Max E.Thu, Dec 9, 2021 6:26 PM
Rolling Stocks: The Gossip Nodes of Hedera Hashgraph
The Hedera Hashgraph network operates on the basis of a Directed Acyclic Graph (DAG) and allows you to store files in a distributed network and conduct micropayments. Hedera Hashgraph supports smart contracts and provides the ability to connect private networks to public ones.
The creators of the Hedera Hashgraph project see it as an alternative to Bitcoin. Although the network is public, it is primarily intended for corporate structures.
As part of this Hedera Hashgraph review, we will introduce you to the news of the project, its price and development prospects.
History Of The Hedera Hashgraph Project
The creators of Hedera Hashgraph are mathematician Dr. Leemon Baird and entrepreneur, programmer and developer Mance Harmon. They met over 20 years ago when both worked in the US Air Force and later worked together for Trio Security and BlueWave Security companies.
In 2012, Leemon Baird began to develop the mathematical component of the future Hedera project – the consensus algorithm aBFT (Asynchronous Byzantine Generals Problem).
By 2014, when the algorithm was developed, Bitcoin had already begun to gain popularity, and Baird and Harmon decided to compete with it.
In 2018, the project conducted four rounds of fundraising by selling simple agreements for future native HBAR tokens, for amounts of $3,000,000, $14,500,000, $80,000,000 and $20,000,000. The funds received were used to support micropayments, storage development and inclusion of smart contracts into the system.
In February 2019, several dozen multinational companies formed the Hedera Hashgraph Council, a governing board to track changes to the Hedera Hashgraph networking software. Council members determine the development direction of the platform.
In September 2019, the public launch of the beta version of the PoS Hedera Hashgraph blockchain with a declared throughput of 10,000 Tps took place.
Hedera Hashgraph Technological Features
The Hedera Hashgraph system is based on DAG technology, which allows you to record transactions in the blockchain not along a chain, but in the form of a special grid created on the basis of an acyclic graph. This model allows processing over 100 thousand transactions per second.
Hedera's throughput reaches over 6.5 million transactions per day. By this indicator, Hedera outperforms Bitcoin and Ethereum. It takes three to five seconds to finalize a transaction.
The main feature of Hedera is an alternative to mining implemented in Hashgraph. The nodes “gossip” with each other to compare stored data. To do this, they need to select known events or transactions. The main goal is for the two nodes to come to the same conclusion.
Lemon Baird explains how Hedera technology works:
“To transmit transactions, we just talk like people usually do. We add information piece by piece, and the result is a coherent story called Hashgraph. We just find out who found out what and when, and in the end we come to a consensus for free."
Over time, Hedera plans to open the core network nodes to all customers without special permissions. This will increase the speed and number of transactions processed and protect the network from attacks.
The modified Proof of Stake algorithm allows HBAR tokens to be staked to ensure asset protection across the entire network through “gossip”.
Hedera Key Components
The Hedera Hashgraph Network consists of four key components that operate to move value, create and execute smart contracts, and more.
HBAR is a native cryptocurrency used to pay for transactions in the Hedera ecosystem and to protect the network from cyber-attacks. The total supply of HBAR is capped at 50 billion coins, 18,262,622,677 HBAR tokens are already issued and in circulation.
Due to smart contracts in the Solidity language, the platform can create decentralized applications with numerous use cases: digital identity, gaming, DeFi services, etc.
Used to reach consensus quickly, securely and transparently in any trust-requiring application.
File service is used as a distributed storage of backup files with detailed control (functions of adding and deleting records, etc.).
Hedera Hashgraph Advantages
Advantages of Hedera Hashgraph include:
- High level of protection thanks to the aBFT system used by the nodes in the network;
- The speed of work exceeds all popular blockchains due to parallel confirmation;
- The amount of the transaction fee is less than $ 0.01;
- The system uses the popular programming language Solidity;
- Project management is carried out by large companies with a solid reputation;
- The Hedera platform is suitable for creating dApps, DeFi, digital identity products, games, etc.
- The company partners with such giants as Google, Boeing, IBM, LG and others.
Hedera Hashgraph News
In September 2021, the Hedera Hashgraph Governing Council approved a plan to allocate 10.7 billion HBAR tokens (~ $ 3.85 billion) to stimulate projects to develop the network's ecosystem. In the near future, more than 40 decentralized applications are planned to be launched based on Hedera Hashgraph.
Hedera Hashgraph Roadmap
According to the Hedera Hashgraph roadmap, by the end of 2021, developers plan to implement a staking reward system and integrate a fully open mirror node. Here you can take a closer look at the project's full Roadmap.
Should I invest in Hedera Hashgraph?
Hedera Hashgraph is one of the leading players in the cryptocurrency industry, which is developing at a rapid pace. Accordingly, many cryptocurrency enthusiasts are optimistic about the prospects of this cryptocurrency. However, before investing, investors should study the token on their own.
What is Hedera Hashgraph used for?
Hedera is designed for safe, transparent and high-performance applications on a public decentralized network that can be trusted.
Does HBAR have a future?
According to some experts, by the end of 2022, the price of the coin could reach the level of $2.4. At the same time, by the end of the year, the price of the HBAR coin may rise even more. But always DYOR.
Is Hashgraph better than Blockchain?
It is believed that the Hashgraph system is superior to the classic blockchain technology because its consensus algorithm provides a distributed consensus. Hashgraph is supposed to be the future of distributed ledger technology. Relying on a superior data structure, Hashgraph can solve many of the problems faced by blockchain technology.
What is the future of Hashgraph?
Hashgraph is a more advanced technology compared to blockchain. But this does not mean that it will replace blockchain technology. There are projects for which blockchain is more suitable than Hashgraph.
Where To Buy Hedera Hashgraph?
The easiest way to buy Hedera Hashgraph coin is via traditional cryptocurrency exchanges. List of the largest exchanges where HBAR is traded includes: