Blockchain technology is the greatest invention of mankind after the discovery of fire, wheel, electricity and internet. Blockchain technology with bitcoin is the first move in changing the whole monetary system. It has the power to revolutionize the world and can bring all the financial institutions across the globe to an end. This technology is so powerful that if this is captured and controlled can enslave all the humanity but if allowed to remain free and flourish it could faster unimaginable levels of peace and prosperity. It cannot be manipulated, subverted, corrupted or cheated and it inverts the power structure into the hands of an individual.
The idea came into existence after the 2008 global financial crisis with the idea of a fund transfer from one person to another by removing the third party like banks from in between.
One of the most concerning drawbacks of this technology, its power consumption is very high that if all financial institution ends and this becomes the only mode of payment then the amount of electricity it will require to run the whole system will consume all the electricity that world produces. Also, on average Bitcoin processes about 7 transactions per second and Ethereum 15 transaction per second and Ripple 1500 transactions per second. The time taken for confirmation of one transaction can vary from 10 mins to sometimes 4 hours and more. If we order a pizza and need to pay in bitcoin then the whole pizza can become cold and won't taste good.
Seeing all these drawbacks of the blockchain technology we needed some advanced technology that requires less energy and payment should be very fast.
Here comes the technology called Hashgraph that has the potential to replace blockchain, bitcoin and all other cryptocurrencies.
Hashgraph is a distributed ledger technology developed by Leemon Baird, the Co-founder and CTO of swirlds, in 2016. For transmitting information quickly, Hashgraph uses a technology that has been the gold standard in computer science for decades. It's super fast and it's called "Gossip protocol". One computer randomly tells another computer in the network about the event he has created and the other computer responds to that computer about any event it heard about and that computer tells the previous computers event and all the events it heard off and that computer responds by telling all the event it knows about.
It's absolutely the best, the most efficient way to spread information and it's exponentially fast. It also includes the time it heard off and from whom they heard and from whom they heard it from and so on...
That's why it's called "Gossip about Gossip" and it lets everyone know what everyone else knows and exactly when they knew it in just a fraction of seconds. This means that Hashgraph contains very fewer data as compared to the blockchain and all the transaction is recorded instantly with less bandwidth that's very easy to transmit. It doesn't have to guess very complex mathematical problems as in blockchain that's why it consumes very less power.
It's more secure, lightning fast and provably fairer compared to the blockchain. It records all events whose came First and whose came second instantly and there is no such thing as soft forking or unconfirmed events. It can replace all the big servers as it can be operated through iPad, cell phones, Laptops, computer as it consumes very less power with less bandwidth.
It's so fast that it can perform more than 250000+ transactions per second.
This technology has the power to fulfil all the dreams that can be expected from blockchain. Power to decentralize and remove the middleman from commerce, banking, stock markets and much of the legal system and Governments.
What's your opinion does this technology has the potential to replace Bitcoin, Blockchain and all other cryptocurrencies?
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