Hedera hashgraph is not the blockchain in the sense that construct on the chain of blocks.
It’s best to imagine it as the graph, whereby the speed of verifying transactions goes up as more transactions additional to the network.
Also, the name for the technology base is known as a DAG , short for Directed Acyclic Graph.
Also, it technology design to help Hedera Hashgraph achieve more than 100,000 transactions per second.
And we were making its true competitor to visa and other mass-market payment systems. And the Hedera network currently performs 6.5 million transactions per day.
Also, with the average transaction time of 5 seconds—easily surpassing Ethereum’s 1.2 million and Bitcoin’s 300,000 transactions put together.
How does Hedera Hashgraph Work?
- A council of 19 multinational corporations worldwide governs the platform and the software that runs on millions of nodes globally.
- And it reaches consensus, instead of mining, nodes on the Hashgraph “gossip.” Also, with each other, it comparing notes on the transaction history of the network.
- And the nodes gossip. They select few “famous witnesses.” Each witness is the event and the transaction.
- And it becomes famous because they are communicated to the nodes early in the process. Also, the chosen nodes then compare the gossip about these prominent witnesses in the majority of nodes.
- And the aim reaches the point known as “strongly seeing,” whereby two nodes can, with confidence, predict the decision—and outcome of the vote—by the third node.
What are Four Hedera’s Main Services?
- The Hedera Hashgraph network comprises four main components or services.
- Work together allows transfers of value, the creation and execution of smart contracts, file transfers, and more. These are:
- The cryptocurrency uses for the low enabling fee, highly customizable transactions on Hedera.
2. Smart Contracts
- Its use for automatically executing logic and building decentralized applications targeting numerous possible use-cases.
3. File Service
- For redundancy, distribute the file storage with granular controls, like append and deletion.
4. Consensus Service
- For attaining fast, fair, and secure consensus in any application that requires trust
Also Read: What is the Synthetix? – Special, fix, and More
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