Hello to all steemians on this great platform, I am very much excited to write to submit my homework task assigned by prof @pelon53. I am excited to have participated in this week's class.
I would like to elaborate more on what Hashgraph Technology is about. Hashgraph Technology refers to the advanced distributed ledger technology that has brought about good distributed ledger system performance as compared to that of the previous systems in cryptocurrencies.
It uses the Gossip Protocol consensus algorithm in its dealings. It aims at providing high scalability, high transactions per second, and also providing security to cryptocurrencies.
1. Explain in detail the Gossip protocol, used in Hashgraph.
The Gossip Protocol is a type of protocol used by the Hashgraph technology in the distribution of data via the whole system in order to come to a consensus about a transaction performed within the network. It uses the concept of Gossip about Gossip whereby nodes within the system are capable of transferring data to other nodes randomly in order to reach a consensus. The data that is being transferred from one node to another is passed via Gossip Packets in order for a consensus to be reached.
It also transfers details of the data being sent including, the time of arrival of the nodes, the processes taken by the node before its arrival, etc. The transfer of data through nodes using the gossip protocol is faster as compared to blockchain technology.
A good example is when node 1 transfers a data to the second node in the distributed ledger network, details information of node 1 would be highlighted and known to the second node, that is the time of arrival of node 1, the time node 1 occurred, the different interactions node 1 went through.
The Gossip Protocol sends all detailed information about the nodes being transferred unlike the other consensus protocol like Proof of Stake (PoS) and Proof of Work (PoW). Gossip Protocol also provides secured and faster transactions. It is also easier in validating transactions in this system.
Summary of How Gossip Protocol is Used
- All data about any transaction is transferred via the Gossip packet from a node to another which includes its detailed information.
- It has higher transaction rates per second, safe and secured transactions. It has the ability to process 10,000 transactions per second.
- It has a fair and easier validation process as compared to that of PoW and PoS protocol.
2. Explain Tolerance to Byzantine Faults in Hashgraph
Byzantine Faults refers to the situation in a distributed ledger network where a node tends to fail without the knowing of the information about the failure by other nodes. This means that, it happens when a specific node fails and the failure isn't known to the other nodes within the same ditricuted network.
Tolerance to Byzantine Faults in Hashgraph can be explained as an occurrence where transactions are only validated when the node in a distributed network reaches an agreement between the distributed networks. The type of tolerance involved in Hashgraph is termed as Asynchronous Byzantine Faults Tolerant.
In this type of tolerance we have to consider the following;
- Validation of transactions only occur when there is a consensus.
- There is mathematical proven of the consensus that each nodes will reach the same consensus.
- A consensus has to occur no matter the situation
- The information of the consensus would be displayed within the network.
The Asynchronous Byzantine Tolerant of Hashgraph means that, when 2/3 nodes of the network is validated, then the nodes will come to an agreement on a transaction. Also, when less than 1/3 nodes of the network are invalidated then the whole system comes to an agreement.
3. Make a comparison between Hashgraph Vs Blockchain, for a voting process in your country. Which technology would you choose? Why?
Comparison between Hashgraph and Blockchain
I would base my comparison on the following;
The speed of validation of transactions on Hashgraph is higher than that of Blockchain network. The Hashgraph can process transactions of about 500,000 transactions per second in a fast period whilst the transaction speed of blockhain relies on the consensus algorithm being used. In blockchain, the speed of transactions are determined by the work rate of the miner. The transaction rate is between 100 to 10,000 transactions per second in blockchain.
Hashgraph is more efficient in terms of transaction speed and scalability than Blockchain. Becuase of the mathematical proof shown by hashgraph, this indicates higher efficiency as compare to blockchain. Hashgraph is 100% efficient and Blockchain is less than 100% efficient.
