Guest Author – Samson
Most ledger transaction operate on blockchain which experience limitations. It’s difficult to get rid of the nodes that disagree with blockchain same as the consensus mechanism with the proof of work being slow. Harshgraph has the promise to revamp the inefficiency with the use of blockchain.
Created by Leemon Baird harshgraph operates at a 50,000 speed and has a high throughput of 250,000+ transactions per second presharing. With the properties harshgraph will be a perfect fit for making cryptocurrency micropayments, auctioning and supporting operations in the complex market. Leemon Baird ventured in one of the under looked areas by bitcoin and ethereum – reaching a consensus on the transaction that will be validated on the blockchain system.
Harshgraph algorithm will deal with the reaching of consensus among transactions. With blockchain, the latter was done with one distributed ledger – Proof –of- Work but Leemon attest that there are four means do that. The use of the PBFT, Raft, Paxos and the Proof -of -Stake. Harshgraph technology will do away with the later means of reaching consensus and apply the virtual voting technology.
The ultimate goal will be to put multiple transactions in order by agreeing on the order in which the transaction occurred and this will help keep the money supply constant. This will facilitate the recording of the multiple transactions on the harshgraph system as one doesn’t need to have a supercomputer to determine the next block that will be added to the chain.
‘’ This is the sole reason why bitcoin can transact only five transactions per second’’ Leonard said. He further explained that if every person could add a chain on the block with bitcoin, then the whole of the bitcoin will crumble not mention that it will be expensive to reward for the same. Bitcoin has proposed solution – the moving from Proof –of –Work to Proof-of – Stake but according to Leemon that’s not enough. Bitcoin network needs to be concerned more about DDoS attacks on leaders, the portioning of networks among a lot of other things.
The hashgraph will employ Byzantine-fault-tolerant system to asynchronous byzantine fully or partially -enabling harshgraph to reach consensus easily and determine the exact time when the consensus has been reached.-as everybody else will reach the same consensus.
The use of the gossip protocol which will spread information across the harshgraph network will ensure everyone is communicating with each other simultaneously. This will enable harshgraph to know the transaction and at the same time agree on the same. This is a simpler way to do that than the use of a fast computer which more crypto miners wouldn’t afford. It will thus take a lesser time to reach a point where everyone in the systems knows and understands everything.
The application of the voting algorithms will ensure billions of messages are sent all over the internet as well as giving the harshgraph a history of how people communicate with each other.