Continuing learning process in steemit Cryptoacademy, today i am writing homework task for @pelon53
, which is about hashgraph technology. Let's jump to task
Hashgraph is a decentralized public ledger system developed by scientist Leemon Baird in 2016 as an alternative to blockchain system . It claims to have superiority over blockchain in certain parametres like security, speed, low energy costs and fee etc which is however a debatable issue and has not been proven beyond doubt. There are many significant differences between these two technologies, just to facilitate smooth transition into the homework task, let me mention about transaction validation process or protocol. Blockchain uses miners nodes to validate transaction based on different consensus algorithms like proof of work by BTC, but hashgraph uses "gossip protocol" for validation of transactions which i shall explain below.
Explain in detail the Gossip protocol, used in Hashgraph.
As for information shared by hashgraph whitepaper, hashgraph is a consensus mechansim that uses gossip protocol . Gossip protocol involves members like nodes in blockchain to validate transaction with time stamp without piling the information into blocks . The information is known as "gossip" here and record of gossip is maintained in the form of acyclic graphs known as hashgraph.
in gossip protocol members share information about transaction with other members randomly and those members than share that information with other members randomly. The record of these gossips like , who shared information with whom is maintained by a data system known as hashgraph. The hashgraph is accessible to all the members so every member can check the extent of spread of the information without having directly shared information with each member.
Let me try to simplify it, suppose my name is "A " and my friend by the name of "B" . We met at a party and i shared some information with him. B than left and shared information wirh his friends C and D. C and D than shared information with their friends E, F and G, H and so on and so forth. So the information that i passed on reached far from me without my direct involvement. But we are having a system that is recording these transactions and is accessible to each of us. It is that data system which is known and hashgraph through which each of us can check who passed information and to whom and this whole system is gossip protocol.
Explain Byzantine Fault Tolerance in Hashgraph.
Byzantine fault tolerance in hashgraph represents the capability of the system to figure out Byzanthine faults. So, at the heart of this topic lies understanding what are Byzantine faults. Byzantine faults refers to malfunctioning of any particular node of distributed network of nodes. The difficulty arising in detection of Byzantine fault is that the nodes are not consistently faulty and they do not appear faulty to all the other nodes in the system. In simplified terms, I can see that node may appear inconsistently faculty and functioning, it means that, it may appear malfunctioning to some of the nodes and properly functioning to other nodes. So the question arises, whether to shut that down or not , that has to be decided on the basis of consensus.
The hashgraph has many complex system of checks and balances in place to check byzanthine errors. One such system comes by neme of "The decide Fame. Procedure". It involve checking the validity of transaction on the basis of virtual vote of majority. Any transaction sent by any member is cross checked with the holograph and if 2/3rd of members agree on fame of transaction, only than transaction is approved. There is also a system to check the consistency of halograph. Other procedure like the "findorder procedure" are also in place to make hashgeaph tolerant to byzanthine faults.
Make a comparison between Hashgraph Vs Blockchain, for a voting process in your country. Which technology would you choose? Why?
it should come to you as no surprise that blockchain or hashgraph can be used for voting because we have now shifted from manual ballot paper based system to electronic voting machines (EVMs) . As mentioned above , gossip consensus can be used to send messages and than the whole record can be maintained on hashgraph. I would say, hashgraph would be better system than blockchain to be used as voting system for following reasons.
Hashgraph technology can process 250,000 transactions per second or we can say 250,000 votes can be casted through this technology per second which is far better than most of cryptocoin blockchaims. So in this we can save time, manpowwr and expensis that our governments are doing on voting.
Transparent and Fair voting
We are all aware of the allegations of voting scams throughout the world, whether the votes are being casted through ballot papers or electronic voting machines. Existing systems are not immune to manipulation . I should rather say that they are easily
manipulated . On the contrary , be it blockchain or hashgraph, they are far better then our traditional voting systems . Transactions carried on blockchain or hashgraph are immutable, noneditable and auditble . On top of all this , hashgraph has evolved as a competitive substitute to blockchain in terms of transparency, fairness , speed of transactions , low fee etc. So hashgraph is far better than blockchain for voting in my country.
Low budget voting
Thousands of crores of currency notes are spent by governments throughout the world on voting every year. If hashgraph technology is adopted for voting,
heavy economic burden can be waived off from the the budgets of the countries throughout the world and to be specific from my country. Blockchain may be economical than traditional voting system but not as economical as hashgraph. We are all aware of heavy gas fee charged on Etherium blockchain.
Explore Hedera Hashgraph link show screenshots.
Hedera is the only authorized ledger of hashgraph and its native token is HBAR (hedera hashgraph) . As for market cap is concerned, its rank is 57.
Current price ; 0.233216$
All time high : 0.448365
On Mar 15, 2021
All-Time Low : 0.00986111 2279 on 02 jan 2020
Other details are given below
Official website of hedera hashgraph
Links to social media sites of hedera-hashgraph
Github source code ;https://github.com/hashgraph
Sone of the leading exchanges of hedera as per market cap of token are given below. But bitcoin. com Is the most active platform.