The hashgraph is safer as compared to that of blockchain in validating of transactions. We saw that the validation of transaction using the Gossip protocol helps us to identify malicious transactions of nodes. In blockchain, malicious transactions aren't identified and this is because all the nodes are transferred as a whole in its network. This goosip protocol used by the hashgraph makes it a safer one be used.
Hashgraph is more scalable than blockchain. Scalabilty is the ability of a particular network to manage hundreds of inputs at a time in order to produce the required results. Hashgraph is scalable than blockchain because its transactions are not delayed and doesn't rely on the efforts of the miners as we see in blockchains.
Both Hashgraph and Blockchain stands strong when it comes to security. Blockchain uses cryptographic methods in ensuring good security for the data transferred and stored on their network.
Hashgraph also uses the Asynchronous Byzantine Fault Tolerance (aBFT) to ensure good security to its network from hackers and fraudsters. Transactions that are completed within both blockchain and hashgraph networks are not editable or changeable in any way and this make them to be secured from 51% attack.
Blockchain is less fair as compared to that of Hashgraph in terms of miners or users. The miner is given power in terms of choosing orders and stopping transactions on blockchain. In other words, Hashgraph fairness doesn't allow miners to have such a power but instead it allocates nodes randomly to the distributed network and uses the consensus time stamping which makes it possible for no individual to be affected due to order of the transactions.
Hashgraph technology adoption for Voting in my Country and Why
I would go in for the Hashgraph Technology voting process for my country Ghana. My reason being the use of the Virtual Voting consensus in Hashgraph technology.
Virtual Voting used in Hashgraph technology helps in identifying the the details of the node voted for and the vote details as well within the network in order to reach a consensus.
By adopting the use of Virtual Voting in my country, this will lead to fairness in the voting process. This will make validation process also fair by sending all data of a vote to another within the network in order to reach a consensus.
This would reduce the time taken in counting and compilation of individual votes after voting exercise in order to come to an agreement of the winner. In using Virtual Voting, the nodes will come to an agreement to produce a valid result for the voting process from each of the witnesses of each node. If 2/3 of the nodes are valid in the voting process, then an agreement would be reached and a winner would be confirmed. In so doing this would bring a fair voting process in my country Ghana.
4. Explore Hedera Hashgraph. Show screenshots.
Hedera Hashgraph was founded by Dr. Leemon Baird in the mid 2010s. He is the co-founder and the chief technical officer for Swrirlds Company.
Statistics Data of Hedera Hashgraph
|Fully Diluted Market Cap||$11,200,989,888,598|
|Circulating Supply||8.58B HBAR|
This feature comprise of different sub-features including; token service, consensus service, How it works, explorers, and dashboard.
This feature enable users to mint,configure, and manage native fungible and non-fungible tokens on hedera network without the involvement of any smart contract.
This feature helps in verifiable timestamping and ordering of events for any application or blockchain network that is permissioned.
Other Additional Services
This include; Scheduled transactions, Multi-Signature Transactions, Atomic Swap, Account-level KYC, File Service, and Smart Contract.
How It Works
This feature teaches about how the entire system of hedera hashgraph works and how to use it in creating applications.
This feature shows testnet graphical network explorers and mirror node API services.
Thses include hedera hashgraph, DragonGlass, hash-hash.info, TrustExplorer, Hashlog, and Kabuto.
This feature displays the network activities of hedera hashgraph.
This feature comprise of the tooling feature and the resources feature.
This feature enables one to learn more concept about Hedera hashgraph and review of API.
This is the feature that fully explains the concept of Hedera Hashgraph.
This feature has sub-features which includes; Payments, Tokenized assets, Fraud Mitigation, Identity, Data Compliance, Permissioned Blockchain, Case Studies, Enterprise, Healthcare, and Gaming.
Wallets and Exchanges
The use of Hashgraph in the crypto world is an interesting invention. It has the aim of providing users with safe, secured and faster transaction on its network. I am really excited joining this weeks class, and I would like to say a very big thank you to prof @pelon53 for lecturing us on such a great topic.