Crypto Academy Season 2 Week 8 Homework Post for (@pelon53) - Hashgraph Technology by @noraiz

Hello everyone! Welcome to my homework. This week lecture is is full of information as usual and i have learnt a lot of thing this week too. I am going to write this week task for professor @pelon53.

Hashgraph

The blockchain is decentralized technology which offer you trading of crypto currencies. Many more feature are offered by this technology which make you feel more secure. But there are still some restriction on blockchain technology. So as alternative of blockchain technology, some other technologies are being introduced which cover up the restriction on blockchain technology. These technologies are more secure and faster. These technologies perform same task as on blockchain but more fastly and safetly. Hashgraph is one among these technology which are being introduced as alternative of blockchain.

Explain in detail the Gossip protocol, used in Hashgraph.

We know that the blockchain use multiple algorithm for better performance. The transactions of crypto currencies are done using the multiple algorithm such as Proof of Work(PoW), Proof of Stake(PoS). Proof of work algorithm is being used for bitcoin while Ethereum is using the Proof of stake. Such like this all other crypto currencies on blockchain technologies are using multiple consensus for better performance. All these make the blockchain technology more secure, reliable and fast. But still there are some weak points in blockchain which are being covered by other multiple technologies.

Hashgraph is one among them. This technology perform the transaction of crypto currencies in same way as blockchain do and offer more other features too. Hashgraph become more faster, secure and reliable as compare to blockchain by using the two techniques. Gossip protocol is one of these techniques. The data is being send from one node to another node in Gossip protocol by using the Gossip jackets. These jacket make the transaction more secure and fast as compare to blockchain technology

Gossip protocol is being use for distributing the information all across the network. As the name show, this protocol work as the gossip work in real life. For example if i heard something about Dogecoin and tell about this to my friend. My friend tell this to further two people. Those two people spread that information to 4 more people and this cycle continue. The rumors spread in this way. The same technique is use in Gossip protocol for spreading the information on network.

We know that the information is send to a specific node in blockchain technology but the random node is pickup in gossip protocol and information is send to that random protocol. The Node work to spread the information randomly among the node on network. When the information is send to some random node, that node consider the information of the previous node. The data of all node which are part of this gossip, When the data come and all involved node are consider by that random node to which data is being transferred.

When the data is send to node, that node consider what the sender node has done on that data. Which operations are performed by the sender node on data, which changes are brought in data by sender, when the sender receive the data and what were the properties of the data of the sender node. The receiver node have access to all these thing which make this network more secure and fast.

Advantages of Gossip protocol

• Work on Decentralized technology
• Do not have any central person who can control the network
• Cannot be hacked
• perform 250000 transaction in just one second
• Gossip jackets make the transactions more secure
• As the network is decentralized, so no chance of losing information
• Do not get effected by malicious attacks
• No argument between the groups

Disadvantages of Gossip protocol

As we know that this system work according to the gossip nature. One node receive information from previous node and send it to other random node. But if some wrong operations are performed on data by some node and if wrong information is transferred to the other node. Then this wrong information will be spread all across the network.

2. Explain Tolerance to Byzantine Faults in Hashgraph.

Byzantine Fault can be define as a case where the failiour of one node on network is not being detected by other nodes. The other node keep working. It is necessary for all the node on network which take part in the transaction to reach somehow on a consensus. Reaching a consensus is compulsory for transaction validation. The transaction get validate only when the nodes reach on any agreement.

But If some node get fail because of some reason and cannot validate the transaction, still the transaction will be validated because of the Byzantine fault in Hashgraph technology. It depend on the mejority of node. If majority of node get consensus, then the transaction will be validate. For better understanding, just consider the following example

Example

suppose there is a company having the staff consist of 50 people. Suppose there is a matter of increasing the investment for company advertisement where the opinion of all is required to get a final decision. Suppose the 15 people are saying that they should invest more money for advertisement and 35 people are oppose to this. Then decision will be taken according to the majority opinion and no more money will be spend for more advertisement.

Same this scenario is in Byzantine fault. The majority is consider and if majority reach consensus then the transaction get validation.

3. Make a comparison between Hashgraph Vs Blockchain, for a voting process in your country.

The hashgraph technology is better than blockchain technology in many ways such as cost, Security, popularity, speed, Efficiency, decentralization and priority. Now we will compare the Hashgraph Vs Blockchain, for a voting process by considering all the above points.

Speed

In blockchain technology, the transaction is performed between any two nodes but in hasgraph technology, multiple node are being involved at a time in any transaction. The data is send to any random node which send this data after applying operation to further multiple node and in this way data spread quite fast way. As multiple nodes are being involved so multiple transactions are performed in single second in hashgraph technology. Almost 250000 transactions in just one second. while Only 5 to 7 transactions are performed on blockchain technology per second. So if we adopt the hashgraph technology for voting purpose in my country, it will be more fast than blockchain

Cost

The cost of a transaction on blockchain technology is high as compare to the hashgraph. For example if we use the ethereum for voting, it will be more costly as compare to the case hwere the hasgraph is use for vote.

Permanent data

Both technology work according to the rule where the data cannot be change. MEan if the data is entered, it is impossible to change this. For example if a voter vote to some party, this data cannot be changed as any cost from any unauthorized person in both technologies.

