Hashgraph: The successor of blockchain
Hashgraph, the successor of blockchain with a revolutionary consensus algorithm, which solves the double-spend issue and makes distributed voting fair, has huge implications for industries that rely on secure, verifiable record-keeping.
In 2022 the world was changed by the forces of the pandemic. This resulted in the explosion of digital usage in our daily life. Dependence on this kind of technology does not only has to be secure but also fast and efficient. Blockchain is one of those technologies that promise to give those features. But firstly what is blockchain and how can hashgraph become a successor of blockchain.
- What is blockchain?
- what is hashgraph?
- what does hashgraph provide?
- Future of hashgraph.
What is Blockchain?
Blockchain in simple terms is a chain of blocks that are connected. Each block has a cryptic hash of the previous node, a timestamp that proves the data existed when the block was published to get it into a hash, and lastly the transaction data. The important thing is that it is all encrypted by the machines. Thus even if a single node is corrupted other blocks still have the original copy. No data can be altered without altering all the subsequent blocks. It uses a peer-to-peer network and publicly distributed ledger which means it is widely copied all over the world. But what is the relation between blockchain and hashgraph? In simple terms, hashgraph can be the future whereas blockchain is the beginning of the future.
what is Hashgraph?
Hashgraph is a patented technology that can replace blockchain shortly. Like blockchain, hashgraph uses distributed ledger technology that does not bundle data into blocks but uses a “gossip about gossip” protocol where nodes on the network gossip about the transactions to create directed acyclic graphs. Each gossip contains one or more transactions plus a timestamp, a digital signature, and cryptographic hashes of two earlier events.
What features does it provide?
As a successor of blockchain, it provides increased speed, fairness, low cost, security that are more than blockchain currently provides.
- Speed:- Blockchain’s cryptocurrency bitcoin processes less than 10 transactions per second and Ethereum 25 transactions per second. Hashgraph will be able to process hundreds of thousands of transactions per second.
- Low cost:- With blockchain some miners verify each transaction, Hashgraph has no miners mining which cuts down the cost of hardware and electricity, which can be used for other purposes.
- Security:- At the end of each round, each node calculates the shared state after processing all the transactions that were received in that round and before it digitally assigns hash with the transaction data and gossip out to the community public ledger.
Future of Hashgraph
Hedera Hashgraph is the only public distributed ledger based on the Hashgraph algorithm. Developed by Hedera, based in Dallas, Texas. Founded by Hashgraph inventor Leemon Baird and his partner Mance Harmon has an exclusive license to the Hashgraph patents held by their company, Swirlds. Hedera is owned and managed by a “governing council” of global companies and entities. The council’s members include Swirlds, as well as Google, Boeing, IBM, Deutsche Telekom, LG, Tata Communications, Électricité de France, FIS, University College London, the London School of Economics, DLA Piper, Shinhan Bank, Standard Bank, ServiceNow, Ubisoft, and several others.
The Hedera Governing Council has voted to purchase the patent rights to Hashgraph and make the algorithm open source under the Apache License in 2022.