Bitcoin Code is popular and has attracted many traders and investors to this cryptocurrency. Hashgraph is the competitor to the Blockchain technology that Bitcoin uses.
What is a Hashgraph?
This is a protocol that is consensus and this is because it provides a consensus platform that is distributed. The protocol lets the users generate the transaction and the user also gets to agree on the order of the transaction. This is particularly useful in an environment where no one trusts the other.
The Hashgraph is capable of achieving a consensus. It is better because it is fair, efficient, inexpensive and provable.
The Hashgraph technology is very interesting to read about and you get to know how the technology is different from the Blockchain technology. Blockchain technology is the technology used by the cryptocurrencies.
The speed of Hashgraph
The Hashgraph is different from Blockchain in the speed because the bandwidth is limited to the nodes. Then ode is capable of downloading 5000 transactions in each second. The speed is great and is capable of facilitating transactions for an entire network at much greater pace.
On the other hand, if you see the Bitcoin network then it is capable of carrying out just 7 transactions in one second. This can be increased by using mega blocks but that in turn puts immense load on the network nodes.
No single node is capable of manipulating the transaction and thus the Hashgraph is pretty trustworthy. This means that no one has a control on which instruction will happen and which instruction will be postponed.
When it comes to the blockchain technology, the one who mines has control over what he should include and what he should discard in the block. A Blockchain miner can actually choose to carry out one transaction and drop the other transaction. But this is not possible in Hashgraph. Here every individual has to include both the transactions and also in the order that it was received.
The only thing that can be done in a Hashgraph is that the users can invest in a fast connection. The one who has a faster connection will get their transaction processed first.
The Hashgraph is designed such that it is fair. No effort gets wasted and each member of the community is reconciled with the other transaction. This makes it efficient and fast. The Hashgraph also does not need any expensive hardware and neither does it need lots of storage space. The Hashgraph can be run on a PC or even on a smartphone.
It, however, discards the old block and thus there is no record kept of the details as the Blockchain does.