Crypto Academy Season Two Week 8: Homework Post for @pelon53

Greetings,

This week professor @pelon53 has delivered his lecture on the hashgrapgh, a technology I believe will make grounds in the future.
After going through his lecture, I will now submit his assignment task.

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Introduction

Developers are always looking for new ways to be improve technology and make it better.
As this is happening different ideas are brought up by different developers.
Some which actually come into reality and perform as they were portrayed in theory.
Well some are also still run and being tested so that when they come out in the future they will be better than what we have currently.

This brings blockchain and hashgraph into the picture. Blockchain is a second phase project. it is being used in the real world and it is sufficient and accurate and safe too as it is popular among users.
The hashgraph is a Third phase project that has set its goals of competing with the current blockchain technology and to make their technology the best to users.

Theoretically speaking it is better than the blockchain technology but we have to wait until it is fully revealed to the world and then used so that we can decide if it is what it says it is.
Hashgraph is safe, faster and also fair to its users.

1) Explain in detail the Gossip protocol, used in Hashgraph.

The gossip protocol is a technology which uses p2p communication style of distribution to give out information.

We all know that when we say p2p we mean that everything is done only between the devices involved.

No other network or computer is able to access the information but the information is only given out to the intended devices.

Imagine this; sometimes rumours are the best way of sharing an information.
Even though rumours hold little or no truth in them and then are mostly hard to believe.
It is the type of information which reached people very fast.

So the gossip protocol works in a similar vein but here the information it spreads through this method is important piece of information.

It works by sending out information all over a system.
The transactions takes place in the system which send its data in the form of nodes.
The nodes which are handed the responsibility to send the data to other nodes does this through a medium, a medium known as the gossip pack.
This allows for the data to be distributed among other nodes.

When a node sends data to another node, this is where the gossing happens and then an agreement is reached as to how the transaction is to be carried out.

One significant thing to know is that the nodes send information to other nodes randomly.

This is essentially better than the blockchain technology as transactions are faster and much secured because of the randomness in sending information or data.
And it cannot be affected by malicious attacks as the information are transferred very fast.

To help us understand let me give you a scenario.

Ethereum is blockchain based platform and it can perform around 15 transactions in a second but the gossip protocol can perform around 250,000 transactions in a second.
This numbers alone are staggering and this actually beats the eth blockchain more than a 1000 times.

This is why I say transactions are very fast and in fact super fast.

2) Explain Tolerance to Byzantine Faults in Hashgraph.

We know that before information is spread, nodes are responsible for this aspect of spreading the data to other nodes.

A situation where a node in the network develops faults or fails is what is referred to as Byzantine Faults.

When this situation occurs not all nodes are affected but a particular node is affected.
In the hashgraph graph technolgy validation occurs before a transaction can take place.
This is what is referred to as an Asynchronous Byzantine Faults Tolerance Technology(aBFT) .

So when a node gets to a consensus there are actually validations that occur before the transactions happen.

The Byzantine Asynchronous Tolerance Technology's (aBFT) nature of the hashgraph guarantees security of data in the system.

As I said earlier it is the nodes that reach consensus in the network before a transaction is validated.

This helps prevent malicious attacks on the network.
Without the Byzantine Fault Tolerance, wrong or manipulated data can be transmitted into the network.

A transaction is validated when a minimum consensus of 2/3 is reached.
There should be less than 1/3 suspected nodes.
It makes sure that once consensus is reached, it can no longer be reversed and the transaction can not be reversed too.

3)Make a comparison between Hashgraph Vs Blockchain, for a voting process in your country. Which technology would you choose? Why?

When elections happen the party who wins deem the th elections as fair and square but the other parties that loose will say the elections where rigged and they will sometimes want the elections to be reconducted.

To combat this problem there are various ways of conducting the elections where each party can monitor what is going on.
Now we have the blockchain technology where everyone can monitor the process and nothing will be hidden or done behind closed doors.

We also have the hashgraph technology.
I will now compare these two technologies below and give my take on the techmology i would prefer.

Security- The gossip protocal in hashgraph is much safer than the blockchain.
The hashgraph is able to prevent malicious attacks by allowing only its nodes to transmit data and this helps in avoiding any unfair transactions.

transaction spreed - As I explained earlier; the speed at which the hashgraph performs transaction is around 250,000 in a second and that of blockchain is around 3 to 7 seconds.
Comparing these two numbers the hashgraph performs thousands of transaction in a matter of seconds more then the blockchain.

