What’s Hashgraph Consensus?
Hashgraph consensus is a blockchain consensus alternative or next-generation technology. A protocol that leverages node communication records and confirms transactions instead of employing massive networks’ processing capacity.
Hashgraphs are decentralized ledgers like blockchains. It stores, encrypts, limits access, and verifies data. Hashgraph networks attain consensus differently than blockchains.
Hashgraph consensus depends on “gossip,” “gossip about gossip,” and virtual voting. The system’s designers claim it improves speed, efficiency, and consensus-building techniques like proof of work (PoW).
Discover how hashgraph consensus outperforms blockchain consensus.
The Hedera distributed ledger validates transactions via hash graph consensus—gossip, gossip about gossip, and virtual voting.
Understanding Hashgraph Consensus
Alternative to blockchain: hashgraph. It encrypts and saves data like a blockchain. Add and build on transaction data hashes. Blockchains are data-block ledgers. Using data confirmed by a network of validators, each block links to the preceding block to generate the next. This produces one chain. Every user validates a hash graph, which stores all data in an encrypted ledger.
Alice gives Bob all her information in a transaction. Bob then trades with Kris. Kris receives all of Bob’s information. Kris transfers all her knowledge to Eli. The chain gossips about happenings throughout the network. Every node knows what all others know; hence, computational validation is unnecessary.
The network employs algorithms and automation to keep the hashgraph ledger updated as gossip spreads.
Gossip
Information concerning data is “gossip.” A transaction’s data structure:
- A time mark
- More zeros or transactions
- Two parent container hashes
- Signature encryption.
The final events from two synchronizing nodes that compare information are the hashes. Nodes sync and create events.
Hashgraph is more energy-efficient than blockchain since it discards unaccepted blocks. A hashgraph stores everything.
Talking about gossip
Transfer data is “gossip about gossip.” The hashgraph network uses “gossip sync” to synchronize information. A gossip sync is a hash graph-wide “gossip events” history. This ensures data integrity and unanimity.
Online Voting
Virtual voting happens when nodes compare events and establish consensus using a voting mechanism. As a node receives a transaction, it assigns a timestamp. Its timestamp is the median of all the transaction timestamps obtained by the network nodes as it passes. After voting, the median acts. This makes transactions fairer than a blockchain since the network decides, not one node.
Fault Tolerance
As with most distributed ledgers and blockchains, network participants may be dishonest. Communication delays or network latency may prevent nodes from communicating.
By specifying fault tolerance thresholds, consensus methods handle these flaws. Developers must account for malicious actors, connectivity, latency, and other network concerns. Hashgraph consensus allows one-third of malevolent network members Asynchronous Byzantine fault tolerance—the highest security level—allows honest nodes to operate even while malicious actors are present.
How Does Hashgraph Differ From Blockchain?
Hashgraphs record who told whom and when. Participant additions and sharing of gossip events confirm transactions quicker than a blockchain.
Blockchain encrypts new and old transaction data. Transactions require third-party validation. The gossip protocol makes Hashgraph’s lengthy procedure unnecessary.
Blockchain consensus takes minutes to confirm transactions, whereas hash graph consensus takes seconds.
Message timing concerns plague Bitcoin and other cryptocurrencies. Asynchronous Byzantine fault tolerance in a hash graph assumes that lost or delayed messages will reach their destinations, solving the message timing problem.
A blockchain network selects the order of simultaneous transactions. Fees emphasize confirmation on various blockchains. Other networks may validate transactions based on validators’ token stakes. In these blockchains, one node impacts results.
Hashgraph consensus reduces node or group influence on transactions. Each transaction is timestamp-signed and broadcast to the network, solving timing concerns.
What’s Hashgraph Consensus?
Hashgraph distributed ledgers validate transactions using hashgraph consensus.
How Does Hashgraph Consensus Work?
Hashgraph consensus uses consensus timestamps and “gossip,” where each node tells random nodes all it knows in “gossip events.”
Will hashgraphs replace the blockchain?
Hashgraph claims to improve blockchain technology, but its replacement is uncertain. Not as many developers are using it as blockchain technology.
Conclusion
- Hashgraph consensus utilizes information about information, not content.
- Primary information in the hashgraph is “gossip,” while secondary information is “gossip about gossip.”
- Crypto enthusiasts have not adopted hashgraph-distributed ledgers.
