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Hashgraph

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Hashgraph
Original author(s)Leemon Baird
Initial releaseJuly 2017
Repositoryhttps://github.com/hashgraph/
TypeDistributed ledger
Websitehttps://hedera.com

Hashgraph is a distributed ledger technology that has been described as an alternative to blockchains. The hashgraph technology is currently patented, and the only authorized ledger is Hedera Hashgraph. The native cryptocurrency of the Hedera Hashgraph system is HBAR.

Unlike blockchains, hashgraphs do not use miners to validate transactions. Instead, hashgraphs use a "gossip about gossip" protocol where the individual nodes on the network "gossip" about transactions to create directed acyclic graphs that time-sequence transactions without bundling them into blocks.[1] Each "gossip" message contains one or more transactions plus a timestamp, a digital signature, and cryptographic hashes of two earlier events. This makes Hashgraph form an asynchronous Byzantine Fault-Tolerant (aBFT) consensus algorithm.[2]

Hashgraph was invented in the mid-2010s by the American computer scientist Leemon Baird. Baird is the co-founder and chief technical officer of Swirlds, a company that holds patents covering the hashgraph algorithm.[3][4]

Concept

Hashgraph has been described as a continuation or successor to the blockchain concept, which provides increased speed, fairness, low cost, and security constraints.[5] The Hedera white paper co-authored by Baird explained that "at the end of each round, each node calculates the shared state after processing all transactions that were received in that round and before," and it "digitally signs a hash of that shared state, puts it in a transaction, and gossips it out to the community."[6]

Hedera Hashgraph

Hedera Hashgraph is the only public distributed ledger based on the Hashgraph algorithm.[7] Hedera Hashgraph is developed by a company of the same name, Hedera, based in Dallas, Texas.[7] Hedera was founded by Hashgraph inventor Leemon Baird and his business partner Mance Harmon, and has an exclusive license to the Hashgraph patents held by their company, Swirlds.

Hedera is owned and managed by a "governing council" of global companies and entities. The council's members include Swirlds, as well as Google, Boeing, IBM, Deutsche Telekom, LG, Tata Communications, Électricité de France, FIS, University College London, the London School of Economics, DLA Piper, Shinhan Bank, Standard Bank, and several others.[8]

Criticism

It has been claimed that hashgraphs are less technically constrained than blockchains proper.[9][10] Cornell Professor Emin Gün Sirer notes that “The correctness of the entire Hashgraph protocol seems to hinge on every participant knowing and agreeing upon N, the total number of participants in the system,” which is "a difficult number to determine in an open distributed system.” Baird responded that “All of the nodes at a given time know how many nodes there are.”[11] A hashgraph developer at the time noted that "...a node joining the network is a transaction like any other - it gets assigned a consensus timestamp, after which point all nodes now include it in consensus."[12]

References

  1. ^ Tapscott, Don; Tapscott, Alex (2016). Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, and the World. Penguin. ISBN 9781101980156.
  2. ^ Treiblmaier, Horst; Beck, Roman (2018). Business Transformation through Blockchain, Volume 2. Cham: Palgrave Macmillan. p. 98. ISBN 9783319990576.
  3. ^ "Can hashgraph succeed blockchain as the technology of choice for cryptocurrencies?", The Hindu, 25 March 2018
  4. ^ "Hashgraph wants to give you the benefits of blockchain without the limitations", TechCrunch, 14 March 2018
  5. ^ Panetto, Herve; Debruyne, Christophe; Proper, Henderik; Ardagna, Claudio; Roman, Dumitro; Meersman, Robert (2018). On the Move to Meaningful Internet Systems. OTM 2018 Conferences: Confederated International Conferences: CoopIS, C&TC, and ODBASE 2018, Valletta, Malta, October 22-26, 2018, Proceedings, Part 2. Cham: Springer. p. 281. ISBN 9783030026707.
  6. ^ Baird, Leemon; Harmon, Harmon; Madsen, Paul (13 August 2019). "Hedera: A Governing Council & Public Hashgraph Network" (PDF). Hedera. Retrieved 21 January 2019.
  7. ^ a b "How Hedera Hashgraph is building a fast and secure blockchain alternative", VentureBeat, 4 August 2018, retrieved 20 March 2021
  8. ^ "Hedera Governing Council". Hedera Hashgraph. Retrieved 31 May 2021.
  9. ^ "Can hashgraph unseat blockchain as the favoured tech for cryptocurrencies?", Live Mint, 20 March 2018
  10. ^ "Next-Generation Crypto-Ledgers Take the Block Out of Blockchain". Bloomberg. Retrieved 24 February 2018.
  11. ^ "Hedera Hashgraph Thinks It Can One-Up Bitcoin And Ethereum With Faster Transactions", Forbes, 13 March 2018
  12. ^ "Cooper Kunz tweet", Twitter, 14 August 2019
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