Blockchain Just Became Obsolete. The Future Is Hashgraph
Blockchain Just Became Obsolete. The Future is Hashgraph Swirlds is a software platform that has developed the hashgraph consensus algorithm: an entirely new distributed ledger technology that is much more cost-effective (no proof-of-work), 50,000 times the speed, safer (Byzantine), more efficient (no stale blocks) and mathematically fairer than the blockchain. This is the future of the internet and decentralized technology. Considered the greatest technological innovation since the internet: Blockchain technology emerged in response to the collapse of several banking institutions in 2008 with the release of a whitepaper by Satoshi Nakamoto titled: Bitcoin: A Peer-to-Peer Electronic Cash System . blockchain technology facilitates peer-to-peer transactions without any intermediary such as a bank or governing body Blockchain is simply a database that is public (no one owns it), distributed (no centralized server), is continuously updated, and is secured by the art of cryptography. This is why Jamie Dimon is freaking out. Banks will soon be obsolete. Hashgraph is a superior distributed ledger technology system that eliminates the need for massive computation and unsustainable energy consumption like those of Bitcoin and Ethereum. Most importantly, it is able to reach a consensus. (Ill explain why this is so critical) 50,000 Times Faster: limited only by bandwidth 250,000+ Transactions Per Second (Pre-Sharding) As of now Bitcoin is limited to 7 transactions per second. More Fair: mathematically proven fairness (via consensus time stamping) meaning no individual can manipulate the order of the transactions. In the blockchain world, a miner can choose the order for which transactions occur in a block, can delay orders by placing them in future blocks, even stop them entirely Continue reading >>
Can Hashgraph Dethrone Blockchain As The Future Backbone Of Consensus Algorithms?
Over the past few weeks, there has been a lot of talk about a new technology known as Hashgraph. So far, a lot of people have no idea what this is, let alone why it should matter in the first place. According to the Swirlds team, Hashgraph is a new consensus algorithm based on distributed ledger technology. It certainly lacks some of the featuresone would associate with a proper blockchain, but that doesnt mean this technology is useless by any means. Hashgraph Achieves Consensus Without Proof of Work Over the past few years, we have seen multiple attempts to achieve consensus using a blockchain or distributed ledger. In the world of cryptocurrency, the most obvious solution is proof of work, even though proof of stake is also useful in a way. However, there are those entitieswhich dont want to rely on either of these models and attempt to come up with their own solutions. Hashgraph is onesuch creation which seems appealing on paper, although its actual viability remains to be determined. According to the Swirlds team, Hashgraph is the future of the internet and decentralized technology. Thats a very bold statement made up of a lot of fancy words, but backing up such claims is something else entirely. This new distributed ledger technology is cost-effective, as it doesnt require proof of work like Bitcoin does. It also seems a lot quicker, with a transaction throughput of 50,000 times that of most blockchains. The team also promisesthere are no stale blocks and that therewill be some mathematical improvements under the hood. Despite these bold claims, most everyday consumers will not show much interest until these wordsgive way to a working product. No one can deny that blockchains are all the rage right now. Coming up with a vastly superior solution will not be easy b Continue reading >>
Demystifying Hashgraph: Benefits And Challenges
Head of [email protected]; Decentralize the Web in a secure/scalable/incentivized/privacy-preserving manner. Demystifying Hashgraph: Benefits and Challenges Recently, on our Zilliqa social channels a number of people have asked us to take a look at Hashgraph. So, here is what we think. Hashgraph is a new consensus protocol that has garnered attention lately by being projected as a technology that will make blockchains obsolete. According to Hashgraphs website, it is claimed that Hashgraph has the following properties: Fair: Mathematically-Proven Fairness (via Consensus Time Stamping) Secure: Bank-Grade Security (Asynchronous Byzantine Fault Tolerant) A cursory read of these three properties suggests that Hashgraph may indeed be a game changer with 250,000+ transactions/second, it could solve the scalability issue facing most blockchains today. In this article, we take a look at Hashgraph from our point of view, present