Efficiency - The gossip protocol in the hashgraph technology makes the hashgraph more efficient than the blockchain.

Popularity- In terms of popularity, one can say the blockchain is far ahead as many people have adapted to the blockchain technology and very few people know about the hashgraph technology.

Centralization and decentralization- Blockcghain technology was created as a decentralized technology, even though other people claim that the technology is not fully decentalized but comparing it to hashgrapgh technology; the hashgraph is less decentralized.

Which technology would I choose?

Elections in my country is held every 4 years and in this time almost every citizen is worried about going to join long queues just to vote for an individual to be president.

And the matter becomes worse because most people think the elections are not fair and a new way of conducting the elections should be adopted.

I know that when comparing the hashgraph technology to blockchain in terms of fairness, the hashgraph technology is more fair cause as long more than 1/3 of the nodes are faulty the transaction become invalid.

I also know that in terms of speed the hashgraph is super fast but the blockchain in my opinion is fully decentralized as everything is kept out there for everyone to see.

And for me this is very important as to most people in my country.
So I would prefer the blockchain technology for the reason that everyone can monitor the process out there.

4)Explore Hedera Hashgraph link show screenshots.

The hedera is a cryptocurrency.
This cryptocurrency is what is used in the Hashgraph technology.

Before exploring its features I will first look at its statistics on coin market cap.

It has a market value of $0.2595
Market cap of $2,225,909,879
Its ranked as 50
And a volume of 0.1031

Hedera can be found on excahnges such as

■Binance
■Huobi Global
■Bittrex
■Gate.io

and many others, I believe I have listed the popular ones.

and then can be traded for the following pairs.

■BTC
■USDT
■USD
■BUSD
■BNB
■ETH
■USDK

among others, I believe I have mentioned the popular crypto trades and fiat.

Now I will explore the features below.

●I visit the site of hedera here

This is how the homepage looks.

●On the homepage, I can see a globe.
A 3D globe to be precise with different locations mapped on it.

● Network

After clicking the network feature, it displays the hedera token service.
It allows users to mint,as well as configure and manage fungible and non-fungible tokens without deploying smart contract.
It also displays the consensus service that allows users to be able to verify timestamps and ordering events.

●Devs

The Devs feature has the Docs, Hedera SDK, Integrations, Fees, Oepn source and the learning centre when you click on it.

The Docs feature allows users to learn core concepts and review the API.

The Hedera SDK feature allows the user to find the language he prefers the page to be in.

The Fees feature allows users to know the cost at which transactions will be made and also commission fees.

The open source feature helps the network make improvement to proposed ideas and need to be worked on.

●Use cases

The use cases also has several features listed when you click on it.
Some of which are
Identity which allows for users to maintain their personal security.

Payments which educates users on the cost and prices which have been reduced.

Tokenized asserts which helps users swap assets and also to manage assets.

Fraud Mitigation which helps users to protect their data form fraudsters and keep their data safe.

●The HBAR feature

This feature also has a number of other features when you click on it.
The features are

The overwiew which allows a user to know more about the hedera cryptocurrency.

The account creation which helps new customers to create accounts instantly without going through hustle.

The wallets and exchanges feature which enables users to transfer the hedera cryptocurrency to supported wallets.
This helps you to find wallets which can be used to keep the cryptocurrency.

●The Governance

This feature provide users with information about the people handling hedera hashgraph.
People we normally referred to as the governing council.
They comprise of 39 term limited organization's and also enterprises.
Their aim is for the technology to be stabilised and help to promote hashgraph's decentralization.

●About

This feature also has several feature listed when you click on it.
Its gives detailed information about the team that created the technology.
The journey, road map, user group and many more.

Conclusion

The hashgraph technology is referred to as a third phase generation project for a reason.
And this reason being that it is a technology for the future
Its is quite impressive that this technology proves to be better than the blockchain technology in so many areas but it is not popular among many people.
I believe with time it will be prove that its theories can work in the real world and many people will start to use these technology.

note-all pictures that have not been cited are screenshots from coin market cap and hedera's site on google