Hedera Hashgraph

What is Hedera Hashgraph?

Previously we discussed Hashgraph vs Blockchain, and we got to know about the major difference between the two, and how Hashgraph can be a better alternative to the blockchain technology.

Today’s guide is about Hedera Hashgraph, and of course, it’s about the blockchain alternative again.

Hedera Hashgraph is based on DLT like blockchain which works on Graph like Structure, where all the nodes communicate about particular information with one another. This communication is reported by building a graph of connections.

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2 Hedera Hashgraph Mechanisms

In Hedera Hashgraph, all the information is stored in events. It relies on two mechanisms to bring consensus to the network.

Gossip about Gossip

Gossip means transferring or syncing information from one node to the other randomly. In Gossip about Gossip, the previous information along with the new data is synced and transferred from one node to another arbitrary node.

Virtual Voting

Using Gossip about Gossip mechanism, each node is dependably aware of what the other node knows, and each one of them predicts what the other node would vote. This results in virtual or electronic voting.

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Smart Contract Immutability

Since smart contracts are software programs, they too can face challenges like bugs in certain conditions as well as design flaws. Once deployed, smart contracts can’t be modified whether one has to fix a bug or add new functionality.

But Hedera Hashgraph comes with an optional mechanism for enabling “binding arbitration” for smart contracts. Undoubtedly, Hedera Smart Contract would be immutable, yet it can be changed only if several parties designed by a smart contract developer agree in the majority.

By deploying a smart contract on Hedera, developers can have a choice to select the contract’s subsequent mutability.

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How Is It Different from Blockchain?

Blockchain makes sure that the data is not stored at any one location and controlled by any single entity. On the other hand, Hedera Hashgraph also works as DLT which operates on the above data structure and a better consensus mechanism. A mechanism that gives benefits of blockchain without its limitations.

The Hedera Hashgraph algorithm doesn’t need Proof of Work system, yet it can deliver low-cost and high performance without a single point of failure.

Also, Hashgraph doesn’t need high computation power to work with. Not only this, Hedera Hasshgraph allows hundreds of thousands of transactions per second, as the information travels throughout the process.

Hedera Hashgraph also proves to be faster and fairer than blockchain since miners can choose the order of transactions, delay or stop them from entering the block whenever they find it necessary.

Of course, it is a promising technology!

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