Steemit Crypto Academy Week 16 by @pelon53 : hashgraph technology
Hello steemian ...
This is my new post in the Steemit Crypto Academy community, on this 16th week I will be working on a homework from professor @pelon53 with the theme " hashgraph technology".
SOURCE:https://id.bitcoinethereumnews.com/technology/what-is-hedera-hashgraph-the-beginners-guide/
Hashgraph is a new technology or consensus mechanism which is an innovation of the existing consensus system on the blockchain, this technology was developed by Leemon Baird, Co-founder and CTO of Swirlds Corporation, in 2016. According to the explanation of one Reddit user, Hashgraph can also be referred to as serverless decentralized platform.
For that I will immediately explain it according to the homework given by professor @pelon53.
1. Explain in detail the Gossip protocol, used in Hashgraph.
The gossip protocol is an approach used by hashgraph technology to record transactions. The way the gossip protocol works is that each node of the current and previous transactions will randomly distribute information to the nodes closest to the current transaction or called neighbors. After the closest node receives information and processes it, the information will be sent to other nodes until all nodes receive the information.
SOURCE:https://coinsutra.com/hedera-hashgraph/
On this network, the entire transaction process takes place very quickly. even transactions on the gossip protocol is much faster than bitcoin. the average gossip protocol is capable of doing 250000 transactions per second, while bitcoin is only able to make 5 transactions per second. This means that the gossip protocol used by this hashgraph is about 50000 times faster than bitcoin.
2. Explain Byzantine Fault Tolerance in Hashgraph.
Byzantine fault tolerance, is an algorithm developed based on the problem of the Byzantine general's algorithm, this Byzantine general is defined as a node. This means that each node must agree to the same command so that the transaction can be validated, but if there is a node that performs a different command, the transaction will fail.
Therefore this Byzantine fault tolerance algorithm is used to validate transactions if 2/3 of the nodes are aware of the transaction, and this transaction permission only occurs if each node has the approval of the network administrator.
3. Make a comparison between Hashgraph Vs Blockchain, for a voting process in your country. Which technology would you choose? Why?
Comparison between Hashgraph Vs Blockchain
Blockchains:
- In reaching consensus, use proof-of-work and proof-of-stake mechanisms
- Relatively slow transactions (5 transactions per second)
- Network stored data directly connected in consensus.
- Can be used for mining.
Hashgraphs:
- In reaching consensus, using a new mechanism, which is based on the gossip protocol.
- very fast transaction (250000 Transaction per second)
- Data is stored across computer networks, which would make hacking impossible.
- There is no mining, the node will process transactions automatically with a gossip protocol system that is 1-2 bits in size.
voting process in my country
SOURCE:https://www.officeholidays.com/holidays/indonesia-presidential-elections
For the voting process in my country, Indonesia does not actually use the e-voting system. For me, if it were implemented, then I would choose hashgraph technology because this technology is more secure and faster than blockchain technology. For the security system, hashgraph technology allows data to be stored in a decentralized manner, which means that the entire transaction history will be stored and cannot be changed forever, thus closing the possibility for criminals who intend to sabotage the system to commit fraud. And also, by working with hashgarph with google which makes a good plan for hashgarph and ensures the network is stable and capable
4. Explore Hedera Hashgraph link, show screenshots.
To explore the hedera hashgraph link, first you have to enter the link address in your browser, link https://hedera.com/
- After that, you will be immediately taken to the hedera hashgraph home screen. The display is as follows:
- Before that, you can watch videos related to hashgraph hedera, click the button you are pointing at the arrow
or you can watch it manually on the official youtube hashgraph hedera, link
- After that you can explore each of the menus on the home screen. The laugh is the network menu, in this menu you can find about services and information.
- The second menu is Devs, in this menu you can find tools and resources.
- The third menu is Use Cases, in this menu you can find about Payments, fraud mitigation, data compliance, tokenized assets, identities, permitted blockchains. In addition, there is also a built on hedera, which is about developing the Hashgraph Hedera.
- The fourth menu is *HBAR, HBAR is an abbreviation for hashgraph hedera currency. In this menu there is an overview feature that discusses HBAR in the crypto world, account creation and wallets & exchanges.
- The fifth menu is governance, here we will show about many large companies and institutions in the world that have supported Hashgraph Hedera. Here we can find big companies like Google, IBM and others.
- The sixth menu has about, here explains all things related to Hashgraph Hedera, namely team, journey, roadmap, user groups, careers, media, press, news, blog and paper features.
conclusion
Hashgraph comes as a form of innovation from the blockchain system. Hashgraph has advantages over blockchain systems, especially in terms of transaction speed (50000 times faster). The main difference between a hashgraph and a blockchain is the type of census mechanism. Hashgarp uses gossip protocol mechanism whereas blockchain mechanism uses proof of ownership and proof of work.
For now, the hashgraph hedera currency is still not very profitable for short-term investments. However, based on its governance council which is supported by many big companies such as Google and IBM. Hedera hashgraph currency has the potential to be big in the future.
This is everything I know about hashgraph technology, I'm writing this based on some of the references I've studied.
Saludos, tienes que ser cuidadoso, la capture de pantalla de la pregunta 2, no es libre de autor. Tiene su dueño.
Tiene que quitarla. Gracias
Thanks for the advice, Prof, I've fixed it.
Gracias por participar en Steemit Crypto Academy:
Faltó información en el protocolo Gossip. Prácticamente no explicaste Tolerancia a fallas Bizantinas, faltó profundizar
Espero seguir leyendo tus publicaciones.
Calificación: 6.9