An instant version of Blockchain Technology - Hashgraph
Feb 19, 2018 Posted / 2617 Views
Hashgraph is a decentralized distributed ledger which can be accessed by various parties. Doesn’t it sound familiar to Blockchain Technology? It does because it is claimed to be its alternative. As per Hashgraph’s promoters, after the launch of public ledger version, we will be able to see that this substitute technology will act as a cheaper and faster version of Blockchain Technology.
The Hashgraph technology and other similar formats such as IOTA and Byteball use acyclic graphs to retain information. Hashgraph uses DAG that records a transaction in series and transactions can be accessed by ordering all the previous records. The basic difference between Hashgraph and Blockchain is that in Blockchain only one copy of a transaction is recorded. If two miners create a block, even then only that transaction is recorded which is chosen by the community. Whereas in Hashgraph no transaction is discarded.
On Hashgraph platform all users confirm transactions for one another instead of relying on miners for recording. Due to this, the latest networks can work as a marketplace for a huge amount of data. In this form of network, the data is not recorded in bundles. Whereas in Blockchain technology, miners pack data in 1-megabyte block which can consume a lot of time for miners in heavy traffic.
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Talking about the cheaper costs of Hashgraph, the recent technology has nominal charges whereas the previous technology charges $55 for one transaction. In an interview with Bloomberg, the creator of Hashgraph, Mance Harmon claimed that Hashgraph lets all users participate in confirming transactions which means hundreds or thousands of transactions are passed in a second, on the other hand, Blockchain Technology pass seven transactions in a second.
“We can do the same things that blockchain can do, But we can process far more transactions per second and we are more secure. We achieve the best level of security that one can achieve for this category of technology, and we are the first to do it.” - Mance Harmon
As per Harmon, around 20 companies are road- testing Hashgraph. Companies from start-up to billionaire companies, even government organization are looking forward the steady speed of Hashgraph. Telling about Hashgraph’s client tail, Harmon said that VMS Software Inc. will launch this technology for its customers to use distributed applications. A Colorado-based user, John Best stated that this will work well in future and also referred it as “blazing fast.”
John Best is an interim chief technology officer at the credit union. The group consists of 20 Credit Union, willing to explore technology for a long time and want to utilize its potential to pack large loans through smart contracts.
A non-Hashgraph investor, Ari Paul recently tweeted that maybe with time non-Blockchain Virtual tokens replace Blockchain Virtual tokens. He presented the certainties of Hashgraph acquiring more than 10% of market share.
Hashgraph is DAG – based technology which has not been completely explored. We are still not aware of its limitations and vulnerabilities. And we can not avoid the history holding capability of Blockchain which consumes data but is beneficial as well. Hashgraph records data of latest transactions only.
Another benefit of Blockchain Technology is its level of security as it requires “proof of transaction” to verify transactions which lack in DAG – technology.
Because of the following reasons, it is not advisable to use Hashgraph or related technology in its initial stage.
Talking about DAG – technology based cryptocurrency, IOTA has attained the 10th position among all cryptocurrency and as per coinmarketcap, its current value is $2.18 USD.
In a report submitted by researchers of Massachusetts Institute of Technology and Boston University IOTA was found vulnerable to security. The research scientist at MIT mocked at its coding system saying that even a first-year student laughs at its codes.
As per Hashgraph developers, the DAG in it is used differently as it records the different aspects of a transaction.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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