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

Blockchain technology is regarded as one of the greatest revolutions and inventions realized today. There are still businesses that have not discovered this technology. Therefore, businesses still do not take advantage of blockchains. Although blockchains have an extraordinary technology, there are some restrictions on blockchains. There are technologies in blockchains that have been invented as alternatives because of these restrictions. Hashgraph technology is one of the blockchain alternative technologies. Its ultimate goal is to reach the best technology. In this homework I will talk about all the details about Hashgraph.

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

Today's blockchain technologies use different algorithms. Bitcoin using blockchain technology, for example, uses the Proof of Work consensus algorithm. Ethereum has previously been considering transitioning to Proof of Stake while using the Proof of Work consensus algorithm. Steem blockchain also uses the DPoS algorithm in governance.

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Blockchains are characterized by being transparent, distributed, consensual, decentralized, practical, and flexible. Hashgraph technology has all of these features. In fact, according to some circles, it has greater potential than blockchain technology. Two specific techniques are used to create a faster, safer fairer structure. The Gossip Protocol is one of these techniques.

Before I explain this protocol, I want you to consider how quickly rumors or epidemics are spreading. We know that rumors are spreading at an extraordinary rate, especially from unraveled societies. Likewise, the rate of spread of epidemics is very fast. It basically consists of a technique created by considering the principle of spreading of rumors or epidemics.

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I think there is no one who has not heard of HoloChain (HOT). The Gossip protocol is the most basic structure of HoloChain. In the blockchains, data is transferred to the nodes respectively, while in the Gossip protocol, the data is transferred randomly to the selected node. This randomness makes the network more secure.

Apart from being secure (no interference), it makes transactions happen faster. Hashgraph needs other nodes in the network to compute. While transmitting the information received from the nodes to other nodes, it also adds the information containing the properties of the previous node. But this information is a short information. This information transferred is not the entire data.

I would like to explain a little more how important the Gossip protocol is.

The ability to process 250,000 transactions per second. When we consider that the Bitcoin blockchain can process 3-7 transactions per second, we can understand how impressive this protocol is.

We know that there are conflicts between groups in blockchains at certain times. In this case, hardfork is inevitable. It does not exist here and is Byzantine Error Sensitive.

It is not affected by malicious attacks such as Sybil and DDOS.

2. Explain Tolerance to Byzantine Faults in Hashgraph.

One of the important aspects of hashgraph technology is that it is sensitive to Byzantine error. A situation in which all members of a group or a network must agree on any or all strategies. When the community cannot reach consensus, fork does not necessarily arise.

In case of agreement, the system is not forced to fork. I would like to give an example to understand this thoroughly. Consider the project using hashgraph technology. A small group of people on the network expresses their opinion that the network should be decentralized. Other large groups on the network do not agree on this. The opposing group thinks that the network should continue centrally. Since not everyone can agree on this issue, the small group's request is not accepted. The system is not forced to fork. No groups are leaving the network. A consensus is quickly reached to keep things going on behalf of everyone. It is decided to keep the network central.

Byzantium Fault Tolerance needs to ask for a proof when no solution is reached.

Against the possibility of erroneous, incomplete information recording in hashgraph technology, all groups in the network reach a consensus by means of a previously applied method. Bitcoin uses the Proof-of-Work consensus algorithm for Byzantine Fault Tolerance.

Confirmation of transactions on the network depends on the 2/3 majority. No problem will arise unless the number of malicious users or transactions exceeds 1/3.

3. Make a comparison between Hashgraph Vs Blockchain, for a voting process in your country.

Long ago, I thought that elections (voting) should be done with the help of blockchain technology. I was very hopeful in this regard, since the transactions on the blockchains can be monitored by everyone and the counting processes can be done quickly. Some countries have begun preparing to make choices with the help of blockchain technology. Now, apart from blockchain technology, there is also hashgraph technology. Now I will compare the two technologies and explain which one will be better for voting.

Cost
We know that the costs on the blockchain are quite high. Due to the energy spent on the PoW consensus algorithm, it is obvious that the costs are too high due to the mining devices used. Imagine voting is done with the help of smart contracts in the Ethereum network. Consider the gas fees on the Ethereum network. It is obvious that voting with blockchain technology will be much more costly than hashgraph technology.

