Crypto Academy Week 16 - Homework Post for [professor @pelon53]| HASHGRAPH TECHNOLOGY| by @huzaifanaveed1

Hello everyone. This is my assignment post for professor @pelon53 in which he taught us about the Hashgraph Technology.

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Lets get started

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Hashgraph is an alternative of the blockchain platforms. It is also a decentralized system.

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It was created in 2016 by a mathematician named Lemon Baird
Hashgraph has excellent scalability which has improved it's transactions as compared to the blockchain. It has also improved in the Energy consumption costs, quick Transactions and security as compared to the blockchain.

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The Hashgraph Technology uses the Gossip Protocol for it's transactions. Lets have an in-depth analysis on this protocol

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1

GOSSIP PROTOCOL

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Hashgraph has amazing Transactions time which depends upon the Gossip protocol

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In the gossip Protocol there's a connection of all the transactions made on a platform with each other. If there's a Transaction completed between two people, the information of the data is saved by the Hashgraph and the details could be seen by any member who uses the Hashgraph.

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Lets elaborate it for you to have clarity.

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Suppose I, Huzaifa shared some information to Mr Pelon. Now Pelon talks to his friend and a topic comes up of that information. He tells about the information to his Friend Imagen.

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Now observe. I didn't tell anything to Imagen but he still got to know about what I said through Pelon. So I didn't have any direct contact with imagen rather my shared information was Gossiped to him.

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Similarly in the Hashgraph the system records the Transactions which could be accessed by me Pelon and Imagen at any given time. There is absolute transparency and the members are connected to each other without having direct contact.

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The Hashgraph consists of

a) SELF PARENT: When I shared something with Pelon then I am parent(self parent) of pelon.

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b) OTHER PARENT: When Pelon shared my information with Imagen then it is the OTHER PARENT

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c) TIMESTAMP: when members do the same Transactions.

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d) SIGNATURE: This is requires for the security of your account

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The Hashgraph Technology and the Gossip Protocol were thoroughly discussed and I hope its clear to you all

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2

TOLERANCE TO BYZANTINE FAULTS IN HASHGRAPH

For answering this firstly we will have to understand what the Byzantine Fault is.

BYZANTINE FAULT:

Byzantine Fault is when any node does not work properly in the network. Sometimes the nodes are not consistently malfunctioned.

So to overcome this situation there is the BYZANTINE FAILURE ASYNCHRONOUS TOLERANCE(aBFT) system which assures the security of this platform. In this system there's a requirement of all the nodes to be on the same page before a Transaction is completed. Through this the chances of any malicious act get close to none.

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If there wasnt the aBFT the members using the Hashgraph Technology could have shared false information which would in turn effect this platform.

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For the validation of any Transaction The aBFT works in such a way that there's a requirement of having atleast a 75% (2/3) reaching a consensus. Furthermore if there are any harmful or corrupt nodes they should be less than 25% (1/3) before reaching a consensus.

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The validation of the transaction won't take place untill an agreement has been reached. The agreement would be showed to the different members. Transactions take place after every network has agreed to the same agreement.

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So in this way every network will reach the same consensus.

The byzantine fault tolerance was thoroughly discussed and hope it is clear to you all

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3

Comparison of blockchain and Hashgraph for a voting process in my country.

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Lets do a comparison of Hashgraph vs blockchain

CONSTITUENTS	HASHGRAPH	BLOCKCHAIN
Consensus Algorithms	Gossip Protocols. Virtual votings	Proof of Work. Proof of stake. Proof of burn etc
Scalability	Huge scalability which provides quick Transactions.	As compared to Hashgraphs, blockchain Transactions time is high.
Working	Asynchronous proccesses.	Synchronous operations
Security	Asynchronous Byzantine Fault tolerance	Ceyptographic Hashing
Compliance	completely compliant to aBFT	partially compliant
Time period	very quick Transactions. Up to 500,000 Transactions per second	Comparatively very slow speed. Upto 100-10,000 Transactions per second

In Pakistan there is a Ballot box voting system where the citizens go to a designated place of voting and place their votes in a Ballot box. This is a very lengthy process where chances of frauds are also very common.

