashgraph technology. Since the Hashgraph technology provides faster transactions per second, it would provide a faster solution to process all the voting data and records that is stored on the network. The second I would choose the Hashgraph technology is that, it is temper-proof which means that voting data and records cannot be altered or changed once it is on the network which ensures the integrity of the data.

Explore Hedera Hashgraph

At the moment, when it comes to the Hashgraph technology, only the Hedera Hashgraph comes to mind as it is the only popular Hashgraph technology. It is basically known as an innovation when it comes to distributed ledger technology and is seen as a more efficient, faster and secure than blockchain technology. The Hashgraph Technology is known for being super-fast and can handle thousands of transactions per second. The hashgraph uses the asynchronous Byzantine Faults Tolerance to reach consensus on the network.

HBAR is the token of the Hedera Hashgraph network. Based on the current statistics on the coinmarketcap website, HBAR has a current martketcap of $2,085,080,456, Fully diluted marketcap of $12,154,080,754, Circulating Supply of 8.58Billion HBAR, Total Supply and max supply of 50,000,000,000 HBAR. HBAR is listed on a number of top exchanges such as Binance, Huobi, Bittrex, Gate.io, OKEX and more.

To explore the hedera website, visit the official hedera website at https://hedera.com. On the homepage, the navigation bar contains all the useful links of the website. The main website body contains useful information about the website, and the footer which also contains some very useful links and social links as well.

Network

Network is one of the buttons on the navigation bar. Inside the network menu, there are two main sections, the services section and the information section, for the services section, there are two main services; the token service and the consensus service. The token service is basically about creating accounts, minting tokens and configuring tokens on the network. The information section contains useful information such as how it works, explorer for viewing live and historical data and the dashboard.

Devs

The devs section is also another button on the navigation bar. The devs section is basically contains tools and resources for developments. Inside the devs menu, there are two main sections, the tooling and the resources sections. For the tooling section, the docs contains useful materials for learning core concepts and reviewing the API. The hedera SDK is for finding favorite programing language. For the resources section, there are useful resources like integration plugins, and micro services, open source for contributing to the hedera development and the learning center for learning how Hashgraph works.

Usecase

The usecase section is also another button on the navigation bar. The usecase section basically contains all the usecase for hedera. Inside the usecase menu, there is payments for reducing costs and unlocking new revenues. Tokenized assets is for managing and swapping assets. Fraud mitigation for reducing cost and protecting customers from fraudulent activities. Data compliance for verifying actions. Identity and permissioned blockchain for creating private ledger. Also, this section shows the various industries where hedera can be used such as enterprise, healthcare, gaming etc.

HBAR

The HBAR menu shows the overview, account creation, wallet and exchanges of HBAR.

About

The about section shows the team, the journey, the roadmap, media, groups, news, blogs and papers.

Conclusion

The Hashgraph technology has proven to be a very unique and powerful technology that offers a lot of benefits. As far as distributed ledger technology is concerned, the Hashgraph Technology is already gaining more and more attention. It is basically known as an innovation when it comes to distributed ledger technology and is seen as a more efficient, faster and secure compared to the usual blockchain technology, capable of handling thousands of transactions per second. In my opinion, this is an amazing technology that can be a great and more powerful alternative to the blockchain technology, with a lot of benefits and usecases.

@pelon53