Hashgraph is all the rage right now and its very different from Bitcoin and Ethereum. It is not a blockchain but why is it so popular? I’ll be providing a summary of how this is fundamentally different.
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Supremax67 I don’t really understand the tech until I buy some Hedra and start using it! Which I’ll be doing later this year.
If you are running several thousand Dapps you’ll need 50,000+ transactions per second! They’ll be interwoven into the fabric of society from utility bills to loans and legal contracts! Visa will look like a toy in 5 years time - it’ll be like comparing a Floppy Disk to a Blu-Ray Disc.
That's the kind of statement people make when they don't understand the tech. You don't need more than 100k transactions per second since you can always use shard. But Visa network is able to operate 15k / sec which means 1 million trx per sec doesn't give you anything extra either.
As for Credits, I caught them on multiple lies about their project, to attained the numbers they are getting, they were centralized. This is based off several factor including how long it takes for computers to talk to each other in a decentralized system, they were giving numbers that are impossible. Like breaking the speed of light, you know the speed where information flows through the internet?
You also don't understand the tech if you call Hashgraph centralized. I highly recommend you spend more time doing research before posting opinions, lack of accuracy will only end up discrediting you in the long run.
Lots of FUD out there and you seem like one of the few YouTubers who actually has a clue of how hashgraph gossip and voting works. Please do more videos explaining it. There are no good, concise videos explaining how hashgraph works! They are either very long videos, or very wrong videos!
Centralized, patented technology. It's just like it is another digital Federal Reserve system or central bank .
You can go as fast as you want with your lambo on steroids on your private circuit. But it will remain "your" private circuit.
People are not that stupid and now know better. This is not what the majority will adopt.
Good luck with that type of patented corporate centralized technology.
Will never invest one token on this type of centralized tech corporate crap.
Patented... lol... get real...
Sounds like real time multisig transfers. Seen a luxemborg company do this, but cant find them. If they start issueing tokens and selling it would be interesting. Only thing is that you would think it's that much more vurnerable to hack attacks.
So hashgragh is centralized but hedera hashgragh token is decentralized and open-source? I've seen some of the videos on their channel and sounds like the patented hashgragh is to ensure the process for decentralization? It's all kind of confusing but sounds promising...I'll be in when it hits the exchanges :)...thanks for the review, I've asked suppoman to review too, but don't think he has yet.
What's next. A quadrillion transactions a second. When will they realise that it's not about speed. Bitcoin was created for decentralisation, that's where the appeal is. Transaction speed is secondary.
"Governance will be maintained by a council of up to 39 known and reputable global organizations, committed to the support and evolution of a stable, predictable public ledger infrastructure."
How is that decentralized? 39 entities that can come to a consensus to screw over anybody else, with no way to remove any of them.
That's just the EOS model in worse.
sounds like another Microsoft at start (not good for anything). Same old problems just packed in a new box. Centralised, closed source - If I have to use it I will take the same approach as with bCash: If by some miracle I will have to use it I hope that the people will still accepting fiat :)
It is resting on two patents. They want everyone to adopt the technology. Then, at some time in the future, they can step in and start charging for it's use. This is not going anywhere until it's open source. Same old, same old.
can i run a ton of bots on the hashgraph network (i can find out how many i need by how many TPS the network has) and "vote" up bad transactions and vote down good ones.. This seems to be 100% possible at the moment, but might change when the network got bigger (it more than likely won't which is why saying they can do 140k tps is silly).
POW stops this by making it really hard to verify the transactions. POS stops it by giving more "voting power"" to the people that own the most
As you can see these "voting systems" already exist, but in a way that stops bad actors. This also slows down the network.
example: I send a very large sum of this hashgraph token on the network and then send many micro transactions to vote it up.
(fixed with POS but slows down the network)
If it can't fork then that seems to mean the transactions can't get reversed after they have been voted in somehow.
Forking is an important part of blockchain(that happens all of the time) without forks we wouldn't ever kick out the bad transactions..
I don't understand how this is possible with a distributed ledger, or is that not what hashgraph is?
Is this a system that is just telling us the state of itself at any given time with no history? if so why are people talking about it competing with blockchain? they do two different things..
maybe I just don't know what hashgraph actually is? Maybe this is a Hype game with a company trying to sell its product on the back of the recent blockchain hype.
