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

Hello everyone, Today, I am here to make my submissions on this week's crypto homework task for professor @pelon53. This week's crypto is all about Hashgraph Technology, and my submissions will be based on the questions that have been asked by the professor. First of all, I would like to give many thanks to him for giving us such a great topic, I must commend him for the chosen topic for this week's crypto homework task.

Before I dive into answering the questions asked by the professor, I would like to tell what a Hashgraph is and who invented the Hashgraph, and also a little about the Gossip protocol

This Technology, the Hashgrah technology was developed by Leemon Baird in 2010. The mids of 2010. Leemon Baird is an American Computer Scientist and the co-founder of a chief technical officer of swirlds, which is said to be a company that keeps or holds these patents covering the hash graphs algorithm. As it is decentralized in nature, its involvement or existence in the crypto world has brought about massive improvement with regards to safe and fast transitions made. It's said that the security involved is a bit greater unlike the first days of it. Whiles this focuses on safety transactions, the Gossip protocol is less like that of the PoC, and that of PoW consensus algorithms. They are supposed to double the speed of the transactions which are made and also not forgetting about the safety of their users. from statistics, the pros of this protocol subside the cons.

Question One: Explain in detail the Gossip protocol, used in Hashgraph.

This two technology could work side by side, it is said that the hash graph technology makes good use of the gossip protocol by using it in order to send necessary information within or between network nodes and then comes back to the same pace. agreeing to the same consensus upon which transactions have been made. Gossip protocol is about history ow how events connect or are related to one another with regards to their parent hashes. When this happens, they the results in a DAG (directed acyclic graph) which is termed as the hashgraph

to further explain these two concepts, aside from the safety, the transactions which are carried out are so fast. The hashgraph has to depend on different nodes within the network in other to work out or bring out good results. While the information transmitted from one node to the other is in progress, it adds valuable information which has characteristics of the previous ones. Mind you, this information is not the entire information data but a short one.

moreso, the Gossip protocol is able to send across all transaction data with the aid of the Gossip pocket. But What I would like you to know is that the transaction speed here is very fast. It is able to process about two hundred and fifty thousand transactions per second. Looking at that of ETH and that of BTC which ranges from 3-7 transactions per second. this protocol is much faster and faster comparing them to this two. So this would simply tell us how fast the Gossip protocol is and the role it plays in that of the hashgraph.

Question Two: Explain Tolerance to Byzantine Faults in Hashgraph.

Talking about the Byzantine Fault Tolerance (BFT), I will define it as a feature of a network distribution in order to come to a consensus or make an agreement upon setting on the same working factor. Sometimes when certain nodes of this working network fail in responding or respond to wrong information it will still try as much as possible to come to a consensus.

So, therefore, the hashgraph is said to be asynchronous Byzantine Fault-tolerant when no member of a networking group or any small group of members is able to make some changes to the consensus or prevent the community from reaching consensus once the consensus has been reached. Byzantium Fault Tolerance needs to seek permission or ask for some proof when there is no consensus has been reached.

I will also like to say that, the technology operates in a sense that, it makes sure that more than half of the nodes in the network are valid, then it comes to a consensus when this factor is attained. so in a case where fewer of the nodes fail, it will still come into consensus since it makes sure that more than half reaches.

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

Here, in order to make a good comparison between the Hashgraph and that of the Blockchain, I would like to make these comparison based on the following factors I will mention and explain in detail and also for the technology I would I will prefer would be the virtual Voting as a Hashgraph technology I will set out for my country. Ghana. These terms are;

1. Adaptability

2. Efficiency

3. Security

4. Transaction Speed

Efficiency

The first point I will like to explain is Efficiency. The Hashgraph technology is very trustworthy, very safe, and very secured in its way of performing. But looking at blockchain technology focuses on structuring and organizing the system or technology. The Hashgraph technology goes with some mathematical proves that makes it workable with

Transaction Speed

The Hashgraph Technology is very fast in performance, as I stated in my work above, the Hashgraph tech is able to transact or complete about 250,000 transactions per second which are not so in that of the blockchain. It depends on that the PoW or PoS in completing its transactions. So with regards to this, it makes the speed of transactions in that of the blockchain lesser comparing to that of the Hashgraph technology.

