Hedera Hashgraph - Quick overview
In recent years, blockchain network has gained huge popularity for digital transactions. Blockchain uses a block approach for transactions, so there might be a chance that some resources get wasted. So to overcome this problem Hedera Hashgraph was introduced. In this blog, I am going to discuss Hedera Hashgraph technology in detail.
Dr. Leemon Baird, Chief Scientist of Hedera invented Hashgraph technology. Hedera Hashgrapgh uses distributed ledger technology (DLT) similar to blockchain, to create decentralized applications. The main advantage of distributed ledger technology is it enables the users to have simultaneous access with multiple entities at a time. It provides secure data transactions by recording their transactions in multiple places simultaneously.
It also bridges the gap-provided technology with the secure transaction and high speed. Hashgraph is the new generation of blockchain-provided transactions with high authenticity and high speed. Thousands of transactions can be performed in a second by employing Hedera Hashgraph.
Blockchain employs a block approach in a transaction but Hashgraph uses acrylic graph and gossip protocols to transfer the information among the nodes in a circular manner by recording the history of the previous transactions.
Gossip protocols allow the users to made around 500,000 transactions per second when compared to blockchain which offers around 10,000 transactions per second with high throughput. Hashgraph system is highly efficient than blockchain due to its environment friendliness with low bandwidth consumption. Hashgraph is the open sourcing platform that creates transparency in its services. The source code of Hashgraph is also available to open for everyone to read and correct.
HBAR is the cryptocurrency of the Hashgraph system and Hedera Hashgraph follows a patented algorithm owned by Swirlds. HBAR is one of the cryptocurrencies providing long-term investment in the global market. If you are looking for a good investment, then anyone can buy the HBAR cryptocurrencies from Binance, Gate.io, Huobi, etc. HBAR trading can be done from these top exchanges.
In my opinion, Hedera Hashgraph is a better option for decentralized applications as it ensures, scalability, high speed, efficiency, and give protects from malicious attacks. It has its applications in Apps development, cryptocurrencies development, and smart contracts developments.