Steemit Crypto Academy Season 2: Week 8 | HASHGRAPH TECHNOLOGY BY @pelon53

INTRODUCTION

Hi guys ,welcome to another week in steemit crypto academy.It is a great pleasure to be part of the weekly classes held by our professors.In this post I'll be doing the assignment task given by professor @pelon53 based on his lecture on hashgraph technology.

without further ado;

Source

Explain in detail the Gossip protocol, used in Hashgraph.

The gossip protocol is a method by which information is passed from one digital device to another.The way the gossip protocol works is really simple. Once device would share it's information with another device in the community and the other device would share that same information and information it has with other members.They keep sharing the information until it gets to every member of the society.In simpler terms, device A shares it's information with device B ,then devices A and B shares the information with other members of that community.

The gossip protocol is a type of peer to peer communication between devices.It is an efficient and secure communication system.Hashgraph works more efficiently with this protocol than with the Proof of work and the proof of stake.In hash graph,when sending information between nodes,one node gives information to another node that shares that same information with another node and this cycle goes all till all nodes in the system has that information.

The transfer and sharing of information through the gossip protocol is called the gossip sync.Once a member completes a gossip sync,the member relates it with an event and this event is stored in memory.Now instead of a chain of blocked being formed ,the hashgraph builds a network of events and information is recorded there.This way, if one member has a new information,it reaches the other members in a few seconds.

Explain Tolerance to Byzantine Faults in Hashgraph.

The Byzantine fault tolerance is a property of a system that allows it to run irrespective of the behavior of a few nodes in the system.Simoly put ,when a system has reached a consensus ,that is, a final agreement, the concensus can't be changed or won't be changed rather if a few nodes act other than the agreed decision.

The BFT was adopted to counter the failures that arises from the Byzantine general problem - a situation where the Byzantine generals had problem communicating and agreeing on their next move . A BFT system would continue to act normally even if some nodes don't act according to the consensus.

If nodes don't act according to the consensus,vital information could be lost but the BFT system allows majority of the system to be in a consensus so as to avoid complete failure.

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

BLOCKCHAIN	HASHGRAPH
1. Even though blockchain has a high degree if efficiency,it is not 100% efficient.This is because the blocks in blockchain makes it harder to work .	1. Hashgraph is 100% efficient as it doesn't depend on blocks,just events.
2. Blockchain allows about 100 to 10000 transactions per second	2. Hashgraph can perform up to 500000 transactions per second.
3. Blockchain uses a cryptographical approach in ensuring security as the blocks are tamper proof and the data on each block can't be changed	3. Hashgraph uses Asynchronous Byzantine Fault Tolerance (aBFT) to secure the network.This makes sure the data can't be tampered even if there are some malicious actors.
4. Blockchain uses Proof of Stake,proof of work ,etc as it's consensus algorithm.	4. Hashgraph on the other hand uses virtual voting as a way of getting network consensus.

If I were to pick a technology for a voting process in my country, I'll pick the Hashgraph technology because it would be able to handle more transactions than the block chain technology.Hashtag also gets forefront of my pick because unlike the blockchain technology it is 100% efficient.

Both technologies are great and secure but the efficiency and the ability of the Hashgraph to perform way more transactions than the blockchain technology gives it the head here.

Explore Hedera Hashgraph link show screenshots.

Hedera hashgraph is the official platform which was based on the Hashgraph consensus algorithm.It is the most used enterprise grade public network that enables users to take control of their digital world.

Heading to the link;

On the home page,you'll see something like the below screenshot.On the screenshot, you'll notice 3 bars on the top right corner.

Clicking on the bar,you'll see some drop down options.The drop down contains;

• Network
• Devs
• Use Cases
• HBAR
• Governance
• About.

Taking them one by one,
Network:

Network is further subdivided into two;

• services: which contains token service and consensus service etc.
• Information:this is where you can see how it works,the explorers and then the dashboard.

Moving on to the next DEVS.
Under dev you'll find tooling and resources.

• Tooling: this contains documents and the language settings.
  
• Resources: this on the other hand contains Integration, fees,open source and the learning center.
  

Onto the 3rd ,we have Use cases.This drop down has a lot of sub information.These are mainly divided into two;

• First you have ;payments, Tokenized assets, Fraud Mitigation, identity, Data Compliances and permissioned blockchain.
  
• Built on Hedera; here you have case studies, enterprise,healthcare and gaming.
  

The next is HBAR.HBAR is the hashgraph cryptocurrency and under this drop down you'll find options like overview,account creation and then wallets and exchanges.

Second to the last is Governance. Once you click on governance,you'll be redirected to a new page;

The last on the list is "About". Here you can find more information about the site.

That is all you'll find on the drop down.For more information you can as well head to the site .Hedera

CONCLUSION:

The hashgraph technology is a technology with 100 percent efficiency which can handle loads of transactions per second and is very secure.Comparing it with blockchain,it is more efficient and faster so it is a great technology to adopt in the world of cryptocurrencies.

Thank you for reading my assignment post.Have a great day.

CC : @pelon53

#pelon53-s2week8 #cryptoacademy #nigeria #steemitblog #hashgraph