By Hobo Joe from Hobo.media
What is Hashgraph and should you even care? Well, Hashgraph is an innovation, there is no doubt about that. Hashgraph is fast, boasting a 250,000 transactions per second rate, energy efficient and mathematically fair with its new gossip protocol.
The Gossip protocol is quite clever. Each node on the Hashgraph network shares with random strangers "events" or secured data acting as the standard trustless ledger on all transactions on the network. Gossip will continue spreading in like manner with these strangers as new events become created and passed on to be gossiped about until all nodes are up to date about all events that have occurred on the network. Proof-of-work and proof-of-stake are needless here, and the network is pretty secure.
Here's the rub, Hashgraph is privatized. Its a private distributed ledger, which means its not that different from a private blockchain. In fact, when you compare Hashgraph's 250k transactions a second to Red Belly's 400k transaction rate, it's kind of a big blah. It is permissioned and simply not a trustless design.
Do we need it to be trustless? Decentralized, autonomous and trustless systems are good because they aren't easily turned into a tool for abuse. Absolutely no power corrupts absolutely nothing, and that's very good. Is Hashgraph the blockchain destroyer? I think not.
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