If you are reading this that means you are already in Web3 space. You must know or atleast must have heard people talking about Distributed Ledger Technology (Blockchain), CryptoCurrency, NFT, Ethereum, Polygon, Bitcoin and lot of similar terms. Now let me add this new word HEDERA HASHGRAPH to it.
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So, What is this HEDERA HASHGRAPH 🧐 ??
It is made up of two words so let’s split them up and see what we get.
It is a public distributed ledger that uses the Hashgraph technology. It was developed by the Hedera Company, that was founded by Leemon Barid and his business partner Mance Harmon.
It is governed by global enterprise spread geographically across globe. Google, IBM, Tata Communication, Ubisoft, etc all forms a Hedera Governing Council, which has a limited term , rotating set of governing members that each have equal voting rights over key decisions relating to the platform.
It is a distributed ledger technology that was invented by Leemon Barid. At certain times hashgraph has been described as the successor of the Blockchain. It provides increased speed, more security, low cost and fairness (Transaction timestamp). Currently hashgraph has patent and is exclusive to HEDERA only.
So to sum up, Hedera Hashgraph is a public Distributed Ledger based on hashgraph algorithm.
Now that you know about Hedera Hashgraph, let’s look under hood and understand how everything works ⚙️🛠️.
Hashgraph works mainly on two Techniques:
1] Gossip About Gossip
2] Virtual Voting
Gossip about Gossip:
Come on we all have gossiped about someone at some point of time 😅. Not proud but I have done it too, it’s fun 😂.
Now, Hashgraph uses same technique.
Let’s say their are three nodes. Now all of nodes started the transaction which results in an Event(Gossip).
Now Event consists of the four things:
3] Hash of your history of transactions
4] Hash of the history of transactions shared by the last node
To make it more easy, let’s say you are four friends A, B, C, D, E.
Now you all started a random conversation with each other. Let’s say A started gossip with C first. They exchanged all the information they have till now with each other. Now A again started gossip randomly with let’s say with E. Now A will share all it knows with E plus it will also share the gossip shared by C.
This will happen repeatedly creating a Graph. If we try to trace back the from any top node, we will find the identical graph below them every time.
It might sound a quite dumb and confusing but it is a voting system without votes. A voting system where you have the mathematical proofs of vting system but there are no votes.
Any common person will be like yo, what the hell is it? Voting system without votes, it is kinda absurd. Yes, I agree with you. But let’s see how it works, maybe we can understand a little bit.
Any distributed ledger would like to spread out it’s transactions as fast as possible. For that hedera uses Gossip about gossip technique.
A node share all transaction it knows with other random node, which shares it with other random node and so on spreading like a wildfire. Pretty soon everyone in the network knows about every single transaction. There is no leader, no turns like in blockchain, no possibility of DDOS attack, as all transactions are signed no forgery but problem is that there is no consensus.
Now along with transactions, if we add the hash of the transactions shared to the previous node, what will happen ?? Every node in network will not only know about all the transactions but also they will know the complete graph till the root. Each node will know about all transactions of previous node and so on. This is Gossiping about gossip.
Now if we run the voting algorithm we can incorporate votes from any node without that node sending the votes. We can predict what other node will be voting. Doing this there will be no need to send the votes to anyone. This whole process gives us a strong and fair voting. This will give us the speed which only limited by the bandwidth of your internet.
Isn’t this amazing 🤯 ?
This is HEDERA HASHGRAPH.
In next blog I will try to write some smart contracts on Hedera.
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