Hashgraph is an advanced type of distributed ledger technology developed by Swirlds, a US-based company. The key features of hashgraph algorithm includes fast, secure and fairness of access. Hashgraph is a data structure and distributed algorithm that reduces the requirement of major computation power and massive energy consumption. Moreover, hashgraph is expected to eliminate Ripple in banking and finance application. It can carry out functions faster than blockchain, and takes only a second for hundreds of thousands of transactions. These factors are expected to provide major growth opportunity to decentralized applications including games, stock market, and auctions.
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Most applications that require thousands of transactions per second require community agreement on the order of transactions in near real time. For example, Google Apps for Work includes docs, sheets, and slides that can be offered without requiring users to trust Google, or a distributed eBay that does not require a server to enforce the auction rules, to improve system security. This feature is attributed to fuel the growth opportunity of global hashgraph market.
The main objective of hashgraph is to generate trust among user by providing advanced security solutions for online transactions. The hashgraph algorithm achieves this by virtue of its features such as being fast, fair, providing Asynchronous Byzantine Fault Tolerance (aBFT), efficient, ACID compliant, inexpensive, DoS resistant, time stamped, and optionally non-permissioned. These features are attributed to broader range of applications of hashgraph, which includes distributed capital markets, distributed auctions, cryptocurrency with native micropayments, improved collaboration apps, and distributed gaming.
Comparison between hashgraph and blockchain
In both blockchain and hashgraph algorithm, one thing is common that is transaction can be generated by any user and the data will eventually be stored into a block or register and then spread through the users. In blockchain technology, these blocks are used to form a long single chain. Therefore, if two blocks are created at the same time then one will be selected, while the other is rejected. In hashgraph, each and every block is used, which makes it more just. Hence, all data or information stored in all branches will exist forever and all branches will back together to make a single chain.
Also, when various blocks come in rapidly together, the blockchain may fail to work due to faster development of branches. For this reason some mechanism is required to slow down the operating speed of blockchain. Where hashgraph is not affected by rapid growth. There is no restriction on transaction, as anyone can make block of transaction at any time they want. Hence, its function is very simple and has faster processing rate. Hashgraph consists of Byzantine agreement and fairness, which makes it simple. Byzantine is not present in blockchain and the technology rejecting blocks is considered to be unfair.
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In the hashgraph technology, no data of order of transactions can be manipulated by any individual. Moreover, no individual can stop a transaction from entering the system, also the process cannot be delayed. Conversely, in blockchain technology, there is a chance of delay by one or two mining periods, when many branches are refused to be included in blockchain.
Furthermore, no hacker is able to stop a member to record a transaction hashgraph, attackers cannot stop a member from recording a transaction other than for resorting to blocking their internet access.
The hashgraph is Byzantine. It provides advanced security for the prevention of cyber-attacks, due to this no individual can change the data stored in block once they reached to the register.
The hashgraph market is expected to be segmented on the basis of geography in North America, Europe, Asia Pacific, Latin America, and Middle East and Africa regions. The market in North America is expected to be dominant in the global market. Hashgraph technology is soon be accepted by a major part of local US finance industry as a security solution. Hashgraph platform enables the connection of the power of peer-to-peer decision-making and record keeping in cryptocurrency and finance by public applications such as Bitcoin and Ethereum, and in private banking networks such as IBM Hyperledger.