Hashgraph is an alternative to blockchains. This distributed ledger technology is patented and only has one authorized ledger – the Hedera Hashgraph, and its native cryptocurrency is the HBAR. Founded in 2010 by American computer scientist Leemon Baird, who co-founded Hedera Hashgraph, the network generates about 10,000 transactions per second and boasts its transaction fee of less than a penny.
Hashgraph is owned and governed by some large and multinational companies including Swirlds that holds the Hedera patent, LG, Google, IBM, Boeing, Deutsche Telekom, FIS, Electricite de France, Standard Bank, the University College London, and a lot more.
How Hedera Hashgraph Works
Some view Hashgraph as a successor to blockchain technology but in contrast to blockchains, the protocol doesn’t use miners to make a transaction valid. Instead, it uses a gossip about gossip scheme. In other words, the network uses relayed information or “information about information”. Instead of using information content itself to initiate an agreement. Hashgraph’s structure keeps up the data of who “gossips”, to whom they relayed the gossip. Also the sequence of the gossip.
The Green Crypto Leader
The Hedera Hashgraph aims to advance into green crypto which attracts investors who are environment enthusiasts. Instead of using proof of work that consumes a huge amount of energy to run its computational power, Hashgraph uses a proof of stake. That means that it computes mining power based on the miner’s coin percentage. The proof of stake concept only allows a lower transmission capacity, hence, it only consumes lesser energy. Because the platform uses hashgraph consensus for security, therefore it yields a faster transaction speed of three to five seconds.
Hashgraph’s noncontemporary algorithm eliminates and establish fairness, that is, no leader is more dominant than the other. With its leap toward being green crypto, its price has soared to about 23% in just 24 hours in May.