Popularity

The blockchain technology is most popular and well known among the investors as compare to the hashgraph technology. The user use the blokcchain technology more for crypto exchange rather than hashgraph technology.

Security

The hashgraph is more secure and reliable as compare to blockchain technology. This technology prevent the network from the unauthorized access and attacks. The data is kept in multiple nodes. The data is randomly send to the multiple nodes so there is no chance of losing it.

Consensus algorithm

The gossip protocol is use in hashgraph technology which keep the network more secure and fast. The data is send to multiple random nodes. Many nodes participate in transaction so more transactions can be performed in one second which increase the system speed. On the other hand, in blockchain technology, proof of stake, proof of work and many other consensus algorithm are being used in blockchain technology.

Efficiency

The hash graph technology is more secure. It perform 250000 transactions in one second. Which show how efficient this system is. Moreover the data is send to multipe random node so data cannot be lose. This make it more reliable. In blockchain, only 5 to 7 transactions can be performed in one second.

Decentralization

Both the hashgraph and blockchain work according to decentralized scenario. These both technologies are decentralized. No need of central party. There is no middle man or owner of this these technology.

I will go for the Hashgraph Technology

So after studying the feature of both, i will prefer to use the hashgraph technology for voting purpose in my country, Pakistan. In my country, while voting, multiple challenges are faced by the voters and even by the parties. The voters go and do votes. It take much time for counting of votes. Sometime this may happen that the corruption took place there and unpredictable results come in favor of party whom the people don't like or to whom they didn't vote.

Sometime, the parties do not accept the results. They say that the corruption is held in voting. The implementation of hashgraph technology will help to safe the voting system from all the above mentioned challenges. The voter will vote to their favorite party. As hahgraph technology perform many transactions in one second so it will increase the voting process. The hashgraph technology use Gossip protocol which will ensure the security and reliability of voting system.

No corruption will be there after hashgraph implementation in voting system in my country. But thsi technology implementation is hard in my country as it is not much popular and the people are not well familiar with this network.

4. Explore Hedera Hashgraph. Show screenshots.

The Hedera hashgraph, as its name specifies, use the hashgraph technology. Many people are using the hedera hashtag and they are satisfy more with this technology. As this use hashgraph, so it is more secure, reliable and fast. Now i will show you some screen shorts which will help you to understand the marlet rank, capitalization and some other things about hedera hashgraph.

Market value

Rank of Hedera in crypto currencies

Trading view

Price of Hedera

Now lets visit the Hedera hashgraph website. Below is the homepage of hedera.com. The below is a video which will explain you about the hedera hashgraph more clearly. This is also on the homepage.

Mutiple option are there on the manu bar in homepage. I will explain all these one by one.

Network

The first option on the manu bar is Network. This is also have some other services for user. If you click on this button, a drag down list is appeared. Multiple options are there for you such as how the network work, the consensus algorithm, dashboard, explorer and token services.

Token service: Tis service is their for user who want to create the new fungible tokens.

How it work: This option shows you how the newly introduced technologies on hedera hashgraph works on this network. This clear more the user about this system and its technology and user come to how how these technologies are working.

Dashboard. It is possible to get to know about the the transcation statistics which are performed by the traders over this network.

Explorer: As its name specifies, the user can explore more about hedera on this option.

Dev

Second option on the hedera hashgraph manu list is Dev. Thsi also furthur caratorize in multiple services. When you place your corcur on this option, a drag down list appear.

Doc: This contain all information about hedera hashgraph. It facilitate the user to get to know more about this platform.

Hedera SDK: You are abke to find the API of hedera in multiple language. This support the multiple language which become more convenient for user to understand this system.

Fees: This section give information about the transaction fee on hedera hashgraph.

Learning center. You get to learn about hedera in this section.

Use cases:

There are multiple option in this section. When you place the corsur on this button, a list is appear.

Payment: On this section, you will get to know the payment methods for your transaction.

Fraud mitigation: This section teach the users how to safe and secure yourself from being scammed.

Permission blockchain: This show you to create a a private ledger with public trust.

Indentity: It explain how to maintain the cycle of credentials on the hedera hasgraph.

Use cases and many other options are there in this section.

HBR

If you place the cursor over here, a drop down list will be appear with option Account Creation and Wallets and Exchanges.

Account creation: Here you can create account on hedera hashgraph

Overview: This section show you more detail about hedera hashgraph

Governance

Multiple organizations are there working there for hedera. These organization make this sure that this network work in a smooth way. When you click on this, all these organization will be appeared.

About

This section consist of all information about hedera. It has options like Team, Journey, Roadmap, User group, Careers, Media, Press, News, Blogs, Papers. You can find ou who is working on hedera, who is managing hedera, who is CEO and what is team there on hedera.

Team

This option let you know about team of hedera

Journey
This is an option in drop down list of ABout. This section give you comlete history of hedera hashgraph.

Roadmap

Here you will find the roadmap of hedera hashgraph.

Get started

If you click on the Get started button on the top, there are multiple option for developers, common public and for hedera coomunity.

Conclusion

The Hashgraph technology is an alternative of blockchain. it cover all those point where the blokcchain is lacking. It is more secure, reliable and fast as compare to blockchain. But many countries do not allow the use of this technology. It is not popular as compare to blockchain.
But it has great team to work which will obviously raise this platform and make it popular among public. I hope this platform soon will be best and will be used mostly.