HEDERA HASHGRAPH (HBAR): There is no such thing as a traditional blockchain

Like all blockchains in the Cryptocurrency industry, Hedera Hashgraph promises the fast and inexpensive transactions of DLT (distributed ledger technology) and unmatched security. We haven’t heard of it before, but the HEDERA network brings a unique twist to Web3.

Technically, it is not a blockchain.

At the face value, HEDERA HASHGRAPH provides the same purpose as traditional blockchains such as Ethereum (ETH) or Cardano (ADA). You can store digital assets, use DApps and trade NFT collections. Despite its similarity, the HEDERA network is built differently under the hood.

What is the hash graph exactly? How is it different from the blockchain, why can the HEDERA network just claim a $ 0.0001 fixed -term transaction fee?

What is HEDERA HASHGRAPH?

HEDERA HASHGRAPH is a distributed public ledger and cryptocurrency ecosystem. Unlike the blockchain BTC (Bitcoin) and Ethereum, Hedera Network stores and transmits data from the indicated acyclic graph.

For end users, there is no big difference in how you experience the network. HEDERA HASHRAPH SMART Contracts are mostly written in the same robust as Etherrium. HEDERA HASHGRAPH is EVM compatibility, so if you are familiar with Ethereum, you will be in the house of Hedera.

How does HEDERA HASHGRAPH work?

HEDERA HASHGRAPH argues that its unique hash graph agreement algorithm is faster, safer and more safer than traditional blockchain infrastructure. This is important for public networks because it means that the HEDERA network should be able to support thousands of users around the world.

Hash graph -indicated acyclic graph

Hash graph network is an indicated Acyclic graph. But how is DAG different from blockchain? Traditional blockchains form interconnected blocks or data units. In the blockchain, the network node or miner reaches the agreement and verifies the new block using the data of the previous block.

In DAG, the node can refer to the data in all blocks of the chain life to check the information and check the transaction faster. This is one of the main reasons for handling high transactions in Hedera Network.

The hash graph goes one step further. In addition to actively registering time stamps of all transactions and digital signatures, we actively register the last and receive hash on each node of the network. HEDERA calls this phenomenon called gossip for gossip protocols, which helps to organize transactions in the network in order and all nodes say, ‘The truth and reach an agreement.

Source: HEDERA HASHGRAPH

Gossip for gossip protocols run as a steak proof mechanism. HBAR coins are increased by nod operators to protect the network and verify the hash graph agreement.

Thanks to the hash graph agreement, the HEDERA Network achieves it. Asynchronous Byzantine defect resistanceOr abft. This is a wonderful encryption term that means that the node agrees with network transactions. ABFT is not perfect because only 66% of the node needs to agree to reach the consensus. Anyone who controls more than 34% of the network can run away with malicious actions.

HBAR -HEDERA token

HBAR is the default cryptocurrency of the HEDERA HASHGRAPH network. The use of HBAR is similar to other layers -1 altcoins. HBAR must pay a transaction fee in Mainnet and secure hash through POS agreement.

Hedera Crypto Wallet and HBAR Token allows you to explore the licensed DApp range, such as distributed exchange of hashagraphs. HBAR is also an exchange call where the price of tokens or NFTS is not possible.

It is worth mentioning the impressive network service and performance indicators of HEDERA HASHGRAPH. According to the team, the HEDERA network can handle more than 10,000 transactions per second. This surpasses existing blockchain technologies such as Ether Leeum, making it difficult to clean 20 transactions per second.

Source: HEDERA HASHGRAPH

The hash graph also allows the network to claim $ 0.0001 for network transactions, regardless of network congestion and HBAR prices.

Hedera Governing Council

HEDERA GOVERNING COUNCIL is an elite group consisting of up to 39 international companies that supervise the growth and development of the Hedera Hashgraph ecosystem. The Board of Directors consists of the HEDERA network to enjoy distributed governance and network stability, and consists of the world’s largest company, including IBM, Google and Boeing.

Source: HEDERA HASHGRAPH

Hedera hashgraph is truly distributed?

One of the unique responsibilities of the Hedera Governing Council is to determine who can run an validation node and secure hash graphs. This raises some questions about whether the HEDERA HASHGRAPH is as much distributed.

In contrast, people with sufficient ETH can start nodes on the Ethereum network. It is determined by the centralized source of whether or not to operate the network node in the HEDERA HASHGRAPH. This is expected to change as the HEDERA Network discovers feet in the cryptocurrency industry.

Also, when Hedera hashgraph first started, the code base is not open source. This was carried out to prevent the chain from splitting, but raised concerns about whether the HEDERA network is working with the true spirit of diversification. The developer needed a license of HEDERA before building an application on the network.

Fortunately, Hedera Governing Council followed the promise to make the infrastructure open source in 2022.

HEDERA HASHRAPH HISTORY & FOUNDERS

HEDERA HASHGRAPH began in 2018 by co -founder Leemon Baird and MANCE HARMON. The hashgra itself was actually founded in 2015 as a product of SWIRLDS, a software company from Baird and Harmon.

Swirls is a key player in the HEDERA ecosystem. The company has been patented by hash graphs software and ensures the place of Hedera Governing Council for the entire life of HEDERA ECOSYSTEM.

Hedera hashgraph’s advantages and disadvantages

The interior of the indicated acyclic graph and asynchronous Byzantine defects is dense and complicated. To bring things to Earth, bypass complex terms and clarify the simple advantages and disadvantages of the hedera network.

Professional

• fast -Hedera hashgraph is one of the most highest tiered 1 networks because it can handle more than 10,000 transactions per second.
• Obtained All transactions in Hedera Network are cheaper than 1 penny, regardless of network congestion and HBAR prices.
• Energy efficiency Hedera Hashgraph Network uses much less power than conventional blockchains, and has a carbon negative initiative to enroll in carbon negative water.
• Continuous growth -Hedera Mainnet has more than 1.9 million accounts and adds more every day.
• accessible -Hedera Network is an EVM compatibility, so the user experience is familiar to those who used Ethereum before. Developers can also easily port Etherrium -based DApps to HEDERA Network with minimal friction.

disadvantage

• HEDERA is not as disgusted as much as it appears. HEDERA GOVERNING COUNCIL still controls people who can operate nodes on the network. In addition, SWIRLDS, a company that invented the hashgra, can claim that control, power and influence on the fate of the network is greater.
• Uneven ecosystem In spite of its position as the top 50 cryptocurrency in terms of market cap, there are few applications distributed in the HEDERA network. According to Defillama, the network has only six Defi apps.

on the other way

• From a technical point of view, Hedera Hashgraph is a fascinating network with excellent growth potential. However, it will be difficult to attract users until there is a more advanced ecological system.
• Hedera Network is not the only Cryptocurrency network that uses the indicated acyclic graph. I used this tier 1 degree technology, such as Fantom Opera, and attracted much more users and developers.

Why you should be interested

Web 3 World is expanding beyond a simple blockchain system. Projects such as HEDERA HASHGRAPH prove that there is always a creative new way to improve the network infrastructure and lead innovation in the encryption industry.

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