Crypto Academy Week 16 | Homework Post for @pelon53 | Hashgraph Technology
Hello steemains
It's yet another week with amazing lectures, thanks to @pelon53 for the lecture on Hashgraph technology
I really im more enlighten about this topic after your lecture. Below is my task for this week.
INTRODUCTION
My design
Hashgraph technology is referred to as an advanced distributed ledger that harnesses the direct acyclic graphs to create an asynchronous Byzantine Fault-Tolerant (aBFT) consensus algorithm. The Hashgraph can be further described as a continuation or successor of the earlier blockchain technology but offers improved fairness, transaction speed, low cost and energy usage, with better security constraints. Hashgraph also harnesses a consensus protocol (the Gossip protocol) that is based on virtual voting.
Unlike other blockchains, Hashgraph technology does not require it's miners to validate its transactions, rather it uses a protocol called Gossip protocol for validation of its transactions. The hashgraph technology is currently the only authorized ledger of Hedera Hashgraph and the native cryptocurrency of Hedera Hashgraph system is kniwn as HBAR.
1. Explain in detail the Gossip protocol, used in Hashgraph.
Gossip protocol is a protocol used in Hashgraph technology to make transaction validation processes more efficient and faster. This protocol permits the nodes to transfer and exchange information randomly with another set of nodes connected to the same network, and in turn, the same information is being transefered to another set of nodes with the sole aim of distributing data throughout the entire system in a bid to attain consensus on validation of transaction in the network, so as to maintain a highly secure and cryptographically reliable data structure in the network.
With Gossip protocol, once a certain point has been reached, the information is being replicated to all the other nodes of the Hashgraph network through the gossip protocol about gossip. In this manner, all nodes can validate and process the information, and at the same time with concrete knowledge of all the details of the operation done. With this, a much faster, secured and more efficient validation process is achieved, unlike the Proof of Work (PoW) or Proof of Stake (PoS) consensus algorithm.
In addition, the Gossip protocol utilized in Hashgraph technology doesn't only send data from one node to another but also sends it's data with a detailed record of the date and time of approval, and also a digital signature of the user who generated the operations. This protocol works on a principle of computer-computer communication with the objective, to simply distribute information on transactions made by users quicker and reliable. This objective is achieved because each node on the network replicates the information to the same extent that it received it.
For instance, if a node sends data to another node in a distributed network, the sender node would give details of other nodes that have interacted with the same data, the continuation of this chain will mean that in a few transmission operations the messages/data, would have reached all the nodes in the distributed network in just a few seconds and it permits up to 10,000 transactions per second, which is a significant improvement in terms of Scalability compared to other blockchain technology like Bitcoin. This is one of the unique highlights of Gossip Protocol with Hashgraph technology.
2. Explain Tolerance to Byzantine Faults in Hashgraph.
Hashgraph tolerance to Byzantine Failure Asynchronous Tolerance (aBFT), is a type of BFT that guarantees the security of data being stored within the network. For the purpose of preventing any malicious actors from modifying or manipulating the information for their own convenience.
Hashgraph is Asynchronous Byzantine Faults Tolerant; simply means that transactions are only validated when nodes in a distributed network reach consensus, and as such it can be mathematically proven that the transaction validation would occur. The fact that Hashgraph is tolerant to BFT, it ensures that not a single member can prevent the community from reaching it's consensus and also ensures that once consensus is reached it cannot be changed.
Since Hashgraph is Asynchronous Byzantine Tolerant, it simply implies that, if 2/3 nodes of the network is valid then the nodes will reach consensus on a transaction and if there is less than 1/3 nodes of the network ,then it is termed malicious or invalid and the system will reach a consensus on the transaction.
It is important to note that the Byzantine Fault Tolerant is sometimes used in a weaker sense by other consensus algorithms, but with Hashgraph it is used in its original and stronger sense in that;
•Every member eventually knows when consensus has been reached
•The information about the reached consensus would be made known in the network to all members
•The validation of transaction occurs
after consensus has been reached in the network.
•Most importantly, consensus is proven mathematically so every nodes in the network reaches same consensus.
3. Make a comparison between Hashgraph Vs Blockchain, for a voting process in your country. Which technology would you choose? Why.
