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Hashgraph, the new Blockchain? Explanation and reasoning

There is a lot of talks that Blockchain is obsolete, it is not worth anything, there are a thousand ways to do everything better … If you enter the web of #Swirlds they sell it very well (http://www.swirlds.com/)

It really is that?

Hashgraph vs Blockchain

It is an advanced distributed accounting technology system that eliminates the need for massive calculations and unsustainable energy consumption such as #Bitcoin and #Ethereum. Each node in Hashgraph can disseminate sealed information (called events) about transactions created and transactions received from others, to other nodes chosen at random. These nodes will add the received events with the information received from other nodes in a new event, and then send it to other nodes chosen at random. This process continues until all the nodes know the information created or received at the beginning. The new information can reach each node of the network in a very fast way.

  • Fast: 250,000 transactions per second. (7 transactions / second in BItcoin)
    More just: Better mathematical configuration (with 2/3 of the network the transaction is validated). For example, a miner could NOT decide which transaction to “make” before due to the higher fee payment.
  • More secure: It is asynchronous. Nobody can avoid reaching a consensus or trying to interrupt one that has already been reached.
  • Efficient: No new block can become obsolete.
  • Less storage: Allows if an event occurs, everyone knows it in minutes, and only the transaction is saved, everything else goes straight to the trash.
  • Less electricity cost: Not being based on PoW (work proof) there are no miners nor would that amount of electricity be consumed.

Wow! So why am I wasting my time with Blockchain and its crypto world?

Hashgraph is NOT open source. It has NOT been publicly tested. ONLY has been tested in static and private mode. The nodes are KNOWN and that trust of a public network is not necessary.
It is clear that it is a new and promising technology, but I really believe that Blockchain has a lot to say for several aspects starting because we do not know the possibilities of this and we are already thinking of others.

I foresee that if Hashgraph is used in a public version that offers me to use it? Why will I install a node on my machine if I do not really receive anything in return?

 

Of course Bitcoin’s block chain public network must improve scalability in several aspects. We are starting! For example, the #Ethereum network is implementing PoS in #Casper (I’ll talk about it). Technology advances. The public network blockchain weighs a lot, many GBs, technology advances and problems have solutions.

There are other “more centralized” blockchain networks such as EOS or NEO, with few nodes that are of course fast, they do not have to rebuild their entire mechanism for the use of trust, but that’s what blockchain is about.

Blockchain in its public version shows day by day the scalability that is getting to improve its operation. Any node is important, the 10000 nodes of the Bitcoin network (for example) have the same weight in a DECENTRALIZED system, in the case of Hashgraph NO.
Only for philosophical reasons of the decentralized, I think that this system does not bring anything new or better to the blockchain network. I think we are in a process in full boiling and the valid option is still Blockchain for everything. Is it improbable?

Yes, like everything in this life. But in its public network as Bitcoin or Ethereum, it remains (under nuances) DECENTRALIZED.

PS: I will talk about #IOTA 4.0 and #Tangle that looks very similar to Hashgraph except that the latter has a fee in their transactions.


Also published on Medium.

Published inCryptocurrencies

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