CRYPTO ACADEMY WEEK 16 HOMEWORK POST FOR [@PELON53]||HASHGRAPH TECHNOLOGY

Welcome to the Crypto academy homework series for week 16.I am @samuel20 and wish to thank professor @pelon53 for the class.

INTRODUCTION
The world is evolving and nothing seems to be the best.For every bit of technology,there is always another one that would come to outperform it.This is the beauty of the modern world.

Blockchain technology has always been a transparent,reliable and secure means of recording cryptographic transactions.However,there has been a problem of too many transactions on the blockchain every other second or minute,this situation has led to delay and low scalability.For example Bitcoin blockchain can only handle 5 to 7 transactions per second.A new Technology called Hashgraph has promised to increase the number of transactions per second and to improve security too.

HASHGRAPH TECHNOLOGY
Hashgraph when splitted means a graph of hashes.
HASHGRAPH is a distributed ledger technology which is used for performing fast and secure transactions using the gossip about gossip protocol to validate and verify transactions thereby eliminating the need to store the data in blocks(as in blockchain) but instead a directed acyclic graph is created for the transaction.
The theoritical technological prowess of Hashgraph lies on two main features👉 gossip about gossip and the virtual voting protocol feature.

GOSSIP GOSSIP GOSSIP
Even in real life,we all know what gossip is. A gossip spreads from one person to another and then to another person,in this manner,the gossip spreads to almost every where.In any case,each party in the gossip knows when and how he/she got the gossip info from the person that passed it to him.However,there are chances that some parties in the gossip will add a few things to the information before sending it out to others.This is how a single gossip spreads to far and near.

QUESTION ONE👇
GOSSIP PROTOCOL IN HASHGRAPH
Hashgraph gossip protocol is a history of how events are transmitted and related to each other.This event history is represented in a directed acyclic graph,code-named Hashgraph.

To further make it clearer,A gossip protocol is a system where information is sent and transferred between network nodes in a peer-to-peer basis so that the nodes would arrive at a consensus so as to implement a transaction in the Hashgraph technology.

In Hashgraph Technology,any node(parent node) can create an event and share it with a random(selected) node(sub parent node) of choice.However,every of the nodes that recieved the event can bring it together to form a new event and them send it to more neighbouring nodes.This gossip continues until all the nodes becomes aware of the information.
In all these,an event would now have the time of creation of the event,the details of the event,the time it was sent to the other node(s) and the time the other nodes
spread it to every other nodes involved.

In a nutshell an event in the gossip protocol comprises of the following:
•A timestamp
•Array of transactions
•Two parent hashes(hash of parent event transmitter and hash of sub-parent event transmitter).
•Cryptographic signature

FEATURES OF THE GOSSIP PROTOCOL
•There is always a pair of nodes.Each member of the pair transmits the information to another.The other then pairs with another node and the cycle continues.

•Gossip protocol is very fast,secure and highly scalable.

•Failure of one node would not lead to a breakdown in the network because the other pair of nodes can still transmit the information.

•It is decentralized because no node has monopoly of the information.

QUESTION TWO👇

BYZANTINE FAULT
Byzantine fault is a fault resulting when a component or components of a system has failed without the system taking cognisance of it.
Sometimes during a Byzantine fault,a few other components are misbehaving at the same time and so each observer sees a different fault,a situation that makes it difficult to declare it faulty and exclude it from the network.

TOLERANCE TO BYZANTINE FAULT

It is clear that in a decentralized platform like hashgraph,information is transmitted or transfered from one node to another.However,there are chances that a wrong message could be passed or some nodes could pass incorrect information.

A process whereby consensus(agreement among nodes) is reached even when some nodes are giving out incorrect information or are faulty is called Byzantine Fault Tolerance.

It is important to note that the primary reason for Byzantine Fault Tolerance is to avoid a system failure which is achieved by making a
decision with both the faulty and correct nodes.This process of making a decision with both the faulty and the correct node will practical undermine the influence of the faulty nodes.

QUESTION THREE
Hashgraph is a ledger technology for recording,transferring and transacting information is a very fast and secure manner through gossip among the difference nodes.The information is stored in a directed acyclic graph.It is believe to be more secure and faster than the already existing blockchain technology.

Blockchain on the other hand is a record of crytographic transactions in a secure,transparent and immutable form.Each transaction on the blockchain is recorded in form of blocks which are attached to existing blocks.

    COMPARING HASHGRAPH AND BLOCKCHAIN

source

Having defined both Hashgraph and Blockchain.I will compare them under the following headings:
•Transaction Speed
•Mining and Environmental Safety
•Efficiency
•Consensus Mechanism

•Transaction Speed
Hashgraph has promised to be faster than Blockchain.Hashgraph can handle up to 500,000 transactions in just a second.This is super fast.This high transaction speed is due to the fact that Hashgraph uses gossip protocolwhich requires less information to pass an event to another node.

Blockchain has a slower transaction speed when compared to Hashgraph.Blockchain is capable of handling around a maximum of 10,000 transaction per second.This is because each transaction is recorded in blocks and much information is needed before a transaction could be recorded on the block.

•Mining and Environmental Safety
Hashgraph does not require mining rather it uses the gossip protocol.This makes it fit and friendly to the environment.

Blockchain for example the bitcoin blockchain requires mining which is not environmentally friendly.Mining is energy intensive(example bitcoin mining) and so could pollute the environment.Elon Musk capitalised on his last tweet about bitcoin.

•Efficiency
Hashgraph does not make use of block for storage,this means all the events being gosipped are recorded(reserved) without discarding any.This means that efficiency is high.

Blockchain transactions are recorded in blocks,So if two blocks are mined at the same time,one of the blocks would have to discarded.Discarding one of the blocks reduces the efficiency of blockchain.

•Consensus Algorithm
A Consensus is arrived at before a transaction is verified.Hashgraph has its own Consensus
called virtual voting to implement network consensus.

Blockchain has a lot of Consensus mechanism depending on the cryptocurrency involved.Fir example Bitcoin uses Proof-of-Work Consensus Mechanism.

It is also expensive to maintain a blockchain because high energy cost is needed for mining,also procuring mining equipments are not easy to go by while hashgraph is devoid of such cost.

FOR VOTING PROCESS IN MY COUNTRY

If I am to choose between Hashgraph and Blockchain in my country I would choose Hashgraph.

WHY I CHOSE HASHGRAPH FOR VOTING
Voting is a way of choosing leaders.Sometimes we don't the desired result during voting in Nigeria.

I chose Hashgraph because it is faster and more secure when compared to blockchain.With such technology voting would be done faster and the winner would be announced within a short.It would also be transparent thereby eliminating any form of election rigging or ballot snatching.

QUESTION FOUR
Hedera is a decentralized network which uses the hashgraph consensus with HBAR as its native crypto.

To start,kindly explore Hedera by logging on to the website Hedera

•On seeing this interface.Click on the place a pointed the red arrow to get other important features to explore.👇

•The following is displayed:
•Network
•Devs
•Use Cases
•Hbar
•Governance
•About

•Click on Network to view the list of services there in

•Then,I clicked on the Token Services.When it opened,I clicked on GET STARTED

•Below is the long list of token services.

•Next I went back to NETWORK and clicked on the heading:HOW IT WORKS

This HOW IT WORKS section has a YouTube video which I viewed and shared the link too👇