What Is Hashgraph? Gossip & Virtual Voting Technique

What Is Hashgraph?

Hashgraph is similar to the blockchain which supports distributed ledger technology. It is an agreement-based algorithm proposed by Swirlds software platform developers.

“It’s Too early to say Hashgraph will replace blockchain, there is a long way to go!”

Swirlds platform was developed to construct a trusted cloud source for distributed applications but without connecting to the server.

Properties of Hashgraph

• It can perform 250,000+ transactions per second, Amazing right!.
• It uses consensus time-stamping which makes the system good in performance.
• It can work even if some of its nodes aren’t participating properly.
• Its data structure works based on two techniques namely gossip about gossip and virtual voting techniques.
• It uses two special features to achieve fast, fair, and secure transactions

The Gossip about gossip technique

• Like normal gossip in real life, network nodes share their pieces of information with neighbor nodes using the gossip protocol.

• Each “gossip” includes information on the last two nodes’ data.

• Every node that participated in Hashgraph will spread data like (What, how, and who) kind of information about new transactions to other nodes.

• The new transaction gossip merged with the already available gossip and then again transferred to others until it reaches all the nodes participating in the network.

The Virtual Voting technique

• After the reach of gossip information to all, nodes need to validate whether the transaction information is true or not.
• This process is based on virtual voting by each node.
• When each gossip reaches a new node one vote is marked with that transaction, finally, the number of votes helps to validate the transaction in a fair manner.
• Fair transaction means a first come first serve kind of quality service.

Hashgraph Advantages

• Since Hashgraph is a fault-tolerant system, it can deliver applications that are always available and reliable.
• It ensures the actual order of transactions which makes the system fair.
• Securely maintain data even in a distributed manner.
• Fast processing time-to-agreement with more transactions per second in a cost-effective way.
• The introduction of Hashgraph will considerably change the price of bitcoin.