Hedera Hashgraph is a DLT project, an alternative to the standard blockchain, based on a technology called direct rotation diagram (DAG) for recording information.
Hedera Hashgraph supports decentralized applications and operates under the Byzantine-Fault Tolerance (aBFT) consensus. In this protocol, the network takes advantage of the aBFT consensus, thereby defending the system against attack and keeping it secure.
In fact, as long as less than a third of the nodes are broken, the protocol works accordingly.
Therefore, it can be concluded that to confirm a transaction, two-thirds of the active nodes within the network need to be approved.
Founders of Hedera Hashgraph
The operation of the headra hash graph is based on the idea of Dr. Leemon Baird, the founder, CTO and CSO. Dr. Baird holds a PhD in Computer Science and has several patents.
He is also the author of an academic journal. The other founder is Mance Harman, who is currently the CEO of the company and is responsible for managing the project.
Baird and Harman also collaborated on the Trio Security project and BlueWave Security .
Overall, the hashtag project leadership team currently has about 10 highly experienced and highly experienced consulting staff.
How does a headra hashtag digital currency work?
The Hashgraph team believes that the cryptocurrency market needs fundamental changes to evolve, develop and be used in everyday life. To meet this goal, the Hadra hash graph team must solve the following five problems.
Distributed ledger technology is transforming markets in various industries. However, before embracing DTL in any industry and region, there are five key challenges that need to be addressed.
According to Baird and colleagues in 2018, these 5 challenges are:
- Scalability: At present, the TPS (number of transactions per second) of most projects is not sufficient for large blockchain implementation.
- Security: If blockchain technology is widely accepted, we will have trillions of dollars of capital in blockchain and billions of transactions in the approval queue. If we assume that the value of each transaction increases over time, more security measures are needed to preserve this capital. The hash graph protocol uses the aBFT consensus algorithm; A method that he believes brings maximum security.
- Management: The General Office should be managed by representatives and specialists in IT, business, law and other industries; Not just technology.
- Sustainability: The system must operate using a combination of technical and legal mechanisms to achieve sustainable performance.
- Compliance: The new blockchain must be more compatible and comply with all legal requirements, including KYC and AML.
Hash graph technology is a data transfer system based on a decentralized protocol.
In a blockchain , information is stored in blocks, and each block (n) depends on the previous block (n-1). But in a hash graph, recording each transaction is similar to recording an event on the network. After registering a request to perform a transaction on the network, a protocol called GASIP is used to provide all transaction information to all nodes within the network.
In this model, one node receives the initial information and randomly provides it to the other node. The new node retrieves the received information similar to an event on the network and again randomly provides it to the other node.
Therefore, it can be said that the main difference between this model and the standard blockchain is in the way information is recorded.
Given that in this protocol, a proof of work is not requiredNot for transaction; The cost and speed of transactions, compared to the previous system, is significantly different.
The most important points that are considered when creating the Hashgraph consensus algorithm are:
- The platform must be fast, safe and inexpensive and require minimal mining equipment to operate.
- The system should be run by several organizations and the views of none of these organizations should influence the views of other organizations.
- Have a native token inside the platform to be used as an internal tool; For example to create a decentralized application (DApp) and….
What is the structure of a hash head graph?
At the bottom of this structure is the Internet. Each computer is connected to the platform via the Internet. In the middle of the structure, there is a Hashgraph consensus layer that ensures everything is done quickly, securely and fairly.
Nodes receive transaction information from users and share it with the network through a dedicated algorithm at this layer.
At the top is a service layer that includes cryptocurrency tokens, a storage file for DAG, and smart contracts written in the Solidity language, the same language used for Ethereum contracts.
In general, the main advantages of the header digital hash graph structure are speed, low commission, and the ability to use it for small trades and consensus protocols.
Using the consensus protocol, nodes exchange data efficiently and faster with other nodes on the network. This type of data structure is secure in terms of encryption and includes the history of communications in a community.
This platform ensures that no user can block the flow of transactions on the network or any small group can disrupt the consensus order of this protocol.
How much does it cost to use a header hash graph?
One of the most important concerns of users is the fee they have to pay to make a transaction through this platform. As mentioned earlier, due to the fact that this protocol does not require proof of work to verify transactions, the cost and fee required to verify and verify transactions is much lower than the standard blockchain.
The cost to nodes within the network as a reward is not specified. This fee is paid directly by the user to the node responsible for verifying and verifying the transaction.
Hash Graph Digital Currency Token (HBAR)
Hedera Hashgraph Digital Currency describes itself as a decentralized public network where developers can quickly and securely create secure, decentralized applications through its new consensus mechanism.
The dedicated token of the Hedera Hashgraph digital currency network is the HBAR token. The Hedera Hashgraph digital currency token was priced at around $ 0.14 at the time of its first launch.
After the release, the price of the HBAR token went down, and the price drop was such that the price of the HBAR token fell below $ 0.03 in a few days.
But that was not the end of the Hedera Hashgraph digital currency, and after the crash, the price of the Hedera Hashgraph stabilized and was able to maintain its value.
What are the benefits of a header hash graph?
It has already been said that security and reduced transaction costs are among the main benefits of a hash graph. Due to the fact that this platform uses the aBFT algorithm to establish security in the network, there is no need to use the proof-of-work model. This, in addition to increasing security, reduces transaction fees.
What are the disadvantages of Hadra Hash Graph?
- The published White Paper has a lot of ambiguity about this technology and for many users, its operation, details and features are still unclear. Therefore, the first problem or challenge of this technology is to solve the complexities of technology and explain the cases in the simplest possible way.
- Another issue is the hash graph management model. As mentioned earlier, in a particular model, a trusted group of 39 people from different industries and regions is used to manage the network. As a result, this somewhat calls into question the decentralization capability of this technology.
- Although the hashgraph seems to have unique solutions for standard blockchain challenges, the explanations provided for solving each challenge are not very convincing.
Is a hash graph the only solution available?
No! It is interesting to know that several other projects are running at the same time as the Hashgraph project. The following are projects that intend to use a direct rotation graph, similar to a header hash graph:
- IOTA: A distributed general ledger protocol managed by the IOTA Foundation.
- Nano: digital currency for the real world; A fast and free way to pay worldwide.
- ByteBall: An open digital currency platform optimized for real-world operations.
Hashgraph is a proposed approach to address blockchain challenges. Although the main goals of this technology are not much different from the standard blockchain, its output has been greatly improved compared to the original state.
The result of using the headra hashtag digital currency is the ability to execute thousands of small and large transactions in a short period of time with low fees, high speed and security.