Swirlds is a software platform that has developed the hashgraph consensus algorithm: an entirely new distributed ledger technology that is much more cost-effective (no proof-of-work), 50,000 times the speed, safer (Byzantine), more efficient (no stale blocks) and mathematically fairer than the blockchain.
This is the future of the internet and decentralized technology.
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What is Blockchain Technology?
Considered the greatest technological innovation since the internet: Blockchain technology emerged in response to the collapse of several banking institutions in 2008 with the release of a whitepaper by Satoshi Nakamoto titled: “Bitcoin: A Peer-to-Peer Electronic Cash System.”
What is Hashgraph and Why is it Better?
Hashgraph is a superior distributed ledger technology system that eliminates the need for massive computation and unsustainable energy consumption like those of Bitcoin and Ethereum.
Most importantly, it is able to reach a consensus. (I’ll explain why this is so critical)
50,000 Times Faster: limited only by bandwidth – 250,000+ Transactions Per Second (Pre-Sharding)
As of now Bitcoin is limited to 7 transactions per second.
More Fair: mathematically proven fairness (via consensus time stamping) meaning no individual can manipulate the order of the transactions.
In the blockchain world, a miner can choose the order for which transactions occur in a block, can delay orders by placing them in future blocks, even stop them entirely from entering the system.
Consensus time stamping prevents an individual from affecting the consensus order of transactions.
Once an event occurs, everyone knows about it within a couple of minutes. Only the effects of the transaction are necessary in storing, everything else can be discarded. This shrinks the amount of storage currently needed (Bitcoin: 60GB) to a fraction of 1GB, allowing a smart phone to now act as a node.
Improved Security: Asynchronous Byzantine Fault Tolerant: No member can prevent the community from reaching a consensus, nor can they change the consensus once it has been reached.
With Byzantine, a consensus can be reached, whereas in the blockchain world, it is only a probability that increases over time.
If no consensus is ever reached, conflicts will always occur. This is why hard forks that result in alt coins, such as Bitcoin Cash and Bitcoin Gold are occurring.
100% Efficient: No mined block ever becomes stale.
In the blockchain, transactions are put into containers (blocks) that form a single, long chain. If two miners create two blocks at the same time, the community will eventually choose one and discard the other.
In hashgraph, every container is used and none are discarded. ...
Read on ....
https://squawker.org/technology/blockchain-just-became-obsolete-the-future-is-hashgraph/