In this article, I will give you information about Hedera Hashgraph, an alternative system to Blockchain. I think this system will be mentioned frequently in 2021 due to its technology and supporting organizations.
While the blockchain does a lot that traditional databases cannot do, it has limitations to consider. Blockchain is a type of Distributed Ledger Technology (DLT). There are alternative DLTs that could potentially thrive on blockchain constraints. Hedera Hashgraph uses a blockchain alternative DLT that uses a Directed Acyclic Graph (DAG) to create a DLT suitable for general markets and real world, highly scaled use.
It allows people to safely interact online and efficiently, without the need for third-party agents that collect and sell user information.
Hedera provides a stable, reliable platform optimized for enterprise-level applications. There are HBAR token for the network to work. HBAR token serves two integrated purposes in the Network. It secures the network with a cryptocurrency-heavy, risky consensus mechanism, and is used to encourage and compensate the computing resources required for all participants to work.
Hashgraph data structure and consensus algorithm offers an impressive combination of performance and security. The Hedera platform and governance council provide transparency, stability, and cross-industry expertise in governance and decision making for a globally distributed network and cryptocurrency.
Blockchain Or Hedera
Unlike a traditional proof-of-work blockchain, which selects a single miner to choose the next block, the community of nodes running hashgraph come to an agreement on which transactions to add to the ledger as a collective. Through gossip-about-gossip and virtual voting, the hashgraph network comes to consensus on both the validity and the consensus timestamp of every transaction. If the transaction is valid and within the appropriate time, the ledger’s state will be updated to include the transaction with 100% certainty (finality).
FAST
Blockchain; There is no full clarity on scaling. In order to adapt to the real world, systems must be able to process hundreds of thousands of transactions within seconds with transaction fees. This is not possible with existing Blockchain infrastructures. This limits the blockchain.
Hedera Hashgraph; Protected by patents, the hashgraph is built on the distributed consensus algorithm. Hashgraph is extremely efficient and enables at least tens of thousands of cryptocurrency transactions per second to be processed in a single piece. Compared to competing alternatives, Hashgraph has very low consensus lag.
SECURE
Blockchain; Using a public platform for asset transfers requires a high level of security. Blockchain has proven to be highly effective for transferring value.
Hedera Hashgraph; DLT's security is based on the consensus mechanism used. Unlike Blockchain, Hashgraph has proven to be Asynchronous Byzantine Fault Tolerant (ABTF), which makes it highly resistant to Sybil and DDoS attacks. With Hashgraph and Consensus Protocol, transaction orders are clear and fair, guaranteed by the unique Hedera Hashgraph system, which ensures that order transactions received by the network are reflected in the consensus order.
STABLE
Blockchain; Blockchain has legal or technical controls to make decisions or can cause problems if a problem occurs in the system. According to Hedera, while undisciplined and unmanaged decision-making is the norm in the eyes of crypto enthusiasts, organized stability without sacrificing the decentralization of decision makers is essential to adopt it in general. To be truly stable, Hedera believes strong security and mature governance are key.
Hedera Hashgraph; prevents a modified, forked platform version from being considered valid. Hedera Board of Directors is able to determine software changes in nodes and when they should be made, ensuring that all honest nodes are up to date and eliminate illegal ones. Hedera codebase, with the availability of version 1.0 of the platform, can be viewed and verified by anyone.
FAIR
Blockchain;Many people, including the Hedera team, believe that the established DLP system will be more reliable if managed by reputable representatives from a range of industries, as opposed to a small group of developers who make decisions.
Hedera Hashgraph; The management structure consists of two parts. The first is Council management, which is used to manage the work of the council. This section includes network fee schedules, reviewing changes in the platform code base, selecting board managers, etc. responsible for. The second is the consensus mechanism. This is crucial, the process by which transactions are confirmed and ordered on the network. Hashgraph is Hedera's consensus mechanism. It's less expensive, faster and more efficient than Proof of Work, and arguably more suitable for mainstream acceptance. This consensus mechanism is designed to prevent any party from having significant power over the network. We see Hedera's management model on Facebook Diem.
Hedera is owned and governed by the world's leading organizations
The top exchanges for trading in Hedera Hashgraph are currently Binance, Huobi Global, Binance.KR, OKEx, and VCC Exchange.
Result
Hedera Hashgraph is a powerful project. Many crypto community members see Hedera Hashgraph's competition in this innovative area and follow closely. I will update my article as there are developments in 2021.
As I always said, listen to everyone, decide for yourself ...