its pros and cons, and address the following million-dollar question: Note: All references in this article are based on Hashgraphs whitepaper and website. Hashgraph is a new consensus alternative to the blockchain. It uses a gossip protocol that works in the following manner: Every node in Hashgraph can spread signed information (called events) on newly-created transactions and transactions received from others, to its randomly chosen neighbors. These neighbors will aggregate received events with information received from other nodes into a new event, and then send it on to other randomly chosen neighbors. This process continues until all the nodes are aware of the information created or received at the beginning. Due to the rapid convergence property of the gossip protocol, every piece of new information can reach each node in the network in a fast man Continue reading >>
The Future Of Distributed Ledger Technology Is Not Blockchain. It's Hedera Hashgraph. | A Conversation With Leemon Baird
I must admit that I was unaware of hashgraph until quite recently. When I reached out to some people who work within the blockchain community it seemed that not one of them was aware of this protocol either. Its a remarkable piece of technology a remarkable algorithm that deals with basically reaching consensus and solving many of the problems that the Blockchain community has been struggling with for some time. Perhaps it would be helpful for our audience if you explain the distinction between blockchain and distributed ledger technology before we proceed further. Oh sure. So, a distributed ledger is just a group of computers that need to come to an agreement on the order that certain transactions happen and those transactions will be updating some kind of information. Maybe (this information) is the amount of money in wallets or maybe it is the result of smart contracts, and there are various things you can store. But the whole point of a distributed ledger is that a bunch of computers come to an agreement where we dont have to trust any single computer. Is it correct to say that blockchain is only one type of distributed ledger technology (DLT)? There are other ways of forming consensus on a distributed ledger, correct? Yes. There are actually five different approaches to reaching distributed consensus. Your audience may be most familiar with Proof-of-Work, which started with Bitcoin (blockchain). The second is a Leader-Based system like PBFT, Raft, and Paxos. Then, there is economy based, commonly referred to as Proof-of-Stake, where were kind of gambling money on our votes and hoping that we will come to a consensus in the same way that economies come to a consensus, except that they dont always. Then, there are Voting-Based systems that go back decades, but Im no Continue reading >>
Is Hashgraph Technology Just Hype, Or Can It Dethrone Blockchain?
Is Hashgraph Technology Just Hype, or Can It Dethrone Blockchain? Watch out, blockchain: there's a new kid in town called Hashgraph. Could it unseat the technology and electronic ledger behind Bitcoin? Watch out, blockchain : there's a new kidin towncalled Hashgraph . Blockchain , which is the technology and electronic ledger behind the leading cryptocurrency Bitcoin , and Hashgraph wants to jockey for a position in that role in the cryptocurrency scene. There is certainly a lot of hype surrounding this latest technology, but does Hashgraph really have the potential to overtake the stalwart blockchain ? Mance Harmon, the CEO of Swirlds,the company that created the Hashgraph-distributed consensus platform, told TheStreet thatHashgraph is a next-generation distributed consensus technology. "It is not a blockchain, but instead is a simple, elegant algorithm, mathematically proven to achieve consensus, and implemented in software," he said. "It is the only ' bank-grade ' consensus technology available in the market today." Angel Versetti, co-founder and CEO ofAmbrosus, a company using blockchain to assure the quality and safety of products such as medicine and commodities, warned that everyone should be cautious of anything that is billed as "blockchain-killer." "Blockchains have not yet had the chance to blossom -- despite what the hype might suggest -- so anything that claims to replace it without valid practical applications is just speculation and theory," Versetti said. "This is my view of a few recent so-called 'blockchain-killers' or 'ethereum-killers,'" said Versetti. But even if Hashgraph isn't going to replace blockchain,Luis Cuende, co-founder and project lead of Aragon, a management tool developed specifically for decentralized companies, thinks Hashgraph may a Continue reading >>
What Is Hashgraph? Is It The Blockchain Killer?
