Crypto Academy Week 16 - Homework Post for @pelon53
Hello everyone, this is my homework post for Professor @pelon53 on Hashgraph technology. This is a new technology that rivals blockchain technology. Would answer the questions required for this homework in the most simplest way and hope you get to learn something.
- Explain in detail the Gossip protocol, used in Hashgraph.
Gossip Protocol
When you hear gossip, the first thing that comes to mind is information shared or passed from one person to another. Gossips spread information at a very fast rate as we know in the real world. Gossip protocol functions the same way like in the real world.
It is also called epidemic protocol, this is because it originated from the study of epidemic replication algorithms in 1987. This study brought about the interest in exploring how the rapid replications could be used to achieve efficiency in networks.
Gossip protocols are basically used by Hashgraps to transfer information from one node to another in an efficient and secure way.
How Gossip Protocol Works
Gossip protocol is a communication protocol that shares information over the network from one node to another in a very simple manner.
Gossips like rumors spread when a person who has information and wants to share gets in contact with another person. A person after sharing the information increases the availability of the information in the network. The information is spread faster as a result of the increase in persons with the same information. This happens as a result of the replication done by getting in contact with others who do not have the information.
Gossip protocol works in a similar way. The nodes are randomly paired with other nodes and the transfer of information takes place at a very fast rate throughout the whole network. Duplication of information shared from node to node is prevented, this is because each node randomly chooses the other node that wants to share the information. Also, each node receives information concerning the nodes that have received the message, the time the message was received and who the message was forwarded to.
This mechanism makes information transfer take a very short period over the network. Firstly because there would be no duplicates and secondly the number of nodes to transfer information increase as the information gets to other nodes.
Types of Gossip Protocols
- Broadcast Protocol
This type of gossip protocol works under multicast or group communication for the propagation of messages. The nodes transfer information quickly across the network because they are in constant communication. However, there are instances where transfer of information is delayed.
- Aggregation Protocol
With this type of gossip protocol, the nodes process and summarize the information received before sending to other nodes on the network. This protocol keeps a record of all the data processed.
Network
This option gives you access to services offered by Hedera Hashgraph and provides information about how Hedera works, explorers and the dashboard. The services offered include token, consensus and file services, smart contracts, atomic swaps and many others. Click on VIEW ALL SERVICES to view all the services offered.Devs
Devs is a slang for developers. This option provides information on tooling and resources.Use cases
Use cases gives access to information regarding the use of Hedera Hashgraph. These include payments, tokenization of assets, data compliance etc.HBAR
HBAR option gives you access to an overview of HBAR which is Hedera's cryptocurrency and how to create an Hedera account. You can also get information about wallets and exchanges from here.Governance
Governance provides information about the council that governs the Hedera Hasgraph.About
About gives you information about the Hedera Hashgraph Team, Journey, Roadmap, User Group, Careers, Media, Press, News, Blog and Papers. Depending on what you want to know about Hedera Hashgraph you can navigate to any of the options given to have a detailed information.
Advantages and Disadvantages of Gossip protocol
Advantages
- Decentralized System
Gossip protocol is decentralized. Not one person has the authority to manage the distribution of information. Information is transferred in an autonomous and decentralized way.
- Scalability
Gossip protocol has high scalability. Information is distributed efficiently across the network because of how the mechanism works.
- Secure
This protocols is very secure. It is impossible to alter the system by attacking just one node. To hack the system you need to attack all the nodes at the same time which is impossible.
Also, when a node gets disconnected, it doesn't affect the system because information would still be distributed by the other nodes.
Disadvantages
- There are instances where the distribution of information is delayed.
- Malicious nodes can modify information which can lead to the distribution of false information across the network.
Explain Tolerance to Byzantine Faults in Hashgraph.
Byzantine Faults Tolerance
Byzantine faults tolerance is the ability of a system capable of withstanding failures derived from Byzantine generals problem. These problems emerge from the distribution of information from one node to another. There are instances where a node fails or acts maliciously which leads to response protocol failures, consensus failures and data validation failures. Byzantine faults tolerance enables a network system to overcome these faults and operate even when these problems arise.
