Is Hashgraph Technology Just A Puff Up? How Is It Different From Blockchain App Development?
Do watch out blockchain; there’s a new infant in the cradle called Hashgraph. But, will it dethrone the technology and electronic ledger behind bitcoin? Blockchain, The technology founded by Peter Smith which is behind the leading cryptocurrency Bitcoin is in limelight. A new infant named Hashgraph wants to hi-jack the position for the role in the cryptocurrency scene. So, what’s the catch? Will Hashgraph be able to grab the leading position as bitcoin? Though there’s certainly a lot of hype surrounding this technology, does Hashgraph really have the potential to overtake potential blockchain? Before concluding at any point, let’ have an eye over both the technologies.
What’s Hashgraph Exactly? The Hashgraph is consensus protocol that provides a distributed platform. It allows community users to generate transactions, and agree on the order in which they do transactions where no single user is trusted. The Hashgraph can achieve a consensus and still acts faster, fair, efficient and inexpensive.
But, Why It Is Better Than Blockchain? As we know, Hashgraph is a distributed ledger technology system that eliminates the need for massive computation and groundless energy consumption like those of Etherum and bitcoin. Most importantly, it’s able to reach an agreement. I’ll explain how.
1. Faster: Its 50K times faster as compared to bitcoin and is limited by bandwidth 250,000+ transactions per sharding. Currently, bitcoin is limited to 7 transactions per second.
2. Fairer: It mathematically proves fairness through time stamping; meaning no individual can manipulate transaction orders. Earlier in the blockchain, a person can choose transaction order in a block can delay orders by placing them in succeeding blocks and could even stop them from entering the system. The time stamping prevents an individual from affecting the agreement of the order. So, once an event occurs, it will be notified to everyone within a fraction of seconds. Only the transaction reflection needs to be stored and the rest can be discarded. It not only shrinks the storage amount from 60 to 1 GB but also allows a smartphone to act as a node.
3. Improved Security: It cops up with Asynchronous Byzantine Fault Tolerant. It means no members can prevent the community from reaching the consensus neither they can change the order. With Byzantine, a consensus can be reached and in the blockchain world, it’s just a probability. So, if no consensus is reached, conflicts will always occur and that results in alternate coins such as bitcoin cash and gold.
4. 100% Efficient: In blockchains, transactions are put into containers that form a long chain and so if two miners create two blocks at the same time, only one container will be chosen and the rest will be discarded. Talking about Hashgraph, every container is used and none is discarded.
Still, We Love Blockchain! Below is why still people love blockchain. 1. Preserving intellectual property 2. Serving as an ultimate registry for the Internet of Things 3. Maintaining smart contracts 4. Opening up manufacturing 5. Providing clarity to global supply chains 6. Enhancing collaboration — without intermediaries
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