Scalability and Speed:
One of the biggest problems of blockchain technologies is scalability. It is known that Bitcoin can perform 3-7 transactions per second. It is known that the Ethereum network cannot handle enough transactions per second. Polkadot aims to perform 1 million transactions per second, but there is no data on this yet. Hashgraph technology can process 250,000 transactions per second. Hashgraph technology is quite impressive in terms of scalability compared to blockchain technology. Scalability and speed work in parallel. In terms of speed, Hashgraph technology is more advantageous than blockchain technology.

Security:
It has proven to be resistant to attacks such as DDos and Sybil. It is not affected by such attacks. In addition, processing on randomness in the Gossip protocol, the predictability of transactions increases the security several times. Today, we know that various attacks are taking place on many blockchain networks. Therefore, it is clear that Hashgraph technology is better than blockchain technology in terms of security.

Productivity:
Due to the advantage of Gossip protocol, Hashgraph technology is more efficient than blockchain technology.

Fairness:

In blockchain technology, there is a ranking in the data flow. It is possible to know in advance when and in which block the data flow will occur. This awareness may cause damage to the network and loss of prestige with different attacks. At the same time, the network is manipulated. In hashgraph technology, it is not possible to manipulate the network because the operations are not performed sequentially.

Centralized / Decentralized

Hashgraph technology seems to be very centralized compared to blockchain technologies. It is difficult to talk about one hundred percent decentralization in blockchain technologies, but we can say that hashgraph technology is more centralized. Because you have to get your own permission to use their platform. This shows that it is quite central.

Popularity:
Blockchain technology is more popular nowadays. Therefore, people are more knowledgeable about blockchain technology. Hashgraph technology is not well known yet. Therefore, it is difficult to foresee possible problems. As Hashgraph technology becomes more popular, potential unpredictable problems will arise.

Which technology would you choose? Why?

I compared blockchain technology with Hashgraph technology. Hashgraph technology uses two algorithms to further increase the overall efficiency. One of them was the Gossip protocol and the other was virtual voting. I would like the voting process to be carried out with hashgraph technology in Turkey, my country, due to the advantages of both.
However, I do not have a clear opinion on this matter. If I had to choose between both technologies, my preference would be Hashgraph technology.

Elections are held in democratic countries. It wants voters to complete the election process in a fair, transparent, fast and safe manner.

We know that hashgraph technology is fairer. The fact that the data is not transferred in order prevents any interference due to its randomization.

Hashgraph technology is very secure. We know that it is protected against attacks such as DDos and Sybil. It is very important that the election process cannot be sabotaged by attacks.

Voters want elections to take place quickly. We know how fast hashgraph technology is when it comes to speed and scalability.

Hashgraph technology is patented and managed by a group / company. Its central structure creates suspicion for me. Because of this aspect, I do not want to prefer HashGraph technology in elections.

4. Explore Hedera Hashgraph. Show screenshots.

Hedera Hashgraph uses Hashgraph's outstanding technology. The people who invented the hashgraph say they are more comprehensive than blockchain. When we consider that blockchain is a bigger revolution than the internet, we can quickly understand how important a technology Hashgraph is.

I will explore Hedera Hashgraph first on Coinmarketcap. Then I will continue my research on official websites.

(Coinmarketcap screenshot)

In 2018, it was brought together with investors in order to raise funds through the ICO initiative. In 2019, it switched to its main network.

Hedera Hashgraph's token is HBAR. Its current price is $0.2215. There is 8.58B HBAR in circulation. This corresponds to 17% of the total supply. The total supply is 50,000,000,000 HBAR.

Its current market cap is $1,898,837,379. $202,921,038 worth of HBAr has been traded in the last 24 hours.

(Coinmarketcap screenshot)

HBAR's Coinmarkepcap ranking is 53. It is one of the hugely popular tokens. It is listed on popular exchanges such as Binance, Huobi, Bittrex, Gate, OKex. It is available on some exchanges that are not listed, such as Coinbase.