Hashgraph and Blockchain can be compared in some aspects, a few of which is listed below..
SECURITY
In terms of security, both blockchain and Hashgraph are strong. Blockchain utilizes cryptographic method to ensure the security for the data stored and transmitted on it's network,and digital blocks are tamper-proof, as malicious actors in no way can alter the integrity of the data on the network. While, Hashgraph technology harnasses the Asynchronous Byzantine Fault Tolerance (aBFT) to secure date on the network from bad actors, with each events recorded correctly, and this approach makes ensures that no data can be tampered even when the network has been invaded by some malicious actors.
TRANSACTION VALIDATION
In Hashgraph, validation of transactions is based on per consensus, with the Virtual voting and Gossip about Gossip ensuring that transactions are validated by majority. While, with Blockchain miners have the power to validate or postpone a transaction or even cancel it entirely.
SCALABILITY
Scalability has to do with how a network handles its transactions within a set time to get a desired result. Hashgraph transactions are more scalable, as transactions on the network are not delayed and not dependenton miners for validation. While, in blockchain transactions are often dependent on the work of the miners which can cause a delay in transaction.
SPEED
The speed of transaction with Hashgraph has been theoretically, proven as Hashgraph can reach a speed of 5,00,000 transactions per second without any delay due to support of Gossip Protocol. While, the Blockchain transaction speed is slower than Hashgraph, and it varies based on the consensus algorithm used by a particular network, such as Proof of Work (PoW) in Bitcoin or Proof of Stake (PoS) in Tron blockchain where speed of transaction is determined by the work of miners and the speed of transaction is considerably slow and offers a speed limit of only 100 to 10,000 transactions per second.
APPROACH
This is the most significant difference between Hashgraph and blockchain. Hashgraph utilizes the directed acyclic graph for storing and accessing information on it's network. In both the DLTs, each node has a copy of the ledger, that makes it a truly decentralized system. While, with Blockchain, data are stored blocks that is-in a linear manner and the append approach works great,although is not always the way for blockchain solutions.
EFFICIENCY
The Efficiency of Hashgraph is 100% due to its approach and it doesn't depend on block creation, but only on events. On the other hand, Blockchain’s block approach makes it hard for miners to work on a block, thereby making it less efficient.
Hashgraph technology for Voting in my Country-Nigeria, and Why I chose it.
For the voting process in my country, i would choice Hashgraph technology and the reason for my choice being that;
Hashgraph is a virtual voting technology, and this virtual Voting is done in a way, that the nodes of the network knows the node that has voted with details of the vote in the quest to reach a consensus in a transaction. Now, with adopting the Hashgraph Virtual Voting to be the voting algorithm in my country, it makes the process of voting a free and fair process, given each individuals the right and freedom to participate in the exercise, having all the nodes of the system sending all the data of a vote to another node in the process of validating the process.
This virtual voting process completes the exercise by taking the data from nodes on the network to reach a consensus automatically, making the completion of votes easier, secured and faster. Rather than wait for compilation of votes after the voting exercise as the nodes would reach a consensus to produce a valid result for the process as obtained from the witness of each of the nodes and none time is spent in this process making it slow and not efficient. For instance, after a voting exercise, if 2/3 of the nodes are valid then a consensus would be reached and this confirms the winner of the election in a fair and efficient manner.
4. Explore Hedera Hashgraph. Show screenshots.
Hedera Hashgraph is a network that gives individuals and business owners a platform to create powerful DApps. It is a more efficient and fair system that helps mitigates somes limitations of other existing blockchains. The native token of Hedera Hashgraph is HBAR coin.
In exploring Hedera Hashgraph, first you visit hedera.com/ from a mobile browser, then click on search and it takes you to the homepage of Hedera Hashgraph.
Next, click on the menu button at the top-right of the page
And the features pops up showing;
▪︎Network
▪︎Dev
▪︎Use Cases
▪︎HBAR
▪︎Governance and
▪︎About
▪︎NETWORK
When you click on network, it shows various options like;
a.Token Service: this option permits users to mint and configure tokens and manage native fungible and non-fungible tokens, without need to deploy a smart contract
b.Consensus Service: allows for a Verifiable timestamps and ordering of events for any application or permissioned blockchain framework.
