As you may know, after Bitcoin there many cryptocurrencies that appeared trying to find it place in the net. Most of them have been presented as the best alternative for the market. As Bitcoin like many others, has tried to compete with its technology, however, one of the great menace to BTC is Hashgraph
What is it?
Basically it is a descentralized database distributed between different nodes which you could say: "It is the same thing as the blockchain". Well, not really as HBAR uses the Gossip Protocol.
The 3 biggest strenghs of Hashgraph of its algorithm is:
While there are many projects that have addressed the problem of transaction speed and have managed to reduce waiting time to a large extent, Hashgraph is way much faster than the blockchain the blockchain technology. Furthermore, Hashgraph has higher throughput and low consensus latency. Last but not least, Hashgraph is way ahead of blockchain in scalability and manages to carry out 250,000 transactions per second.
In a video produced by Mike Maloney, you can compare BTC vs HBAR by using the anology between a jet fighter speed vs Snail speed.
To make sure it's safe it uses a Byzantine fault tolerant asynchronous system. Therefore, even if any of its nodes stop working or do not show adequate behavior, it could continue to function without problems.
Hashgraph uses a consensual timestamp that makes the system fair. With 2/3 of the network a transaction is already validated.Transactions are validated in order, you cannot choose the order in which transactions are processed. In networks such as Bitcoin, miners prioritize those with the highest transaction fee to receive a greater profit. This does not happen on this network.
How does it work?
Well indeed Hashgraph has 2 special features that makes it unique:
Image credit: Gulf News.com
Its nodes are dedicated to "gossip" constantly sharing among them every information they know about the updated state of the network and its history!!.
The steps are the following:
- First, this network does not look for the total of the nodes to agree that a certain transaction took place.
- Second, a node involved in a hashgraph transaction randomly selects another one to report on the transaction + everything else it knows that comes with it.
- Third, the chain continues, both nodes will select others to pass the information to.
- Fourth, the process repeats itself until all nodes are aware of what happened.
- Last but not least, you can say: "There will be different information?!?" Well yes, however, even though this means that in a short term every node could have different information, with a short margin of time all of the will have the same information.
Additionally, to find out the true state of the network, the network itself examines these hashes. In this way, it is able to know which node knew which information and at what time.
2. Voteless Voting:
Photo credit: UNSPLASH/ELEMENT5 DIGITAL
This allows the network to infer consensus through "voteless voting" - the process of conducting a virtual vote assuming a node's vote does not contradict the information available on the status of the Hashgraph network.
Leemon Baird , who originally conceived the hashgraph explains that this "allows the network to achieve consensus for free. You won't have to talk to anyone, and you'll have a perfect consensus with mathematical guarantees that you're right"
It seems that hashgraph consensus mechanism is extremely practical compared to the well-known Proof-of-work (PoW) and Proof-of-Stake (PoS) mechanisms implemented in blockchains.
Photo credit: Investing.com
HBAR is Hashgraph's native crypto currency and gives token holders access to distributed applications on the platform, making it a useful token.
HBAR can also be used to run a node, for which it must be "rethought". In this way, it also contributes to the security of the network within the public ledger.
The token will be responsible for ensuring that there is responsible use and good governance of the platform, so they expect it to act as a unit of value so that this can be fulfilled.
Where to Buy HBAR?
If you are interested there a series of platform already selling HBAR, in my case, I used Binance to buy it even though there are others like Bitpanda, Bitstamp, Kraken and Etoro.