[ SEASON 2 | Week 8 ] Steemit Crypto Academy Homework Post for @pelon53 | Hashgraph Technology |
Hello friends .... !!!
Back again with me Ichsan Angga P at Steemit Crypto Academy Homework.
Today I will finish the homework from professor @pelon53.
The topic that I will choose to discuss from the work given by the professor @pelon53 This week's assignment is about Hashgraph Technology
Hashgraph Technology
Hashgraph technology is a new technology that has emerged in the cryptocurrency ecosystem, where Hashgraph is a distributed ledger by adopting a system that is more sophisticated and better than the distributed ledger system owned by Blockchain in most cryptocurrencies currently available.
Hashgraph technology was created with the aim of improving and improving the quality and efficiency of conducting transactions in the world of cryptocurrencies, where Hashgraph Technology emerged by creating improvements in the fields of transaction speed, fairness, and security in conducting transactions with lower transaction costs by using energy which is also lower. Unlike Blockchain, Hashgraph does not use miners to assist them in conducting transaction validation systems, but in Hashgraph technology they use the Gossip Protocol, so we will discuss the Gossip Protocol in the next discussion.
Gossip Protocol on Hashgraph Technology
The gossip protocol used in Hashgraph technology is a communication system that is connected to peer-to-peer, with which they can easily distribute data about transactions that occur to all systems related to the Gossip Protocol network. The way the Gossip Protocol works is by means of Gossip about Gossip, where users talk to Hash, then Hash receives the hate or the information in the form of information fragments, so that each node that occurs has the ability to share information about events and transactions that occur happen randomly.
Protok Gossip usually receives one node with a short snippet and then that node is converted into a message which will then be continued to another random node, So each node continues to repeat the cycle, which is so that in the end all nodes have separate information between other nodes in a network, so with this cycle, a node will continue to be updated with new information that is formed as a result of the cycle that continues to repeat itself.
So in short the Gossip Protocol is a communication that occurs with a system where when data is transmitted through a node on each different network, which uses a distributed network system. Gossip protocol occurs when information is disseminated from one computer network to another computer network and eventually spreads throughout the computer network. So that's how the Gossip Protocol works, which spreads information through a note on the entire computer network.
Byzantine Fault Tolerance in Hashgraph
So as we all know about Hashgraph, which Hashgraph is Asynchronous Byzantine Faults Tolerant, which means that each transaction will only be validated in a way when each node has been evenly distributed and has reached a predetermined consensus, and so on. if all the information is consensus, it can be ascertained that the transaction will run well. But there are some cases where the nodes are not evenly distributed so that it will end up with no consensus.
In the Hashgraph network, each node has its own contribution to the network consensus process that occurs. It was their job to survive the errors made by the Byzantines in order to maintain stability, functionality and security in a decentralized network.
Take it easy, because on the Hashgraph network there is a system called error tolerance called Asynchronous Byzantine Faults Tolerant, where the tolerance number given by Asynchronous Byzantine Faults Tolerant is 2/3. This means that 2/3 of the total incoming information must be valid, which means that the information or node that already has a validation value is at number 2/3, then the information or node will reach consensus in the transaction process that occurs. But if the node does not reach that number and is instead only at 1/3, it can be confirmed that it is invalid and does not reach the desired tolerance number, then if it is like this the system will automatically cancel the current transaction because it does not valid..
Comparison Between Hashgraph & Blockchain, and Hashgraph Technology Adoption For Voting in Indonesia
1. Comparison Between Hashgraph & Blockchain
So now we will discuss the differences between the Hashgraph system and the Blockchain system, here are the differences:
Protocol Used
On the Hashgraph it uses the gossip protocol about gossip, while on the Blockchain it uses the Hyperledger protocol.Transaction Speed
Because Hashgraph uses the gossip gossip protocol, this makes it possible to perform faster transaction speeds, with the hashgraph gossip gossip system capable of processing up to 500,000 transactions that occur per second, while On Blockchain because it uses the Hyperledger protocol, the Blockchain transaction system is slower, and is only able to accommodate from 1000 to 10,000 transactions per second.Transaction fee
The transaction fee on the Hashgraph itself is fairly low in making transactions, which is $0.0001, while the transaction fee given to the Blockchain system is $23 per transaction.Scalability
On Hashgraph it has higher and better scalability so that every ongoing transaction does not experience delays, While on Blockchain because it relies on miners who work to encrypt transactions, this is what causes transaction processing delays.Security
The security provided by Hashgraph itself uses the Gossip Protocol system which is better than the Gossip Protocol owned by Blockchain, because all the information provided by Hashgraph is spread throughout the nodes on each computer network, thus preventing hackers from committing crimes.Efficiency
Hashgraph does not use a block approach system, making it more resource friendly, while on Blockchain they use a block approach which makes the miners need high resources and makes the Blockchain environmentally unfriendly.Consensus mechanism
At Hashgraph itself to get consensus on the network he uses a virtual voting system, then at Hashgraph it does not need to use other algorithms so that it has low costs but still high performance and is more friendly to the electric power used, while Blockchain must use various kinds of algorithms consensus, the algorithms used include Proof-of-Elapsed Time, Proof-of-Stake, Proof-of-Work and others, thus making it wasteful in high electricity usage.
