Hedera Hashgraph is one of the most interesting projects in the crypto space. It was created by Dr. Leemon Baird and launched by a company he co-founded called Swirlds. Braid was the one who invented the consensus mechanism called Hashgraph from which the Hedera takes its surname.
Unlike cryptocurrencies like Bitcoin, Ethereum, etc Hedera Hashgraph does not use blockchain technology. It uses something called Directed Acyclic Graph which is another type of DLT (Distributed Ledger Technology) just like Blockchain.
Using this DAG consensus mechanism different nodes in the network can communicate and share information with each other. This sharing of information between the nodes is called gossiping. Gossiping is the basis of the Hashgraph algorithm.
Hedera Hashgraph recently listed on India’s Biggest cryptocurrency exchange WazirX. On the occasion of this listing, WazirX and Hedera Hashgraph are doing a massive giveaway over the course of 4 days starting from March 15th to March 18th. You can win prizes worth up to $23000 (16,71,000). Find more info on this Giveaway here.
Features of Hedera Hashgraph
Hedera Hashgraph has said that it will never fork which will keep the platform stable. The team has taken measures to make sure that no random person can use their code and create a fork of it. This will ensure that no other competitors of Hedera are created which makes Hedera Hashgraph a unique platform.
2. Transaction Speed
Hedera Hashgraph claims that it can handle more than 10,000 transactions per second and achieve consensus within 3-5 seconds. Refer to the below image for more details.
Hedera Hashgraph uses asynchronous Byzantile Fault Tolerance (aBFT) consensus algorithm that secures the platform against any malicious attacks. Also, Hedera Hashgraph requires very few computational resources to keep itself secure.
Hedera Hashgraph consists of 2 governance models. One is the Council Governance Model, which is the overall governing body of Hedera. This council consists of 39 reputable organizations like IBM, TATA, BOEING, etc. from 5 continents. The second governance model is Consensus Model which allows anyone to run a node, which helps in maintaining the consensus and the node runners will be rewarded for their effort.
5. Identity Mechanism
Hedera Hashgraph has come up with a mechanism that allows verified identities to be bound with anonymous wallets. This mechanism will encourage mass adoption as the government will be able to track down the wallet if they notice any kind of malicious activity and at the same time users will be able to make anonymous transactions just like they do in another blockchain.
$HBAR is the native cryptocurrency of the Hedera Hashgraph and is used for several purposes like powering the decentralized applications i.e. HBARs are used to pay for the computational power that is required to run a smart contract., making payments, protecting the network, etc. $HBAR is given as an incentive for the node operators for help maintaining the network.
A Quick Overview of Hedera Hashgraph