Hello, fellow Steemit users. Our professor in his lecture explained about the Hashgraph Technology and its various features. The post was very well written and had many valid points. Now, as per the homework assignment given by him, I will answer the following questions asked by him.
<h3>Q1. Explain in detail the Gossip protocol, used in Hashgraph.</h3>
Hashgraph is a decentralized consensus algorithm that utilizes the blockchain-based, gossip protocol. The gossip protocol works primarily in a way of distributing the information among the different nodes present in the system. Unlike other peer 2 peer networks, the gossip protocol aims at transference of information in a highly efficient and secured manner with low latency. To understand the gossip protocol, let's take an example -
When the Hashgrapg technology is used using gossip protocol, the information is passed between nodes. Suppose node A chooses a node at random, say node T, then this node will pass information to node T and then randomly select another node to pass on this information. A similar process would occur in node T and it will also select a node at random to pass on the information. Thus, as soon as a node receives the information, it passes it on to another node. This series of passing on information goes on exponentially very fast. It goes on until each node has received the information. This process is quite similar to the modern-day activity of 'gossip', hence the name gossip protocol was given.
This random selection of nodes does not happen repeatedly, which means that if a node has already got the information, then it will not be selected again to receive the information. Gossip sync is referred to as the synchronization of information between two nodes using the gossip protocol. There is no sort of discrimination or exclusion of nodes when it comes to the distribution of information, the process aims at all the nodes receiving the information. However, there might be cases when a node is unable to receive the information and is excluded, this is because it has been affected by heavy malware.
The gossip protocol finds its usefulness in two prevailing types -
* Dissemination protocol - The spread of information in this type takes place under groups and they leave the nodes that are involved in constant communication.
* Aggregation protocol - In this type, an aggregate is prepared by sampling all the values that are present in the nodes and this is then utilized in preparing a value for the entire system. This value is then transmitted throughout the system.
Advantages of Gossip protocol -
* It is decentralized in nature.
* It can be referred to as highly scalable as is evident from its performance delivery which is highly efficient even at 10000 TPS.
* Even one node fails to process, then the other nodes are not affected by it. Thus, the performance and functionality remain unchanged.
* Its ability of partition tolerance is also on an appreciable level.
Application of Gossip protocol -
* It is utilized for the distribution of nonce to the mining nodes by the Bitcoin platform.
* Hashgraph uses this protocol for the purpose of distribution of information mong its nodes or peers that are present or available in the network.
* It is used for updating and keeping track of its membership by Dynamo.
* Ripples uses this protocol for updating and sharing of the information collected by the nodes for its database.
<h3>Q2. Explain Tolerance to Byzantine Faults in Hashgraph.</h3>
First of all, this term Byzantine Fault Tolerance was actually derived from a hypothetical situation which is known as the Byzantine General's Problem. As we know the fault tolerance capability of Gossip protocol is very high and it's all because of the Byzantine Fault Tolerance. Now, to understand this we all know that the blockchain network is built of independent nodes, and these nodes kind of act like Byzantine generals. These nodes must all come to an agreement regarding matters such as transfer order of transactions, the kind of transactions, or even the state corresponding to the network. Now, these network nodes are separated on various factors like geographically, virtually, or even ethically at times. In order for acquiring their end goal or Consensus, these nodes need to communicate as well as they must validate for some nodes being malicious. This is because some nodes might be taken over by hackers.
Thus it immediately comes to our mind when we notice that the Hashgraph is an Asynchronous Byzantine Fault Tolerant that when there is consensus between the different nodes present in the network, only then can the transaction be verified. furthermore, this is possible when they are more than 2/3 of the nodes reaching a consensus and only less than 1/3 nodes are there which are malicious. Thus the Byzantine Fault Tolerance ensures that first a consensus has been reached and its information made know for the purpose of clarity before the validation of the transaction.