Although it is patented, it is going to be open source and everyone could see the code. Everyone can develop new system/product that inspired by Hashgraph. I don't think they are trying to prevent people from innovation. They just preventing someone directly copying their code and use those code doing another copycat coin then selling to the market.
Wait, transaction speed is irrelevant. The point of bitcoin is it is DECENTRALISED not that its fast. Hashgraph, Nano, Ripple... faster transaction time than bitcoin, BUT they are all centralised, so how do they replace Bitcoin? Different thing. Also bitcoin and any peer to peer also uses gossip protocols, thats how they work.
Depends on how many coins the devs own. They may now own so many that they can continue to control the network, the way Dash will always be controlled by the creators since they premined/instamined so many coins right at the beginning.
Nano is not centralized by design but yes at the moment you could call it centralized due to the fact that most of the voting power is on a small number of nodes but this will change over time, anyone can change their representatives from the official reps to representatives that they trust and the network will become less centralized. There is a plan for Nano to become truly decentralized in the roadmap https://developers.nano.org/roadmap/vote-distribution/.
I could easily argue something similar about Bitcoin at moment it is not really decentralized due to the fact that over 50% of mining operations mainly originate from one country China.
When you create a wallet you get an entry in their centralised database. When you make a transaction it is verified by one of the several nodes all owned by the developers who own large numbers of the coins. How is that not centralised?
Good video Michael, I like the format, short and concise. It's good to get a brief idea about a project, yet I would like to have deeper explanations which perhaps you could record a separate video for? Thanks!
Maybe it can replace Ripple and present some excellent trading opportunities, but 1) let's remember the superior technology does not always win, Ripple already has a myriad of partnerships with existing institutions + most of the system does not require the XRP token. Then again, that can change. But more importantly, 2) closed-source centralised projects are extremely regressive and NOT what this movement is about. Do not get baited by X transactions per second more, instead focus on how to scale projects that provide a decentralised, censorship-resistant, peer-to-peer solution.
Hi Michael, Thanks for the covering Hedera Hashgraph. I'd like to add a few comments for those that have been asking questions:
1) Hedera Hashgraph is an open platform. As we ramp up, anybody that wants to run a node will be able to do so. There are no special nodes (ie. master nodes, coordinators, etc.). Every node is a validator node, and they are all the same.
2) There is no need for a license to use the platform. Developers simply pay for API calls using the platform token. You never even have to talk to us to use the platform.
3) The source code will be put on a Github account with Version 1.0. Anyone that wants to look at the code will be able to do so. However, we won't allow the code to be forked into a competing platform. We are using the patent to bring stability to the platform.
Summary: Decentralized, open platform. Transparency. Stability.
We all love open source but let's be honest. Hashgraph is a superior technology to blockchain with a couple of mishaps. Remember the war between Linux and windows. Let's hope history doesn't repeat itself.
Lol closed source how the hell can we trust anything that they say or promise my best guess is its a DAG and boxmining said its using a variant of BFT for consenus so its probably similar to iot chain or radix
Reasons why Hedera Hashgraph is the approaching Giant of Crypto...
1. It's not "Whitepaper-ware" like many Hyped projects (Cardano). Their Private Ledger version is being used by Credit Unions today.
2. The Public Ledger version has tested GLOBALLY at a CONSTANT 50,000 Transactions per second with 2.9 seconds latency. That's better than VisaNet.
3. The Gold standard of "asynchronous byzantine fault tolerance". I'm unaware of any other Public Ledger that can claim this.
4. Nodes can run on the lowest of Hardware. Imagine thousands of ASIC miners for pennies on eBay in the near future.
5. Hedera Hashgraph can run Solidity Scripts without modification...sorry Vitalik.
Here's the Big Announcement Video. Almost 2 hours but worth watching. https://www.youtube.com/watch?v=FCy9FnOq19s
This could be the next big thing but unfortunately its a mechanism to make the rich guys richer.. only accredited investors are allowed to participate. The reason the govt. want to protect the general public.. if they are genuinely interested in protect general public, why allow so many casinos?
Hashgraph works on a private permissioned setting not a public blockchain, it's easy to push up throughput if you only allow select players to join your network. Centralised solutions will become obsolete with sharding.
It's nothing but a permissioned governance model with preselected 39 corporations controlling it, not much better than EOS.