Writer. Blockchain Researcher. Wielder of Pens. Researcher at SpringRole. LinkedIn: What is Hashgraph? Is It The Blockchain Killer? Blockchains have been one of the greatest technological revolutions of the past century. Using this wonderful innovation, cryptocurrencies and software platforms like Bitcoin and Ethereum have truly disrupted the financial and software development sector. However, this new technology has come up which may challenge Blockchain for the throne. It is called Hashgraph and in this article we will explore this fascinating technology. Hashgraph is the consensus algorithm used by Swirlds. It was conceptualized by Swirlds co-founder Leemon Baird. This is how Swirlds describe themselves : Swirlds is a software platform designed to build fully-distributed applications that harness the power of the cloud without servers. Now you can develop applications with fairness in decision making, speed, trust and reliability, at a fraction of the cost of traditional server-based platforms. Hashgraph is said to have the following properties : Speed: It can compute 250,000+ transactions per second. Fair: It uses consensus time-stamping which makes the system fair. Secure: It is an asynchronous Byzantine Fault Tolerant system. Meaning it can still work even if some of its nodes arent participating properly. Hashgraph uses two special features to achieve its fast, fair and secure transactions: Gossip about gossip or the gossip protocol is a very well-known concept in networking. Think of how gossip spreads in real life. Alice says something to Bob and then Bob says it to Charlie and Charlie says it to Dave and so on and so forth. Gossip about gossip roughly works on the same principle. Each gossip basically includes a piece of information attached to the hashes of Continue reading >>
The Essence Of The Blockchain
Here we attempt a simple explanation of the blockchain for a not overly technical audience. The blockchain is a testament to the power of a single cryptographic primitive -- the hash function. Really nothing else is required, so if you can get your head around the hash function, you can understand the basics of the blockchain. A cryptographic hash function takes one input and calculates one output. For example for the input "We hold these truths to be self-evident", the well known hash function SHA256 produces the output 84ba74b2661c87470665a1a5f5ab526afcf266f8c5effb795bef2d2514a8afd3 For the slightly different input "we hold these truths to be self-evident'' (note the lower case w), the output is 246160c031a4ddd9d940e931721fdec7e72087c8eccf5ea5621bb15d22959c19 That tells us a few things about a hash function. The output bears no obvious relationship to the input, indeed it looks completely random. A tiny change to the input produces a completely different output. You will need to take my word for it that given just the output its impossible to determine the input. For this reason the hash function is often called a "one way'' hash function. Also its impossible to find two different inputs which give the same output. For the function SHA256, the 256 refers to the fact that the output is always the same length (actually 256 bits), independent of the length of the input. A basic hash chain looks something like figure 1. Here the T are "transactions'' of some sort. Examine this diagram for a while, and appreciate the power of the chaining. The value H3 is calculated by hashing the whole of block 3, which includes the hash of block 2, which in turn includes the hash of block 1 etc. Note that because of the one-wayness of the hash function, this chain can only be calculated Continue reading >>
Hashgraph Vs... Blockchain? | Cryptoslate
Share on Facebook Share on Twitter Share on Google+ Share on LinkedIn There have been literally thousands of competitors since the birth of Bitcoin, many of which have made great improvements to the scalability and durability that we now see lacking in the number one coin. Because we are still in the early phases of blockchain technology (some say its where the Internet was in 93), there is still room for something beyond Bitcoin to rise.But is there still time for a new distributed ledger technology (DLT)? Hashgraph is a data structure and consensus algorithm that is fast, secure and fair. After the summer of ICOs and the thousands of companies created off of the blockchain, there are billions of dollars invested. But Leemon Baird, founder of Hashgraph, doesnt feel stunted by this. He believes that in the fast-paced way the Internet works, Hashgraph stands a big chance of being the first true competitor to blockchain. Hashgraph is not new- Leemon has been working on the math for five years now. While it seemed impossible at first, he was determined to get fast, scalable consensus with immutable security features. As we have seen with Bitcoins recent jump in scale, the blockchain is immutable, but incredibly slow. Even with faster methods such as Proof of Stake , transaction speeds are still relatively slow. In fact, the scaling problem is arguably the biggest technological barrier we face with blockchain. Baird saw this coming years ago. Which is why he came up with Hashgraph. Hashgraph comes to consensus in a much different way. This replicated state machine uses a true asynchronous Byzantine fault tolerance (meaning that a consensus must be made) and communicates transactions through a process in the computer science world known asgossip.The phrase used in the white Continue reading >>
What's The Difference Between Distributed Hashtable Technology And The Bitcoin Blockchain?
