Hedera hashgraph

Hedera hashgraph

Hedera is a decentralized, open-source, proof-of-stake public ledger that utilizes the leaderless, asynchronous Byzantine Fault Tolerance (aBFT) hash graph consensus algorithm.

The Hedera network will be governed by a council of leading global enterprises, across multiple industries and geographies. Hedera is built differently from the other blockchains.

Hashgraph Consensus-

Hedera is the only public ledger that uses hash graph consensus, a faster, more secure alternative to blockchain consensus mechanisms. Hashgraph achieves high throughput with 10,000+ transactions per second today and low-latency finality in seconds from its innovative gossip about-gossip protocol and virtual voting.

The hashgraph algorithm is asynchronous Byzantine Fault Tolerant (aBFT). This is a technical term meaning that no single node (or small group of nodes) can prevent the network from reaching consensus, nor can they change the consensus once it has been reached.

Hashgraph processing of a transaction

Once the transaction is created it is cryptographically signed at a minimum by the account paying for the fees associated with the transaction. Additional signatures may be required depending on the properties set for the account, topic, or token.

The receiving node validates (for instance, confirms the paying account has sufficient balance to pay the fee) the transaction and, if validation is successful, submits the transaction to the Hedera network for consensus by adding the transaction to an event and gossiping that event to another node.