2. Hashgraph Technology Adoption For Voting in Indonesia
In my view, the voting technology contained in Hashgraph is a very good voting system and is very suitable in Indonesia. Because this Hashgraph has a fairly good level of fairness, because for every vote that comes in from the results of the voting, it cannot be failed during the voting process.
This virtual voting is very good and like I said before it is very fair, and we can see the winner automatically if it has a valid 2/3 node number then consensus will be automatically reached, so that the winner in virtual voting will be chosen fairly in this system.
Explore Hedera Hashgraph Token (HBAR). Show screenshots.
Before we enter into the discussion of the exploration of the Hedera Hashgraph, we will now look at the Hedera Hashgraph on CoinMaketCap
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We can see that for now the Hedera Hashgraph Token (HBAR) on CoinMarketCap has a rating of 50, the selling value of Hedera Hashgraph Token (HBAR) is $0.2519, the Market Cap is a total of $2,160,766,215, the volume that occurs over 24 hours is the amount of $212,895,303 and for the current supply circulation 8.85B HBRAR from a total max supply of 50,000,000,000 HBRAR.
After we have seen the condition of the Hedera Hashgraph (HBAR) on CoinMaketCap, now let's go into the official website of the Hedera.com
Hedera Hashgraph (HBAR) Official Website
So now for friends to enter the official website of Hedera Hashgraph (HBAR) you can click this link Hedera.com and you will automatically be directed to the homepage of the official Hedera Hashgraph (HBAR) website, as shown below
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We can see on the home page of the Hedera Hashgraph (HBAR) website that there are several features provided by them, let's try to see one by one, the available features are :
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1.Network
On your Network you will be given other features, namely services and also information about this Hashgraph Coin. And on each of the available features you can click to view the information in it, such as services if you click view all services it will appear as below.
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the Network also provides information on this Hedera Hashgraph (HBAR) coin, so maybe I will choose the How It Work information, here's how it looks
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2.Devs
In Devs there are 2 features, namely Tooling and Source, and in that tooling there are DOCS and Hendera SDK and On the resource there is Integrations, Fees, Open Source and Learning Center
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3.Uses Cases
In the Uses Cases there are several other options such as Payments, Fraud Mitigation, Data Compliance, Tokenized Assets, Identity, and Permissioned Blockchain. and then also in the Built on Hedera option there are several others such as sections, there will be Case Studies, Healthcare, Enterprise , and Gaming options.
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4.HBAR
In the HBAR tool there are several other options such as Overview, Account Creation and Wallet & Exchanges
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5.Governance
In Governance, here we can read and see several rows of organizations behind this Hedera Hashgraph HBAR token, as below
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6.About
In Tools About, we will be given more choices regarding the Hedera Hashgraph (HBAR) project, starting from the formed Team, Journey, Roadmap, User Group, Career, Media, Press, News, Blog, and Papers contained in the Hedera Hashgraph project ( HBAR)
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- Team
In our team, we will be able to see the people who played a role in the process of the emergence of the Hedera Hashgraph (HBAR), which can be seen in the image below.
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- Journey
In Journey we can see the history of making Hashgraph Token (HBAR), for the continuation you can see it for yourself by entering the journey section and scrolling down, here is a brief overview of the Journey
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- Roadmap
In this option you will be able to see the Roadmap that has been provided by Hashgraph, you can see it as below
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there are other options provided in this About Tools, if you want to see it in detail about the information provided you can click the following:
Conclusion
Hashgraph technology is a technology that has a very good system at this time, with a system which has gossip to gossip, making it have more advantages, but it is unfortunate that this technology is still less well known to the world community, even though with Hashgraph Technology they have a very fair system can minimize and even eliminate fraud that occurs, if Hashgraph Technology can be applied in Indonesia I believe this technology is able to fix fraud that occurs in Indonesia, so people think twice about committing fraud. Hopefully this technology will soon be implemented in Indonesia as a whole, to improve the country of dishonest people.
Last word
Thus the task that I have completed this time regarding Hashgraph Technology If in my submission there are still many mistakes, I apologize and I will be happy if other friends want to correct them through the comments column.
Thank you all, I hope this post can help you all to understand more about Hashgraph Technology.
Regards
@ichsananggap
Note: Images that do not have the source are the result of my own edits
Gracias por participar en Steemit Crypto Academy:
Profundizar un poco más en el protocolo Gossip, ventajas y desventajas.
Espero seguir leyendo tus publicaciones.
Calificación: 8.8