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To find out the transfers taking place in the HBAR network
Visit the website https://hash-hash.info/.

You can see the transactions on the network by entering the necessary information in the search box you can see in the picture.

(Hedera website)

You can follow the technical developments related to the network by visiting https://github.com/hashgraph.

When we visit https://hedera.com/ there is a video about Hedera management council. I recommend you to watch. It makes the website difficult to open, but oh well.

(Hedera website)

This website will answer any questions you may have. Network, Devs, Uses Cases, HBAR, Governance and About sections will help you.

Network:

(Hedera website)

In this section, there are consensus options for local tokenization and any application without smart contract. It is mentioned that local tokenization without smart contracts in their own networks is very effective. Apart from that, they argue that they are quite costly. They mention that they have advantages such as privacy, low cost and flexibility in their transactions for any application.

In the "How it works" section you can test how a new application is created and how it works with the hashgraph.

In the "Network explorers" section, you can find all the details about the hedera main network and testnet graphic network.

It is possible to access all statistics regarding transactions in the "Dashboard" section. You can learn the transaction volumes in the network in hourly, daily, weekly and monthly periods.

Devs

(Hedera website)

There is some technical information in the devs section. In the Docs section, there are detailed information and documents about Hedera Hashgraph. Hedera SDK: community-provided SDKs. You can learn Hedera plugins and microservices in Integrations section. Plugins created to make better use of the Hedera network will make your job easier. In the Fees section, it gives information about the transfer fees. These charges are shown in US dollars.

When you click on the Open source section, you can see the codes on the network and see the updates with the network. You will be redirected to the Github site to view all updates.

You can see the institutions and organizations they cooperate with in the Learning Center section.

Use Cases

(Hedera website)

This section consists of a very intense section. In the payment section, there is information about how payments are made on the network. Detailed information on asset tokenization is available. Hedera's measures against fraud. Don't reduce fraud. It explains how to gain security to credentials. Data compliance and proof of action and public visibility of this. Building blockchain in Hedera network and information about it. Decentralized developers and companies working on Hedera. Information about corporate Hedera. Hedera for healthcare. It is explained how it will provide convenience to health services. Information on how to play Games on Hedera.

HBAR

(Hedera website)

Hbar section has Overwiev, Account Creation, Wallets & Exchanges sections. Information about how fast transactions are in the overview section. Information stating that we can instantly create a new Hedera network with 3rd party wallet providers in the account creation section. Information on wallets and exchanges that support Hedera in the Wallets & Exchanges section.

Governance

(Hedera website)

In the Governance section, there is information about Hedera management and the various entrepreneurs and organizations they cooperate with. They have a total of 39 collaborators from 11 different sectors.

About

(Hedera website)

There are quite a few sections in the About section. There are sections such as Team, Journey, Roadmap, User Group, Careers, Media, Press, News, Blog, Papers.

I would like to give a little detail about Team which is the most popular of them.

(Hedera website)

They consist of a very impressive and successful team. There are 16 people in the team. Hedera Hashgraph's Founder and chief scientist, Dr. Leemon Baird is the founder and CEO Mance Harmon.You can click on the part that says "Bio" to learn about the people in the team.

While reviewing the Hedera Hashgraph website, I came across the comparison made with BTC, ETH and I want to share it with you.

(Hedera website)

Bitcoin processes +3 transactions per second, Ethereum +12 transactions per second Hedera Hashgraph processes more than 10,000 transactions per second. The gas fee is $ 22.57 in Bitcoin, $ 19.55 in Ethereum, and $ 0.0001 in Hedera. The transfer time is 10-60 minutes in Bitcoin, 10-20 seconds in Ethereum and 3-5 seconds in Hedera.

Conclusion
We learned all the details about Hashgraph technology in this lesson. Hashgraph technology seems to be a very important technology for now. We know that there are issues that are very advantageous compared to blockchain. However, as Hashgraph is not yet popular, we do not have enough experience with its applicability. We need a few more years to get a good idea about hashgraph technology. While studies have been conducted on blockchain technology for 13 years, Hashgraph technology has a history of only 2-3 years.

Cc:
@steemitblog
@pelon53