The Graph Era is Here Now! Synchronized databased like Blockchains really don't have any Chance at scaling, Hashgraph and IOTA both are derivatives of Tribler which's Code is light years ahead. Completly Opensource, Decentralized, Unstoppable and live, Tribler'scode doesn't even need the internet. Developed and tested by academics and is older than Bitcoin.
Because is the Nature of doing complex things correctly. We all know that Graph's Security is not inherited, is earned through the growth of the network. The whole purpose is to create a collaborative network of society in which the reward is an intrinsic value for contribution to the network. Obviously, this is not achievable by distributing all value at once on an ICO or creating an oligopoly of mining. This Is taking long but this code is so so far ahead that once spread there will be very lil oxygen for any other competing software.
If it's not open source, then it's not a crypto currency. It's not censorship resistance. It's not in your control. They can take your coins at any time they want too. It's no different than PayPal or USD. Closed source = Useless.
Would like to correct your video, "They are using a system is asynchronous byzantine fault tolerant".
They are using gossip about gossip protocol with time stamp and that gives them the highest level of security which is asynchronous byzantine fault tolerant.
Please put a thumbs up guys for accurate information. Thanks
I'm very skeptic due to closed source and that, but it's still extremely interesting ideas so I really hope you continue to research and report on this!
Even if we can't use their code, the general design can be copied and it doesn't matter how many patents and monopolies they have gotten from governments if a new better system without owners shows up.
@ripern -- Open source means anyone can duplicate and modify the source and call it also a variation of a blockchain, this includes scammers. Whenever there is a mean for making money, scammers will be involved in some way.
This is shared source which means they will let you see the source code but won't let you change the code, if you did, you would have to call it something else thus lowering greatly the scams generated from a modified source code.
@Henrik Wallin -- Closed source and open source, people forgets there is a middle ground which is shared source. People will be able to see the source code all in due time.
Open source is a terrible approach for something that handles your money. Look at all the crypto coins that are worth nothing. Too many of them, waaayyyy too many. 1500+ coins and counting. Not counting all the scams people are pulling off with these coins.
Patented , decentralized and not open source , this may have been secretly funded by the Elites with the hopes one day they will track everyone and every asset in realtime and completely enslave us when they use it for the Elites new world order system, No Thanks ... Eos will be a million transactions per second period.
I watched a program from the Developers and they we're trying to Hype it up. I get a bad feeling about it. It seems like the elite banking bloodline trying to pull our attention away from giving us control of our own money. On the hour long program it doesn't seem like money or currency it just seems like it's all about information like Facebook technology. Its technology for corporations to read what we think. It looks like it's going to only help the largest corporations and it's not for the little guy
Yeah, shame on you Charles for watching the Dev team speak about the project for an hour, forming your own opinions and then posting about it!! 😂🤣😂 ( I appreciate you voicing your opinions and concerns about the project mate!! 👏🏻👍🏻👏🏻👍🏻).
@ dogecoin digger -- You're late to the party my friend, Swirlds has been having nothing but a successful run and their popularity is ever increasing.
But that is okay, I'll see you at the finish line.
@LDBronx -- No coins yet, they have 2 versions of this, one is public, the other is under licensing and private.
The public will be monitored by the 39 governance. 39 companies who doesn't trust each other to make sure the network is as decentralized as it can possibly get. All 39 would have to come to consensus if any changes are to be made.
So you know if trillion dollars companies all agrees on something, it is a good choice. Keep in mind, none of the companies trust each other, so no one will be able to exploit the network.
Bitcoin is left to private companies mining power and whoever has the most money holds more power. The 39 governance has nothing to do with how much money a company has, 1 company, 1 vote.
They don't "use" Asynchronous Byzantine Fault Tolerance. They're tolerant to an asynchronous byzantine fault because of how they engineered the algorithm for voting. This and the idea of not using a blockchain at all is what makes it interesting. other than that, nice video, if you look into it deeper let us know what you think.
Great video! If you ever need help in developing any future content related to hashgraph, let me know. I would love to help! I recently started a channel focused on the growing Hedera hashgraph ecosystem.
It can be, the only interest from people who undestand why cryptocurrency exists is the efficiency but closed-source centralised protocols will not fly with anyone but the banking sector and crypto hypebeasts.
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