Truth be told, the technology world is evolving at a very fast rate. The problem is, if you do not adapt to the speed, chances are that you will be left behind. Everything is evolving. One such thing is blockchain. This world resembles a worldwide Union. Once you’re in, the outskirts and boundaries are insignificant, frictionless and authorization less.
Blockchains have been one of the best mechanical insurgencies. Utilizing this superb advancement, cryptographic forms of money and platforms like Bitcoin and Ethereum have genuinely disturbed the monetary and programming areas. Nonetheless, the new innovation has come up which may challenge Blockchain for the position of authority. It is called “Hashgraph” and in this article we will investigate this intriguing innovation. Is Hedera the next generation of blockchain?
Hedera, A Governing Council & Public Hashgraph Network (Hedera) has announced a new, next-generation distributed public ledger, the Hedera hashgraph platform which will develop lightning fast, secure, fair, globally distributed applications. It gives another type of distributed consensus; a path for individuals who don’t know or believe each other to safely team up and execute online transactions without intermediary. The platform is exceptionally quick, secure, and reasonable, and, not at all like some blockchain-based platforms. It doesn’t require figure substantial proof of-work. Hedera empowers and enables developers to fabricate a totally new class of circulated applications. They call it as “The Trust Layer of the Internet”
The objective of this distributed consensus algorithm is to allow users to go to a concession to the request in which some of them produced exchanges, when no single part is trusted by everybody. Along these lines, it is a framework for producing trust. Hashgraph accomplishes this in an in a completely new way.
Dr. Leemon Baird, inventor of the hashgraph algorithm said that “”We need a more trusted, secure and equitable online world. You should be able to carve out a piece of cyberspace to create a shared world, be confident when interacting with others, feel safe online, control how you collaborate, and share only the information you want. Today we lay out the roadmap for how Hedera will make that happen.”
The hashgraph algorithm, invented by Leemon Baird, the co-founder and CTO of Swirlds, is a consensus mechanism based on a virtual voting algorithm combined with the gossip protocol to achieve consensus quickly, fairly, efficiently, and securely. But will this hashgraph kill blockchain? Only time will tell us the answer of this question.
Features of Hashgraph
- Lightning Fast Results: Hashgraph gives amazing efficiency in bandwidth usage and it can process hundreds of thousands of transactions per second in a single shard (a fully-connected, peer-to-peer mesh of nodes in a network). Consensus latency is measured in seconds, not minutes, hours, or days.
- Security It achieves asynchronous Byzantine Fault Tolerance (aBFT). Other platforms are vulnerable to Distributed Denial of Service (DDoS) attacks. Hashgraph is resilient to these types of attacks against the consensus algorithm, and achieves the theoretical limits of security defined by aBFT. Achieving this level of security at scale is a fundamental advance in the field of distributed systems as it is the gold standard for security in this category.
- Governance: It will be governed by up to 39 leading organizations in their respective fields, bringing needed experience in process and business and a consensus model in which, each node casts one vote for each coin of the hashcap cryptocurrency they own. New nodes will join the network, and be compensated for their services in maintaining the hashgraph. The number of nodes is expected to grow rapidly, ensuring consensus voting privileges are distributed to many thousands of nodes.