Steemit Crypto Academy Season 2: Week8 | HASHGRAPH TECHNOLOGY, by @ pelon53

Hello friends, I hope we are all doing well? My pleasure to participate in today's Class on Hashgraph Technology and Homework Task too. Without wasting time, I will be attempting all question to the best of my ability.

Explain in details the Gossip Protocol, used in Hashgraph.

The Hashgraph is one of the ardent users of the consensus algorithm known as the Gossip Protocol used in the distribution of information from one nodes to the other with high efficiency and correctness of performance. The gossip protocol is know for its highly efficient distribution of information system amongst P2P platforms with strong affinity to a highly secured network. Just as the name, it is basically seen to gossip information much more faster amongst the different connected nodes in the protocol in a randomly connected manner without any form of repetitive occurrence.

Many other information and communication systems are to use the gossip protocol though it is dependent on their specific needs for this services. How the gossip protocol works is simple and basic for any platform. For instance, when an information is received from Node-H, it is known to be randomly connected to another node say Node-Y. And Node-Y having received the gossiped information quickly sends it out to another node which it is randomly connected to say Node-C. This process happens within the speed of light and hence all the nodes are seen to have the information initially gossiped by the first Nodes. In this circumstance, we are to note that the information distribution within the gossip protocol are dependent on the random distribution of information and data amongst all connected nodes in the network which do not follow a repetitive approach to the debrief received.

The gossip protocol is also known to be fair in its operations as no active and functional node is isolated during this process of information distribution. But there are cases where some nodes are skipped which maybe traced to their malicious status as at the time of the gossip process. This does not in any way disturb the consensus agreement reached for transactions to be validated as it only requires less than 1/3 of the nodes to be malicious to attain a consensus. As soon as there are 2/3 of the available nodes active in the network, a consensus is quickly reached and more so an announcement is made on this agreement reached.

The gossip protocol runs on the Asynchronous Byzantine Fault Tolerance with capacity to distribute information just correctly without obstructed by activities of malicious nodes in the network. It exhibits high scalability with ability of expansion in carrying volume of transactions at a given time. It can be seen as either as an Aggregated or Broadcast gossip protocol.

BENEFITS OF THE GOSSIP PROTOCOL

1. HIGHLY SCALABLE: When compared to the Bitcoin and most other cryptocurrencies, the gossip protocol is highly scalable with about 10,000 transaction per seconds passing though its network.
2. ASYNCHRONOUS BFT: This ensures high level sturdiness where failures of nodes due to malicious attacks do not affect its gossip activities.
3. DECENTRALIZED: The gossip protocol is decentralized which avails all the benefits of the blockchain network.
4. SPEED: The gossip protocol is also known for its speed in reaching a consensus and validation of transaction done in its network.

Explain Byzantine Fault Tolerance in Hashgraph.

Just like earlier discussed in my details about the gossip protocol, it uses the Byzantine Fault Tolerance and to be precised "the Asynchronous Byzantine Fault Tolerance" which happens to be the highest/strongest protocol in the Byzantine Fault Tolerance series. It has the capacity to function highly efficiently in information distribution amongst the nodes and in a correct manner void of repetition and malicious disturbance.

In this case during transaction, a node may seem not to be identifiable by other active and functional nodes due to its inactivity caused by malicious threat and this is known to be efficient with the presence of the Asynchronous BFT. It enables a consensus to be reached in situations like this so far this threats are kept below 1/3 of the total available nodes in the network. Hence there are capacity to always attend a 2/3 consensus which sees a speedy validation of transactions done within its protocol. When this is achieved, it goes ahead to announce and make known to everyone when a consensus is reached.

Make a comparison between Hashgraph Vs Blockchain, for a voting process in your country. Which Technology would you choose? why?

I will be given us a direct comparison between this duo and my comparison are basically on the different features that make up the decentralized system since both of them fall in same category.