▪︎DEVS
This feature has options like;
a.TOOLING which has;
• DOC: this option gives all you need to know about Hedera Hashgraph.
• HEDERA SDK: which offers the Hedera API in different languages
b. RESOURCES which has;
•INTEGRATION: This option permits users to integrate their existing application or permissioned blockchain framework into the Hedera network.
•FEES: that shows the fee schedules as decided by the governing council,which is useful for developers that wants to know the cost fee of integration with the Hedera network.
•OPEN SOURCE: this option which tells a few things about Hedera Hashgraph on github.
• LEARNING CENTER: that take users on a ride about Hedera Hashgraph.
USE CASES
Has the following options;
•PAYMENTS: this option has potentials to reduce cost and unlock new revenue.
•TOKENIZED ASSETS: Ability to Manage and swap assets like never before.
•FRAUD MITIGATION: Reduce fee costs and protects it's users.
•IDENTITY: Maintain the lifecycle of credentials.
•DATA COMPLIANCE: Log and publicly verify actions.
•PERMISSIONED BLOCKCHAIN: allows users to Create private ledger with public trust.
HBAR
This is the native token(HBAR) of Hedera Hashgraph and HBAR has its value to be 0.2241USD and ranking 53rd position by market capitalization, as at the time of writing this article.
The HBAR section has these options;
•OVERVIEW- that give users details about the cryptocurrency
•ACCOUNT CREATION- and this section allow users to create new Hedera mainnet account.
•WALLETS & EXCHANGES- this section tells users the available wallets and exchanges that supports the HBAR cryptocurrency.
GOVERNING COUNCIL
This is the section that gives full details about the governing council of Hedera Hashgraph. The governing council consists of 39 term-limited that includes different organizations and other enterprises to make up 11 sectors with other non-profit organizations worldwide. The job of Hedera Hashgraph governing council is to make decisions to improve the stability of Hedera Hashgraph and also make changes when necessary with time to better the network. Below are the Hedera Governing council
▪︎ABOUT
This section on Hedera Hashgraph shows sub-sections like; Team, Journey, Roadmap, User Group, Careers, Media, Press, News, Blog and Papers. Each of these options gives user more information about Hedera Hashgraph technology.
Meet the Hedera team seen when you click on TEAM,
CONCLUSION
The Hashgraph is undoubtedly a more advanced technology in the crypto ecosystem, with a virtual voting process, with the aim of resolving some inefficiency with other blockchains. As Hashgraph has been proven to be more efficient, faster, safer and secured than other blockchains.
Thank you for reading through and Warm regards to @pelon53.
Thank you @pelon53 for the correction🙏, i have effected the change too. Thanks and have a nice day.
Gracias por participar en Steemit Crypto Academy:
Buen trabajo, debe justificar el texto.
Espero seguir leyendo tus publicaciones.
Calificación: 9.4
Thank you Professor @pelon53, I'll learn how to justify text and do better in next task.
Republica para ver si el curador te visita. Por favor me avisas.
Hello @steemcurator02, please i submitted this task 6days ago and was graded 9.4 by @pelon53. But my task hasn't been upvoted by @steemcurator02 and it expires tomorrow. Please @steemcurator02 do well to curate my task, as it will be unfair if I'm not rightly rewarded for my task. Plsease treat as urgent, because have been a victim of been graded and not been curated once in week6. I wouldn't want to experience it again. Below is a screenshot of my task and the link.
![Screenshot_20210607-203141_Chrome.jpg](https://steemitimages.com/640x0/https://cdn.steemitimages.com/DQmZkFjtpeJg3S2GjgWxcWGvFLzcZgx5RtBa9Ztq4zyfLNa/Screenshot_20210607-203141_Chrome.jpg)
https://steemit.com/hive-108451/@meniya/crypto-academy-week-16-or-homework-post-for-pelon53-or-hashgraph-technology
Thanks for your kind attention and warm regards.
Tienes que tener calma. Ya tu republicaste. Esa se vence en 6 días
Okay, thanks @pelon53. Just trying to avoid same issue occurring twice. Thankyou so much for your time😊