Steemit Crypto Academy Season 2 Week 8 Homework Task By @sparta5005: Hashgraph Technology

Greetings to everyone. Glad it’s another week to learn something new from @pelon53 in the crypto academy. I am here to present my homework task after going through all what the professor thought.

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Let us start by knowing what Hashgraph is. Hashgraph technology is a modern or up-to-date dispersed ledger technology that has been brought in the crypto currency space to yield relevant changes that operates much better and simpler than the already distributed ledger networks in the cryptocurrencies space. The existence of Hashgrapghs has resulted to an encouraging enhancement, even transactions that are being made are much faster and also the security on this platform has been improved drastically.

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Explain In Detail The Gossip Protocol, Used In Hashgraph

The Gossip protocol is a consensus algorithm that can be found Hashgraph. This algorithm used in sharing details between various nodes are at hand in its network. The Gossip protocol is also a fundamental protocol that magnifies a highly well-organized distributed communication system that may be seen in a P2P platform. Many Communication protocols makes use of the gossip protocols to bring out important data on the P2P network which amplifies the nodes that are connected in the network in aspects of sharing and disclosing various information.

This results in the Gossiping between the various nodes specifically to attain a consensus algorithm for a transaction to be able to occur. This way is quicker and simpler as compared to the blockchain’s technology. When we look much deeper into consensus algorithm, there is proof-of-work and proof-of-stake, but as for Hashgraph platform, there is the Gossip protocol which operates on nodes which has a good idea of what transactions going on and thereby enhancing its fastness and security. There is also faster validation in getting to consensus in the particular network.

The gossip protocol will always to be efficient and fast in terms of distribution and propagation of information in the network as long as discrimination is elevated in any of the existing nodes. But there may be situations where some of the nodes can be kept out from being able to receiving information because they might be infected with viruses.
The aims for bring up the gossip protocol is to aid in the fast spread of information throughout the network with an easy process that helps the peers in the network communicate effectively. This gossip protocol also helped in reducing scams and hacks and also facilities faster movements of information.

There are 2 different forms of the Gossip Protocol which are the Broadcast and Aggregation Protocol.

Broadcast Protocol; dissipation of data in this classification operates entirely under a mass departing the involved nodes under agreeing communication.

Aggregation Protocol; in this type, data is gotten and circulated to other peers in the network to put in place without wasting any time. This means the data spreading tool is sighted to save all the prepared information available.

Benefits Of Gossip Protocol

1. Gossip protocol is extremely adjustable or convertible which is seen in a way from its enormously skilled level of accomplishment transference with up to 10,000 TPS.

2. Gossip protocol exhibits a higher amount of fastness in its operations where in cases of failures in one node doesn't move the application of other nodes that are in the array.

3. this protocol is known entirely to be decentralized and much similar to the blockchain platform.

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Gossip protocols that are available in the Hashgraph technology

1. Every information that is in need about a transaction will have to go through a Gossip parcel from a pivot to another pivot as well as the details of pivots that have taken place at the start with the time of association.

2. All pivots or hubs be included in the process of operation since the validation process is fair enough which is completly different from the block that is to be rewarded (miner) who was faster enough to solve the equation.

3. Hashgraph's entire transactions makes use of the Gossip protocol which makes them much safer and faster. It can even process more than 10,000 transactions within a second without any hindrance.

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Explain Tolerance to Byzantine Faults in Hashgraph

First, we will have to know what Byzantine Faults are. They are circumstance in which a node that is in a distributed system have a tendency to fail in the absence of other nodes in the system which contains the information of the failure.
With the HASHGRAPH, it’s an Asynchronous Byzantine Faults Tolerance technology. This really means, before a bargain will occur in this system a certification process will have to take place in order to verify the transaction.