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I would choose Hashgraph Technology for the voting process in my country. Let's explain why.

a)

SCALABILITY

In a country like pakistan with a huge population a highly scalable system would be required. As we know Hashgraph is more scalable than the blockchain.

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a)

SPEED

The Hashgraph Technology can operate 500,000 Transactions per second as compared to the blockain which varies betwwen 100-10,000 per second. So through hashgraoh we could save a huge amount of time and expenses as well

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c)

SAVING MONEY

The voting system in my country consumes a lot of money obviously. A nationwide voting requires millions of funds. Whereas the hashgraph could do the same task or even better in less funds.
The blockain system requires a lot of energy of mining as we know and heavy computing devices which require a lot of money. So Hashgraph is the clear choice.

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d)

TRANSPARENCY

As we know that in Hashgraph the nodes are randomly connected and anybody could vote.

This is exactly the thing we need as we live in a democratic country. This will ensure transparency and fairness in the voting system.

The traditional voting system is easily corrupted by powerful and influential people. So through Hashgraph we could avoid this.

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The comparision of Blockchain vs hashgraph was thoroughly discussed and the voting through hashgraph as well. Hope it's clear to you all

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4

EXPLORING HEDERA HASHGRAPH

Lets have a look at Hedera Hashgraph (HBAR) currency:

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HBAR value is $0.2329 and it currently stands at the 51st Position in the market with a market cap of 2Billion and a Circulating supply of 8.58 Billion

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Tour of hedera

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STEPS

Go on the Hedera website.

here you will see different options as shown below

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NETWORK:
Network is further divided into
a) Token service :the token benefit empowers us do exchanges including fungible and non-fungible tokens without a smart contract.
b) Hadera consensus service : Makes log or records of messages so that resources can be followed over a supply chain in an publicising stage
c) Dashboard: shows ongoing Hedera network activity

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DEV:
This further consists of
a)Docs: one can know more approximately about the Hedera Hashgraph and provide criticism and recommendations for improvement
b) Hedera SDK: here one is able to discover various dialects also a few of the community supported advancement tools
c) Hedera Plugins and Microservice: one would be able coordinate his present application with the Hedera network with the assistance of plugins and microservice
Fee: through this we can see expenses plans in USD set by the governing council.

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Use case
Various options present here are as follows
a)Payment: this tells us how to utilise the Hbar, Hadera’s cash and ones own cryptocurrency.
b) Permissioned blockchain: one can learn about the the data shared with people.

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HBAR:
here one can analyse more about Hedera’s currency, make wallets and find exchanges where one can trade Hbar.

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Governance: the governance of Hedera consists of 39 organisation which make up 11 networks around the world. The governing council monitors the Hadera’s network.

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About: more detailed information about Hedera can be known from here. It provides data on roadmap, user group, careers, journey ,media , press ,news, papers ,blog and their team.

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As you can see all the features of Hedera were throughly explored in depth by me hope it's clear to you all

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CONCLUSION

First of all thank you professor @pelon53 for this informative lecture. I honestly had NO idea about the hashgraph Technology and because of you I did a lot of research and got complete knowledge on hashgraph Technology.

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Lastly in this lecture We got an overview of the Hashgraph Technology then we learned in detail about the Gossip Protocol which is used in Hashgraph. Furthermore I shed light on the Byzantine Fault and the Byzantine Fault tolerance. After that we did a detailed comparision of Blockchain vs Hashgraph and also chose Hashgraph as a voting system in my country.

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Then I took you on a tour of the Hedera website and showed different features that it offers

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I enjoyed doing this task as it was purely research based. Hope you have a good read as well professor @pelon53

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Regards,
@huzaifanaveed1