Hedera Hashgraph - A Blockchain Alternative! 🤔

There is a technology that can offer great benefits to the financial ecosystem and the world in general, but we will see what happens in the coming years. Its model is different from the blockchain, which has already been proven and improved in recent years. Will this technology be possible, give it a change to the ancient model of the Blockchains? This new technology is the so-called HASHGRAPH

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Hashgraph is a technology or algorithm of decentralized consensus, which is part of the so-called projects of 3rd generation of crypto. It is considered a great competitor of Blockchain technology, to be its competitor guarantee greater safety and high performance.

This project is based on aimed acyclic graphics (DAG), using the distributed accounting (DLT) as a basis, that is, its structure is similar to a graph, where the information of all nodes communicate with each other, generating a connection chart . And the information is stored in events. The information is distributed fast and the computer attack of the platform is avoided, since it is an algorithm of asynchronous consensus. In this system, the need for miners validate the information is eliminated. Generating very fast transactions and maintaining safety.

Now to set aside mining, Hashgraph uses a consensus protocol that is based on virtual vote, which works with Gossip Protocol, which is the data transmission system. With this system we can say that hashgrap works more efficiently than the protocols known as: Proof of Work (POW) or Proof of Stake (POS).

Gossip Protocol aims to disseminate the information of users in a quick and reliable way through the nodes, making computer to computer communication. With this technology and the benefits offered by their high scalability and safety, doors open to an improvement and evolution of decentralized technology, desired by many.

Hashgraph Features
Let's see some features of this hashgraph technology compared to the Blockchain. This system is still under development and some of these characteristics have not yet been fully proven.

Insurance: To ensure the security of data stored in the network, Hashgraph uses asynchronous Byzantine failure tolerance (ABFT), thus prevents malicious people manipulate system data. A transaction once confirmed can not be reversed or changed.

Quick: They use a consensus protocol that generates great speed, this protocol is Gossip. This protocol allows to be validated almost instantaneously 10,000 transactions per second.

Scalable: One of the main problems of Blockchain is scalability, having an asymmetric algorithm makes this system much more scalable and avoids the risk of allowing bifurcations.

Right: Hashgraph is fundamentally fair, because no person can delay or prevent a transaction. If there are some malicious nodes want to prevent the transaction, the system provides the mechanism of the Gossip protocol with its random system, where the nodes flow and the transaction is carried out.

Focus: The hashgraph uses a totally different approach to Blockchain. The hashgraph uses an acyclic chart, where all nodes save a copy of the registry and this makes it totally decentralized.

Efficiency: Hashgraph does not depend on creating blocks, only events what makes it very efficient. While the chain of blocks, it is wasting the effort in mining.

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ADVANTAGES AND DISADVANTAGES
Comparing these advantages and disadvantages with the Blockchain, let's see:

ADVANTAGES:
One of the main advantages of Hashgraph is its speed of transactions per second, only limits the Internet bandwidth, while Blockchain is limited by its consensus algorithm.

It is considered more secure and robust since, uses the ABFT (tolerant of asynchronous Byzantine failures). This means, as always and at least 1/3 of the Network nodes are malicious, the Protocol will reach a consensus.

Hashgraph does not allow blocking or delay of transactions, your system is fair for all users. While other Blockchain protocols allows the mining to decide which transaction to validate, depending on the user and the rates of it.

Disadvantages:
One of the great disadvantages is that its efficiency mathematically proven, but not in real life. This can bring incongruity and not have the results you have in the theory. While Blockchain has more than a decade in the real world.

Another disadvantage is that its technology is not open source. It is patented and that prevents other developers from making a branch of that technology.

Hashgraph technology is patented, but it has a public network, called Hedera Hashgraph, from which we are going to be talking about.

HEDERA HASHGRAPH is a decentralized public network addressed to companies, take advantage of the Hashgraph Consensus Algorithm. This network offers some services, let's see:

Hedera Token Service (HTS): offers this service, where you can create your own native token. It can be configured and managed. You can create a fungible or non-fungible token. This technology offers high performance configurations.

Hedera Consensus Service (HCS): You can build your own method of verifying and carrying out a series of actions, using the consensus protocol offered by hashgraph. You can follow assets on a supply chain, but you can also use it to create auditable records as in an electoral vote.

Smart Contributions: You can create your own intelligent contract through Solidity and implement it on the network. To create these intelligent contracts, it is recommended to use the Hedera Token service and the Hedera Consensus Service; where it would give you a performance superior to a low cost.

It offers other services such as: programmed transactions, transactions with multiple signatures, atomic exchange and file services.

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The native token of Hashgraph Hedera is HBAR, which uses HASHGRAPH technology. It is highly personalized and its transactions are low cost.

In order to use Hashgraph Hedera services, it is needed Token HBAR, in order to promote such services such as file storage, multi-firms transactions, intelligent contracts. But this token is also used as a network protector, where you can bet this token, and in that way it is helped to maintain the integrity of the platform.

Hashgraph technology is very fast, theoretically has a very high scalability, but we need to see the results in real life, and observe how close it approaches the theoretical data. Hashgraph is very safe and robust, as it uses tolerant to asynchronous Byzantine failures.

In the coming years we will see how this technology behaves and if it is possible to adapt it to the daily tasks of real life, and especially to the financial system.

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