Hashgraph technology uses Asynchronous Byzantine faults tolerance. This fault tolerance is responsible for withstanding faults that arise in order to make the network safe. It allows an honest consensus to be reached even if at most 1/3 of the nodes are trying to negatively affect the consensus.
Before a transaction takes place a validation process takes place. The fault tolerance allows a consensus to be reached among the connected nodes in order to validated the transaction. The validation of the transaction is proven mathematically thereby ensuring a highly secure network.
Make a comparison between Hashgraph Vs Blockchain, for a voting process in your country. Which technology would you choose? Why?
Hashgraph Vs. Blockchain
Hashgraph is a third generation technology unlike blockchain which has been in existence for past a decade now. Both technologies seek to establish the same goal but do so in different ways. Hashgraph is called the blockchain killer because of it's efficiency, security and it being decentralized also, basically doing what blockchain does in a different and more efficient manner.
Hashgraph uses gossip protocol which has highly scalability and is able to execute about 10,000 transactions per second which is way faster and efficient as compared to Blockchain which uses protocols such as Proof of work which is able to execute about 7 transactions per second.
Unlike Blockchain which consumes a lot of energy with some consensus algorithms like Proof of work, Hashgraph consumes less energy.
Blockchain operates synchronously. This simply means that every process that takes place is related to the previous process. Hashgraph on the other hand operates asynchronously. That is, the processes that take place do not rely or relate to other processes that have taken place.
Blockchain is fully public and accessible to users whereas Hashgrap is private. Both technologies are secure but Hasgraph is more secure as compared to blockchain with the use of gossip protocol.
Technology Suitable for Virtual Voting in Ghana
Hashgraph would be suitable for voting in my country. My country's previous election which took place on 7th December 2020 took two days for results to be declared after voting. After casting the ballots, the votes were manually counted and compiled from all the polling stations. This lead to a lot of delay, theft and miscalculations which could have been avoided with Hashgraph technology.
Hashgraph has greater security with the gossip protocol. Altering vote results with this technology is impossible. It is very efficient too. Votes cast would be recorded in a matter of seconds also. This technology is what people in my country have been waiting for voting during elections. This is because it assures a fair election where no one can manipulate the result and also processes the results in a short time frame.
Blockchain would have been suitable if it was more secure, consumed less energy and was more efficient as compared to Hashgrap. Comparing the two Hashgraph is a better choice for my country.
Explore Hedera Hashgraph link show screenshots.
Hedera Hashgraph Website tour
To explore Hedera Hashgraph you can visit their website from here or search Hedera Hashgraph on google.
This is the homepage of Hedera Hashgraph. Over here you have a general overview and information about Hedera Hashgraph. There are options available at the top of the homepage which have categorized the information you might want to access.
Let's start exploring with the options given.
This option gives you access to services offered by Hedera Hashgraph and provides information about how Hedera works, explorers and the dashboard. The services offered include token, consensus and file services, smart contracts, atomic swaps and many others. Click on VIEW ALL SERVICES to view all the services offered.
Devs is a slang for developers. This option provides information on tooling and resources.
Use cases gives access to information regarding the use of Hedera Hashgraph. These include payments, tokenization of assets, data compliance etc.
HBAR option gives you access to an overview of HBAR which is Hedera's cryptocurrency and how to create an Hedera account. You can also get information about wallets and exchanges from here.
Governance provides information about the council that governs the Hedera Hasgraph.
About gives you information about the Hedera Hashgraph Team, Journey, Roadmap, User Group, Careers, Media, Press, News, Blog and Papers. Depending on what you want to know about Hedera Hashgraph you can navigate to any of the options given to have a detailed information.
The team members of this technology are very important and should be acknowledge for their great efforts in coming a long way to making this technology successful.
Conclusion
Would like to say a big thank you to Professor @pelon53 for this great lecture. Was really nice exploring and learning about Hashgraph which is a third generation ledger. Hope to learn more from you next season.
Gracias por participar en Steemit Crypto Academy:
Buen trabajo, sin embargo es necesario comparar ambas plataformas con otros elementos.
Espero seguir leyendo tus publicaciones.
Calificación: 8.7
Thanks @pelon53