The Asynchronous Byzantine Fault tolerance that is present in the Hashgraph technologhy is continuously referred to as the well built in Byzantine string with its capacity to be able to scope consensus even if there is the presence of virus attacks in the network. With all that has been said, Asynchronous Byzantine Fault tolerance makes sure that validation of a transaction takes place after a consensus is reached and information is also made clear to everyone.

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

I will be making comparisons between Hashgraph and blockchain based on their security, speed, scalability, and their competence of efficiency. So let’s get into it;

Security: when taking a very deep look into Hashgraph and blockchain, crypto assets in Hashgraphs are much safer than that of those in blockchain. The speed of transactions in Hashgraph gives it the power to reduce malicious attacks and also giving it more nodes to be able to receive the distributed information without any difficulty.

Speed: it is clear that the speed of dealing with transactions in Hashgraph technology is a lot faster than in that of blockchain technology because there is no little delay in validation process. Hashgraph has a 10,000 TPS of transaction speed and while blockchain has much lesser TPS. This may be linked to the algorithm that is being used in both technologies, but the gossip protocol is much faster than PoW and PoS.

Scalability: when looking deep into both technologies again, Hashgraph is able to deal with so many transactions without delay in approving within a short time and also has a capacity expansion. Blockchain on the other hand is known to have a lower capacity expansion and also take much time due to the rate at which miners communicate.

Efficiency: it is clear from all that has been said from the above that Hashgraph technology is much efficient when compared to the blockchain technology. Also the absence to blocks in Hashgraph give it an upper hand to operate much faster and efficient than blockchain.

Hashgraph has a virtual voting capability and also looking at the voting process my country (Ghana) I thereby will like to choose the Hashgraph technology for the voting process in my country, Ghana. Virtual Voting in Hashgraph technology is taken place in a manner that the available has the ability to know the nodes that has voted alredy and also contain the details of the vote in order to reach a consensus in an exchange.
With this Voting protocol in Ghana it will be easy to count the number of votes casted and also prevent unnecessary confusions. The Hashgraph can validate up to 10,000 votes within a single second which implies that 600,000 votes can be validated within a minute. This type of voting system does not need human intervention in its processes and that will result to a fair and just election.

Explore Hedera Hashgraph. Show screenshots.

The Inherit Hashgraph is the formal and legalized distributed consensus plan that has been developed along side with the Hashgraph consensus policy which makes sure that there is enough, efficiency, speed and also the safety of transactions that are being made on the platform. Being aware that the Hashgraph platform is one that is built with the Asynchronous BFT which is a powerful tool in the BFT and always makes sure that the agreements made are reached and validated as soon as possible.
Here are the screenshots below during my explorations of hedera;

1.You can visit the page through the link (https://hedera.com/) and tap on the three lines you see up there.

2.List of items will appear which will include Network, Devs, Use cases, HBAR, Governance, and About.

3.At this stage you on the Network tap that will give you the ability to be able to access Hedera Token service. This will also let the user to be able to configure, and mint tokens associated with Hedera without the need to deploy a smart contract.

4.At the devs button, you will see the DOCs which will help you to learn core concepts and also review the API.

5.The use cases will have the features below;
Payments; used for the reduction of cost and also unlocking new revenues.

Tokenized Assets; used to manage assets and also swap assets.

Fraud Mitigation; providing security for customers and also reducing cost.

Identity; credentials of customers are maintained

Data Compliance; For the verification of public actions

Permissioned Blockchain; Users are safe to develop private ledger in accordance with public trust.

6.You will be able to use the HBAR tap to do the following;
Overview; to acquire knowledge about the Hedera's crypto system which is HBAR

Account Creation; Lets you create a Hedera mainnet account instantly.

Wallets and Exchange; helps you find wallets and exchanges that are associated with HBAR.

7.The governance page tells more about how Hedera platform was created.

8.The about page tells us more about things that are relevant to know.

Conclusion

I will conclude by saying that Hashgraph's presence in the crypto world is a very good thing and will bring and very big change within the crypto world.

Thanks!!!