• ACTIVITIES OF MINERS: We all conversant of the activities of miners on the blockchain networks where these are like the middlemen in-charge of the validation and verification of transactions before they are said to be completed whereas in the Hashgraph, there are no activities of miners which makes validation of transactions seamless and void of any form of delay.
• SPEED OF TRANSACTION: The Hashgraph was basically positioned to be faster than the blockchain protocols. The gossip protocol which is the consensus algorithm used in the Hashgraph is much more faster in its modus-operandi vis-a-vis the blockchain's Proof of Work and Proof of Stake (PoW and PoS). Also the activities of miners are seen to slow the speed of transaction which are not seen in the Hashgraph
• SCALABILITY: This is the activity that sees a network has the capacity of carrying through a volume of transactions at a given time. The Hashgraph is seen to be more scalable with about 10,000 transaction per second compared to the Bitcoin blockchain with a mere 5 transactions per second.
• SECURITY OF NETWORK: The Hashgraph is a more secured protocol than the Blockchain. We ordinarily see the blockchain as a more sophisticated platform void of Hackers activities, the Hashgraph is an improvement on the blockchain with capacity to validate transactions just as the speed of light which makes it difficult to buy into it and track transaction time.

MY VOTING CHOICE IN MY COUNTRY AND WHY

My Choice: HASHGRAPH
I would have gone for the blockchain protocol assuming we have nothing like the Hashgraph but the latter seem to have a higher protocol and advantage as listed in my comparison above.

My country is a densely populated country and happens to be the highest in terms of population in this side of the world. Electioneering conducts and processes has been a challenge and skewed in a way that it only favors a set of key & influential individuals which I may refer to as the "Composite Man" just as Wyckoff rightly ascertained in his concept. The Hashgraph has the capacity to rightly bring to us the desired result we need which we ordinarily see as a fair protocol that involves and works intermediately with every activity in the serves/nodes. It will greatly ensure no one is disenfranchised, which means all eligible individual would be largely captures and issues of void votes ameliorated.

Moreso, due to its scalability seen in the Hashgraph protocol with an overwhelming 10,000 transaction per second carried through it's network, this means that this can accommodate the number of votes cast at given time by eligible voters. That is to say, if 10,000 votes can be validated per second in this protocol, it will only take just 100miniutes to validate 60,000,000 vote casts. This would go along way to remove overcrowding, logistics delay and other bureaucratic processes that hampers the free flow of Activities.

Also, the Hashgraph Technology comes with the Asynchronous Byzantine Fault Tolerance which makes it quite impossible to tamper with processes in the protocol. This feature has the capacity to validate and verify transaction done in its protocol without been altered by any malicious nodes in the network. This would also be recorded as a big fit given to non adherence and zero tolerance to rigging.

Lastly, due to its speed and scalability where transaction are validated almost immediately and announcements are made each time a consensus is reached for public trust and confidence, overall results can be generated as soon as the last vote is cast. This doesn't not only saves the entire nation of the panic of awaiting results but also boost confidence and transparency of system.

Explore Hedera Hashgraph. Show screenshots.

• Before one would have access to explore the Hedera Hashgraph, you must have access to its website
• Click on the three lines on your top left screen
• an interface would come up having the following details;

1. Network
2. Devs
3. Use cases
4. HBAR
5. Governance
6. About

The network would avail us of the Hedera Token service where we can configure and manage our fungible and Non-Fungible tokens. Also is the Consensus Service to verify timestamp.

• the Devs gives us the Docs to learn more about the core concepts of the platform and the API while the SDK gives us the opportunity to explore our favorite language.

• Under the Use cases we have the following;

1. Payments to reduce cost and unlock new revenue
2. Tokenized assets to manage swap deals
3. Fraud mitigation to protect customers in the platform
4. Identify to manage lifestyle credentials
5. Data compliance verify actions
6. Permissioned Blockchain to create private ledsfe system with public trust.

• the HBAR option also have the following ;

1. Overview to Learn about Hedera Cryptocurrency
2. Account creation for the creation of new Hedera mainnet account.
3. Wallet and Exchanges to provide details on HBAR supported wallets and Exchanges

Thank You Prof for this wonderful homework task given, it has given us more insight on what the Hashgraph Technology is all about and it's comparison with the Blockchain network.

This is my entry submission for this homework task, Prof @pelon53

Written by: @kelvincole