Understanding the Hashgraph Consensus Mechanism
The hashgraph consensus mechanism is an alternative to the traditional blockchain consensus mechanism.
It utilizes a protocol of node communication rather than relying on the computational power of large networks to verify transactions.
Efficiency Unveiled
Similar to blockchain, when a user initiates a transaction, it is added to a block and propagated throughout the network.
Both hashgraph and blockchain follow this process for executing transactions.
However, the key distinction lies in the efficiency of hashgraph, which does not discard any blocks.
Instead, it integrates blocks into a ledger, creating a continuous and everlasting weave of transactions.
One significant advantage of the hashgraph consensus mechanism is that it eliminates the need for pruning potential forks.
Unlike blockchain, hashgraph incorporates every block of transactions into the ledger.
This approach makes hashgraph more efficient, faster, and fairer.
Hashgraph vs. Blockchain
Hashgraph and blockchain differ in several aspects, with one prominent advantage of hashgraph being its transaction speed.
It can process up to 500,000 transactions per second, whereas blockchain typically processes around 100-1,000 transactions per second, depending on the specific protocol used.
Another notable advantage of hashgraph is its ability to maintain greater control over transactions, allowing miners to manage the order, delay, or even prevent specific transactions from entering a block.
It is important to note that hashgraph consensus is still being tested on public networks, and potential limitations may emerge as technology evolves.