This question could go into a bitcoin forum but I am trying to understand from a programming point of view. There are technologies used for distributed storage, like distributed hashtables (say kademlia or similar). How is the bitcoin blockchain different from distributed hashtables? Or is maybe distributed hashtable technology underpinning the bitcoin blockchain? Or why is the bitcoin blockchain hailed as such a breakthrough compared to DHT? Stack Overflow is a site for programming and development questions. This question appears to be off-topic because it is not about programming or development. See What topics can I ask about here in the Help Center. Perhaps Bitcoin Stack Exchange would be a better place to ask. jww May 31 '17 at 22:34 @jww thansk for your comment. Appreciate your intentions but I frankly do not agree. I am a developer, and DHT is a programming technique.This question is nearly 3 years old, at a time when my knowledge of blockchain was pretty limited. As a developer, I wanted to understand these development concepts better. By now, I wouldn't put that question like that. But the answer helped at that time, so I'd vote to keep it. faboolous Jun 1 '17 at 13:34 A DHT is simply a key-value store distributed accross a number ofnodes in a network. The keys are distributed among nodes with adeterministic algorithm. Each node is responsible for a portion ofthe hash table. A routing algorithm allows to perform requests in the hash tablewithout knowing every node of the network. For exemple in the ChordDHT which is relatively simple DHT implementation eachnode is assigned an identifier and is responsible of keys whichare closer to its identifier. Imagine there is 4 nodes that have identifiers: 2a6c, 7811, a20f, e9c3The data with the identifier 2c92 will be st Continue reading >>
What Is Hashing? Under The Hood Of Blockchain
What Is Hashing? Under The Hood Of Blockchain Angel Investors, Startups & Blockchain developers... It is important to know how blockchain Hashing works. In order to do that, however, we need to first understand one of the core principles that go into blockchain creation. Blockchain technology is one of the most innovative and era-defining discoveries of the past century. Seeing the influence it has had over the last few years and the impact that it will have in the future, it surely isnt an exaggeration to say that. In order to understand how various cryptocurrencies like Ethereum and Bitcoin function. In simple terms, hashing means taking an input string of any length and giving out an output of a fixed length. In the context of cryptocurrencies like Bitcoin, the transactions are taken as an input and run through a hashing algorithm ( Bitcoin uses SHA-256 ) which gives an output of a fixed length. Lets see how the hashing process works. We are going put in certain inputs. For this exercise, we are going to use the SHA-256 (Secure Hashing Algorithm 256). As you can see, in the case of SHA-256 , no matter how big or small your input is, the output will always have a fixed 256-bits length. This becomes critical when you are dealing with a huge amount of data and transactions. So basically, instead of remembering the input data which could be huge, you can just remember the hash and keep track. Before we go any further we need to first see the various properties of hashing functions and how they get implemented in the blockchain. A cryptographic hash function is a special class of hash functions which has various properties making it ideal for cryptography. There are certain properties that a cryptographic hash function needs to have in order to be considered secure. Lets Continue reading >>
Hashgraph Wants To Give You The Benefits Of Blockchain Without The Limitations
The spotlight on the distributed ledger space to-date is primarily focused on blockchain . Yet, blockchains come with limitations by design. Consensus mechanisms using proof of work (POW) are by their nature slow, so the community can come to agreement and throw away the blocks they dont agree on. This design also includes inherent inefficiencies such as electricity consumption discarded on stale blocks. Distributed ledger technologies envision a new, better peer-to-peer compute model that could help us harness compute power like never before. As we move away from the client-server compute model, we move closer to realizing a new trust layer for the internet. This transition is still limited by challenging problems yet to be solved around efficiency, scalability, and interoperability. The hashgraph algorithm, invented by Leemon Baird , the co-founder and CTO of Swirlds, is a consensus mechanism based on a virtual voting algorithm combined with the gossip protocol to achieve consensus quickly, fairly, efficiently, and securely. Today, the founders of Swirlds , a permission-based ledger that uses the hashgraph consensus mechanism, launched the Hedera Hashgraph Platform, a separate venture dedicated to developing a public ledger based on the hashgraph. Hashgraph is an alternative to blockchain a first generation tech with severe constraints in terms of speed, fairness, cost, and security, explained Mance Harmon, Co-founder of Swirlds and Hedera. A fundamental bottleneck has been the performance how many applications are there that can run on a database that can just do 5 transactions per seconds. Hashgraph aims to provide the benefits of blockchain as a distributed ledger technology without the limitations. While many ledgers use the gossip protocol, Baird combined the go Continue reading >>
Blockchain - Wikipedia
