This is Week 16 of Steemit Crypto Academy and I'm writing Homework Task for Professor @pelon53
Gossip Protocol in Hashgraph
Hashgraph uses a protocol known as gossip protocol. Gossip protocol works on the theory of gossip sync. This is the process of information synchronization between two users or nodes to understand it. Take an example when the information is sent/shared between nodes if user 1 chooses to share information with another random node and shares with it everything he or she knows and this person again shares the information with another random person. This process is known as information synchronization and this process continues till everybody connected to the network is not aware of the information. Gossip sync is the synchronization of information between two members.
Once the gossip sync is completed it is compulsory for the involved members to create an event that acknowledges the completion of the sync. This event becomes part of the memory and is stored on it in the shape of an array carrying the number of transactions in the event, the two-parent hashes, and cryptographic signature. The event is stored with a timestamp. If you are thinking that what is the parent hashes then it is the events created by the two members involved in the gossip sync before the creation of this particular event, that is stored in the memory. And this process of gossiping continues till every member has received the information.
A term known as Gossip about Gossip is used to shed light on the history of these events and how they are related to each other. This history is shown in the shape of a hashgraph. This graph stores the information about how people communicated i.e. it stores all the gossip created during the sharing of information. Every hash graph contains
1) A Timestamp
2) Set of Two hashes of two events below itself
3) Set of Transactions
4) A Digital signature
Tolerance to Byzantine Faults in Hashgraph
For a transaction to go through on blockchain every node involved in the chain must agree on the transaction status and then on the current state of the blockchain, Creating this consensus is not an easy task what if a node in the blockchain doesn’t agree on the current status of the blockchain or acts dishonestly, what happens then. This is a classic example of the dilemma observed in the 1980s known as the byzantine general problem. In essence, it is described as the problem of trust.
Consider 3 generals with their armies encompassing a city. These 3 generals have to reach an agreement on whether to attack the city or retreat but the only way they can communicate is through a messenger. Here arises the problem of trust. Can the messenger be trusted? What if the messenger gets caught or the message is delayed or what if a general deliberately sends the wrong message. This dilemma is known as the Byzantines General problem. Now if we apply this on a blockchain then these 3 generals are nodes and for the system to work these nodes have to develop a consensus about the state of the blockchain.
Byzantine fault tolerance can be described as the property of any particular system to be able to ignore/resist the failures in any nodes that are derived from Byzantine Generals problem i.e. Byzantine Fault tolerant system can continue to work even if there is a communication gap between nodes or if any of the nodes are acting dishonestly. there are multiple solutions of how to implement Byzantine fault tolerance system one of them is Proof of work
Through Byzantine Fault tolerance we can implement a system in which all the orders are sought through consensus of the majority of nodes involved in the process even if any of the nodes are not acting trustfully.
Comparison between Hashgraph Vs Blockchain
More than 10000 TPS
Slow about 100 to 10000 TPS
Private and public
Private, public, and hybrid
Less than 100
Not yet Implemented
Proof of Stake, Burn and work
Which Technology I would use for voting process in my country and Why?
If there is an opportunity to chose one system for voting in my country, I will choose the Hashgraph due to its speed security reliability, and voting mechanism.
Because on the voting day a lot of people in millions are voting at the same time and Hashgraph is more scalable and stable to handle this kind of transactions at once and the time taken to complete the transaction is also very short in Hashgraph.
Exploring Hedera Hashgraph
If you visit https://hedera.com/, you will be greeted by their home page. The home page is subdivided into different sections. Each section contains information specific to that section name in the header you can explore the technology by watching a video about it.
The top ribbon contains links such as Networks, Devs Use Cases, HBAR, Governance, and About the second section of the home page tells us about the owners of the technology, which include, Google, LG, etc.
The next section draws a comparison between hedera HBAR, BTC, and Ethereum based on TPS, Avg Fess, and Transaction completion time.
The next section provides the details of the services provided by the network that include token services and consensus services.
The next section engulfs the features they are providing in their decentralized ecosystem.
The last section defines the attributes of hedera as a public Network including, Fastness, Stability, Security, and fairness in transactions and orders.
The other tabs are subdivided into different categories that can be accessed through a drop-down menu opened on the home ribbon. The Devs tab is divided into two sections tolling and resources. Both Sections can be explored by opening them.
Use case tab is also subdivided into different tabs such as payments, Data compliance, identity fraud mitigation, etc.
Hedera Hashgraph is the future of a decentralized ecosystem because it is user-friendly, fast, secure, and reliable and solves the scalability problem of the blockchain with 10000+ Transactions per minute, the Lowest Fees, and 3-5 second of transaction completion time.