<h3>Q3. Make a comparison between Hashgraph Vs Blockchain, for a voting process in your country. Which technology would you choose? Why?</h3>
The difference between Hashgraph and Blockchain is as follows -
<table style="width:100%">
<tr>
<th>Factor</th>
<th>Hashgraph</th>
<th>Blockchain</th>
</tr>
<tr>
<td>Speed</td>
<td>In Hashgraph, the speed of transactions is as high as 500000 TPS.</td>
<td>In Blockchain the speed of trnsactions ranges fro 100 to 1000TPS depending on the protocol implemented.</td>
</tr>
<tr>
<td>Scalability</td>
<td>Carries out a lot of high transactions without any delay in validation in any form</td>
<td>Carries out alimited number of transactions and they might get delayed due to response rates. </td>
</tr>
<tr>
<td>Consensus</td>
<td>Through virtual voting.</td>
<td>Through Proof of Work, Proof of Stake, etc. </td>
</tr>
<tr>
<td>Security</td>
<td>Highly secure and safe. the gigh speed of transctions reduce the chances of a malicious attack.</td>
<td>Limited security measure. Though they are good but not as superior as Hashgraph.</td>
</tr>
<tr>
<td>Miner activities</td>
<td>They are not reprsented when the validation of the transaction takes place.</td>
<td>They are very well represented.</td>
</tr>
</table>
Voting process in my country - For my country India, which has the world's largest population, the Hashgraph technology which its wonderful and secure features would be the best to handle the voting population. The current voting process in my country seems to be suffering because of the corrupt practices by the officials. The hacking and improper handling of the electronic voting machines has resulted in an unfair count of votes and unjust voting results. The hashgraph Technology which is so fast and secure is very well apt to stabilize this process. The Hashgraph Technology is very well compatible with the Asynchronous Byzantine Fault Tolerance which is considered ads the most secure protocol in the Byzantine Fault Tolerance. Hence, consensus can be reached successfully and the same goes for the validation process.
Using this technology the time which is taken to calculate the results can be deducted to a minimu. This is because the speed of transactions through Hashgraph is very high and thus a large number of votes can be calculated in just a matter of seconds. This would reduce the time which the parties utilize for altering the votes. Also, disruption with the voting process would almost be impossible as the hacker would have to attack and affect a large number of nodes at the same time because of the Byzantine Fault Tolerance.
<h3>Q4. Explore Hedera Hashgraph link show screenshots. </h3>
The Hashgrph which has such astounding features is truly an incredible initiative. Let's explore to through Hedera Hashgraph -
* Go to your browser and open https://hedera.com/.
* Go to the sidebar with the three lines located at the top right corner.
You will notice a number of options like -
Network
Devs
Use Cases
HBar
Governance
About.
* Go to the Network option.
It shows you with the chance to participate in the Hedera token service. Thus a user can mint, manage several fungible and non-fungible tokens on the Hedera network and that too without deploying a smart contract. It also provides for verifiable timestamps and ordering of events and this can be based on any application.
* Go to the Devs option.
This option has DOCS which helps you in learning the core concepts of API and review it. Also, the SDK option puts you at the liberty of choosing your own language.
* Go to the Use Cases option.
It has a number of features like -
PAYMENTS - this option is for reducing the cost and for unlocking new revenue.
TOKENIZING ASSETS - It is for managing and swapping assets.
FRAUD MITIGATION - This feature is for reducing costs and protecting customers.
IDENTITY - It is for maintaining the lifecycle of credentials.
DATA COMPLIANCE - For accessing log and verifying actions publicly.
PERMISSIONED BLOCKCHAIN - For creating a private ledger with public trust.
* Go to the HBar option.
It has these features displayed -
ABOUT - To learn about Hedera's cryptocurrency.
ACCOUNT CREATION - For creating a new Hedera mainnet account.
WALLETS AND EXCHANGE - For finding HBar supported wallets and excganges.
* Go to Governance option.
It gives us information about the Hedera Governing Council.
* Go to the About option.
A list with the information on Hedera will appear.
<h3>Conclusion</h3>
I would conclude by saying that I learnt a lot about the Hashgraph technology by preparing this homework post for professor @pelon53. I learnt about the Gossip protocol. I also got to know about the Byzantine Fault Tolerance. Then, I explored the Hedera Hashgraph and learnt about its various features. I hope my post is up to the mark.
Thank You.