For other uses, see Block chain (disambiguation) . Blockchain formation. The main chain (black) consists of the longest series of blocks from the genesis block (green) to the current block. Orphan blocks (purple) exist outside of the main chain. A blockchain    originally block chain   is a continuously growing list of records , called blocks, which are linked and secured using cryptography .   Each block typically contains a hash pointer as a link to a previous block,  a timestamp and transaction data.  By design, blockchains are inherently resistant to modification of the data. Harvard Business Review defines it as "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way."  For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority. Blockchains are secure by design and are an example of a distributed computing system with high Byzantine fault tolerance . Decentralized consensus has therefore been achieved with a blockchain.  This makes blockchains potentially suitable for the recording of events, medical records,   and other records management activities, such as identity management ,    transaction processing , documenting provenance , or food traceability .  The first blockchain was conceptualised in 2008 by an anonymous person or group known as Satoshi Nakamoto and implemented in 2009 as a core component of bitcoin where it serves as the public ledger for all transactions. Continue reading >>
Bitcoin Hash Functions Explained - Coindesk
Anyone with an interest in bitcoin will have heard the phrase 'cryptographic hash function' at some time or other. But what exactly does it mean, and how is it connected to cryptocurrency? Hash functions are an essential part of, not only of the bitcoin protocol, but of information security as a whole. In the following article we'll take a look at some simple examples of how they work, with a simple demonstration, too. In the abstract, a hash function is a mathematical processthat takes input data of any size, performs an operation on it, and returns output data of a fixed size. In a more concrete example, this can be used to take a sequence of letters of any length as input what we call a string and return a sequence of letters of a fixed length. Whether the input string is a single letter, a word, a sentence, or an entire novel, the output called the digest will always be the same length. Acommon use of this kind of hash function is to store passwords. When you create a user account with any web service which requires a password, the password isrun through a hash function, and the hash digest of the message is stored. When you type in your password to log in, the same hash function is run on the word you've entered, and the server checks whether the result matches the stored digest. This means that if a hacker is able to access the database containing the stored hashes, they will not be able to immediately compromise all user accounts because there is no easy way to find the password which producedany given hash. You can experiment with hash values using Python, a programming language installed on Mac and Linux operating systems by default. (This tutorial will assume you're using some version of either OS X or Linux, as using Python on Windows is more complicated .) Continue reading >>
Hashgraph - Does Blockchain Have Competition? - Invest In Blockchain
The figure to the left is a hashgraph, the data structure alternative to blockchain. For simplicity, there are only 4 columns in this graphical representation. Each column represents a full node in the network, so you can imagine that there would be hundreds or even thousands of columns on an actual hashgraph. Each circle represents an event, which is analogous to a block in the blockchain . In other words, events store data about transactions. Additionally, every event has the hashes of two recent events below it and is digitally signed by its creator. This enables Hashgraph to achieve cryptographic security in much the same way as a blockchain. Every line connecting one event to another represents one node randomly syncing with another. When a node syncs to another node, it shares all of the events it knows that the second node doesnt know yet. This syncing process is, fittingly, called gossip, and it continues forever as the hashgraph grows upwards. The colored circles in the figure are special events called witnesses. It would take a while to explain how witnesses are differentiated from ordinary events. So, rather than do that, lets just discuss what they do. Witnesses are the key events that carry out Virtual Voting as part of Hashgraphs consensus algorithm. The result of this Virtual Voting is that Hashgraph can reach consensus on the validity of transactions without costly Proof of Work (PoW) computation, and it can process hundreds of thousands of transactions per second. Ultimately, this is one of the biggest reasons that Hashgraph is a potential competitor for blockchain. If youd like to understand how Hashgraph works in greater depth, you can learn more by watching videos on the Hashgraph website or reading their whitepaper . Before diving into a comparison Continue reading >>
Bitcoin Block Explorer - Blockchain
Like paper money and gold before it, bitcoin and ether allow parties to exchange value. Unlike their predecessors, they are digital and decentralized. For the first time in history, people can exchange value without intermediaries which translates to greater control of funds and lower fees. Search You may enter a block height, address, block hash, transaction hash, hash160, or ipv4 address... Continue reading >>