Hedera Hashgraph: What is this?

Formerly we wrote about Hashgraph vs Blockchain, and we have been able to point at the main discrepancy between both technologies, and in which way Hashgraph may be a better choice than blockchain technology.

In today’s article is about Hedera Hashgraph and obviously again about the choice between it and blockchain solution.

Hedera Hashgraph is built on the same concept than blockchain: using DLT. It functions by using Graph like Structure. In these structures, all the structure’s nodes exchange specific data one to another. Consequently, this communication can be tracked by designing a graph of the connections.

Suggested Read: What is Gossip Protocol?

Two Hedera Hashgraph Main Mechanisms

All the data are stored under the form of event within Hedera Hashgraph. It depends of two mechanisms to get harmony within the network.

Gossip about Gossip

The meaning of Gossip, here, is to transfer and synchronize data from one node to another on a random way.  In Gossip about Gossip, the data transferred before are also synchronized and transferred with new data to an also other random node.

Virtual Voting

In this use case of the Gossip about Gossip mechanism, one node is dependent on what other node knows, this way, each node can forecast what would be the vote result of any other node. The consequence of this behavior is called virtual or electronic voting.

Smart Contract Immutability

Smart contracts are software developed programs,  so they can also encounter challenges such as glitches in some situation or design related. Once a smart contract is deployed, it cannot be modified unless by adding a new one which correct the bug and add new functionality.

Hedera Hashgraph is deployed providing an optional mechanism answering to the name of “binding arbitration” for smart contracts. Assuredly, Hedera Smart Contracts would not be mutable; however they could be modified if the some parties chose by the smart contract developer agreed on the change.

When deploying qmartc contract supported by Hedera, the developers can choose the level of mutability for a contract.

How is it Distinct from Blockchain?

Blockchain ensure the information is not saved at a specific location and prevent it from being controlled by a unique entity. On the other side, Hedera Hashgraph is also based on the DLT architecture used by the data structure defined earlier and has a better transaction mechanism. This mechanism allows having the benefits of blockchain without the constraints.

Despite not being dependent of the Proof of Work system, the Hedera Hashgraph can provide low-cost and high performance without any bugs.

Another point, Hashgraph does not need high computation power to perform. Also, Hedera Hashgraph is able to handle hundreds of thousands of transactions per second, while the data is transiting through the processes.

Hedera Hashgraph is faster and more equitable than bitcoin as miners can decide the order of transactions, the delays or stop them from queuing the block whenever they assume it is needed.

It is, obviously, a technology full of promises.

( 11 assessment, average 4.91 from 5 )
Leave a Reply