Today's blockchain technologies use different algorithms. Bitcoin using blockchain technology, for example, uses the Proof of Work consensus algorithm. Ethereum has previously been considering transitioning to Proof of Stake while using the Proof of Work consensus algorithm.
Blockchains are characterized by being transparent, distributed, consensual, decentralized, practical, and flexible. Hashgraph technology has all of these features. In fact, according to some circles, it has greater potential than blockchain technology. Two specific techniques are used to create a faster, safer fairer structure. The Gossip Protocol is one of these techniques.
Before I explain this protocol, I want you to consider how quickly rumors or epidemics are spreading. We know that rumors are spreading at an extraordinary rate, especially from unraveled societies. Likewise, the rate of spread of epidemics is very fast. It basically consists of a technique created by considering the principle of spreading of rumors or epidemics.
I think there is no one who has not heard of HoloChain (HOT). The Gossip protocol is the most basic structure of HoloChain. In the blockchains, data is transferred to the nodes respectively, while in the Gossip protocol, the data is transferred randomly to the selected node. This randomness makes the network more secure.
Apart from being secure (no interference), it makes transactions happen faster. Hashgraph needs other nodes in the network to compute. While transmitting the information received from the nodes to other nodes, it also adds the information containing the properties of the previous node. But this information is a short information. This information transferred is not the entire data.
I would like to explain a little more how important the Gossip protocol is.
The ability to process 250,000 transactions per second. When we consider that the Bitcoin blockchain can process 3-7 transactions per second, we can understand how impressive this protocol is.
We know that there are conflicts between groups in blockchains at certain times. In this case, hardfork is inevitable. It does not exist here and is Byzantine Error Sensitive.
It is not affected by malicious attacks such as Sybil and DDOS.
