1. Hedera Hashgraph Idea

Building a platform on which people can collaborate as well as communicate without knowing or trusting the other, and a third party does not have to exist. This platform has extremely fast transaction speed, good scalability and fairness for everyone, which do not waste electricity resources or bulky machines. Moreover, it also allows coders to develop a series of Dapps .

In general, Hashgraph will be a high-performance platform and good security which governs from industry leaders controls technical and legal aspects to ensure stability for the platform.

Distinguish Blockchain and Hashgraph:

No. Differences Blockchain Hashgraph 1 Structure A sequence of blocks connected to each other. Blockchain is like a scraggy tree, each new branch will have to be cut away to maintain the keychain. In contrast, in Hashgraph, new branches can continue to grow instead of being cut off, which create a wider network. Then the branches will turn back, forming a unified whole. 2 Scalability If the blocks are created too quickly, the whole network will not be able to handle it. Therefore, blockchain needs consensus algorithms like PoW to slow that process down. The hashgraph , on the other hand, allows users to easily create transactions and blocks at any time. Hence, the transactions on Hashgraph will be faster.

Participants involving in platform administration

Hedera Hashgraph Council: 39 famous global organizations have engaged to support and improve the infrastructure. These organizations are selected from a variety of disciplines, offering multi-expertise that other systems lack. The Council members have a term of 3 years; only Swirlds permanently acts as a council member. Nodes: each node has a vote of 39 leading organizations mentioned above. And the votes will be affected by the number of tokens that the node has.

2. Architecture

We can imagine an architecture as:

Layer 1 is Internet layer

Layer 2 is Hashgraph consensus layer

Layer 3 is Service layer: including cryptocurrency, file storage, and smart contracts

Hashgraph uses gossip about gossip protocol and virtual voting consensus algorithm to operate the platform.

Gossip about gossip protocol

Virtual voting

In Hashgraph, nodes will gossip about new information randomly to other nodes, thereby dispersing information throughout the system. Thus, the following nodes will gossip again the information that other nodes have gossiped. So this is called "Gossip about Gossip" Protocol.

Once you know the information that has been gossiped, it’s pretty easy to identify the intended nodes. That information is considered input in the virtual voting algorithm.

To implement this virtual voting algorithm, Hedera Hashgraph will also use the PoS algorithm, which facilitates the negotiation of bonuses, since the nodes will be rewarded based on the number of tokens it holds.

3. Cryptoeconomics

Staking and proxy staking:

The nodes will be involved in the consensus process, and the level of influence will depend on the number of tokens that the node holds. And those nodes will be rewarded based on the percentage of the tokens.

Proxy staking: non-node users will be allowed to stake the number of coins they hold and receive a commission.

Payments and Fees:

There are 3 main fees:

Node fee: a user will have a node conduct transaction, this node will gossip the transaction information on the next event. Then, the node receives a fee from the user.

Service fee: the user must pay a certain fee to use the services on the network.

Transaction fee: the transaction fee is not high and will be calculated based on the amount of money used and the amount of money required for the transaction.

After summing up the above fees, each day Hashgraph will have the payments, 1 is incentive payment: reward for participating nodes (according to certain criteria), and commission amount depends on the percentage of token that the node holds.

Under certain period, Hedera will have separate payments for the contributions of its council members.

4.Team

The core team includes Leemon Baird, Mance Harmon, Edgar, etc. They are all experienced members and have worked for Hedera Hashgraph's parent company, Swirlds . Swirlds is a platform software supplier that assists to develop Dapps, and ensures the security, fairness, reliability, speed, reliability and appropriate cost on various areas. They have provided an SDK - Software Development Kit, which explains how developers can build Dapp on Hedera Hashgraph network.

Rate from Icogens.com:



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Source: icogens.com