Security

Talking about security, the hashgraph technology has it all, this is because it sends data to the nodes in other to prevent obstructions while transactions are in progress, it does this by using the Gossip protocol which works with the hashgraph technology but so different in that of the Blockchain

Adaptability

Here, the Hashgraph technology is adaptable because it processes transactions within the shortest period of time, and also it is able to manipulate a lot of data or inputs within this shortest period of time without delaying but unlike that of the Blockchain whereby, the inputs are also manipulated, sometimes there are cases of delaying since is not as fast comparing to the Hashgraph Technology.

Why Virtual Voting as a Technology in Hashgraph Technology for my Country

First and foremost, the Hashgraph technology is a very secure and safe technology. It is so because it protects against attacks including the Sybil which will aid an election process not compromised so It will be a voting system I will require for my country.

Since elections are held in democratic countries, we all expect that there would be transparency and fairness and voting is done in just a day. so there should be a system that is so fast as that of the hashgraph technology since data is transferred very fast. Also, randomization of data makes it great for this system so thereby there wouldn't be any form of interference of external factors since there is no specific order of data transmission.

Based on this fact stated above, I would prefer this system in elections in my country since there is a need for speed, and safety, this system would be the exact system we will require in completing and performing tasks in Ghana with genuity.

Question Four: Explore Hedera Hashgraph link show screenshots.

The current price of Hedera (HBAR) with its price value at $0.2203 with a market cap $1,890,068,807 of and a volume of $203,040,836 . It has been ranked 53 in the crypto market as well as the coinmarketcap.

With this crypro, the Hedra Hashgraph is currently known as Hashgraph Tecvhnology. Hashgraph to be an Asynchronous Byzantine Faults Tolerance is used in other to get work done by coming into consensus in validating transactions made in the network. Hedera therefore, is a cryptocurrency in the crypto market.I will be making more exploration with the help of the site given, https://hedera.com/

After lunching the website the site, this is the first page you will see it has or contains all the necessary things you wan to know about the site. Network, Devs, Uses Cases, HBAR, Governance and About are the features you would find on the first page of the site. It has a lot of information about what the site actually contains.

Network:

This is another option I will like to make my exploration on. In here, there are consensus options placed on the local tokenization and applications going without the smart contracts. what you must know is that the local tokenization going without smart contracts and also in their network seems to be very effective. This actually has so many advantages, with just it being quite expensive or costly is its least major disadvantage.

How it works: here, you can actually test or know how a new application is created and how it works with the hashgraph.
Network explorers: this is where you can find all the details about the hedera main network and testnet graphic network.
Dashboard: Here, You can learn the transaction volumes in the network in hourly, daily, weekly and monthly periods. and also all statistics regarding this transaction made.

Devs

Here in the Devs portfolio there are options like the Payment option and this actually gives the necessary information on how to reduce cost and Unlock new revenue. there is also detailed information and documents about Hedera Hashgraph. Hedera SDK: community-provided SDKs, also gives you th liberty to learn plugins related to Hedera and also microservices in Integrations section. The identity option will actually provide information on how to maintain a good lifecycle of credentials while the Fees section gives information about the transfer fees. Charges are shown in US dollars.

Use Cases

This option actually contains all the information about Payments which explains the reduced cost and unlock revenue, also it contains information on Fraud Mitigation. Here it talks about How to reduce costs and also protecting customers' interests. Moreso, it holds information on data compliance, where the log and publicly verify actions are located and actions performed. The Case studies, tokenized assets, Identity, permissioned blockchain, Gaming, and the enterprise are information that the Use cases hold. When you visit the site, you can find all this necessary information you need in here.

HBAR

Hbar section holds information on, Account Creation, Wallets & Exchanges sections. Information about how fast transactions occur in this section. Information about how to create a new Hedera network with 3rd party wallet providers in the account creation section. it also holds Information on wallets and exchanges which support Hedera in the Wallets & Exchanges section.

Here in this screenshot, you will actually see Hedera management and the various entrepreneurs and organizations they cooperate with. They have about 39 collaborators across 11 different sectors.

About

There different set of sections here such as Team, Journey, Roadmap, User Group, Careers, Media, Press, News, Blog, Papers. which also have information it holds under its section.

LEADERSHIP

The team consists of 16 people. Hedera Hashgraph's Founder and chief scientist, Dr. Leemon Baird is the founder and CEO Mance Harmon. To learn more about these forks, the is a section that says "Bio", you select it to know more about any team member you ant to

The last thing I want to show

All transactions of any crypto and the speed taken is shown in the picture below.

Conclusion

I am much grateful to professor @pelon53 for another great lesson, The Hashgraph was a nice topic chosen, It was really so good making my exploration. Thank you for reading my post.