Blockchain has gained fame in recent years, contributing to the emergence of cryptocurrencies on the world stage and we began to use these coins gradually, and every time we deal with cryptocurrencies, the balance of blockchain is growing silently. Today, it is no secret that the multi-million dollar investments under development are mainly based on blockchain. They are the first supporters of Bitcoin, the world’s most popular digital currency, but will we see the blockchain’s courtyard block before it is completed?
This is the talk of the hour these days and for many reasons the most important slow transports, for example, it will take more than an hour to make a trade using Bitcoin currency, in addition to the presence of an alternative began to attract the attention of many people, Hedera Hashgraf technique that serves the same purpose but in a different way, to know together New technology.
What is Hedera Hashgraph?
Hedera Hashgraph is a new blockchain-like project in terms of business purpose but of course, there are many differences in the mechanism. Hedera Hashgraph relies on Directed Acyclic graph technology instead of the block on which it is based.
Hashgraph supports decentralized applications and relies on a different work algorithm, ie we can say that Hedera Hashgraph works the same work as blockchain but on different mathematical foundations and algorithms, but it is better in terms of performance. Compared to blockchain
The new technology is the result of years of work and collaboration between Lemon Byrd, a Ph.D. in computer science, and Mannes Harman, both of whom are managing their project according to specific tasks distributed between them.
What are the benefits of Hedera Hashgraph?
There are a lot of benefits that you will get by being a user, a trader, or even one of the owners of cryptocurrencies who is waiting for the right opportunity to invest their currencies, it is a very fast technology because it uses a different protocol called Gossip Protocol that contributes to the spread of the message to the whole network, in addition to the protocol some Improvements to messages sent to minimize overcrowding and do not forget about the security of carriers that rely on this new technology.
What are the disadvantages of Hedera Hashgraph?
Many of the disadvantages of the new technology were not clear because we did not rely on it very much.
However, there are some drawbacks to Hedera. The new technology is unfortunately not free, ie you will not see its project on Github to borrow and develop it. These procedures are unfortunately prohibited. There are several lawyers and patents behind it.
I know this might offend everyone nowadays, especially since we are heading to an open-source software world, but the developer is calculating its steps accurately and controlling everything. I don’t think that will be in line with crypto lovers as long as the software is closed and there are inevitably some restrictions coming in the future.
The use of Hedera Hashgraph is not free at all, but you have to pay a certain fee when you make a transfer using this technology and this fee is determined according to the policy of the company, and there will be a comparison between the fees paid and the time expected to perform the operation, if the fees are low and the process is done quickly, he may want to use Everyone because of the time spent consuming a transaction using blockchain, time is sometimes more precious than money.
Also, they are a little complicated, seemingly oriented to specialists, whether in terms of concepts or terms of the mechanism of work, and this type of technology can not be widely spread without simplifying the concept and explain it smoothly and flexibly where the user to try it.
What services does Hedera Hashgraph offer us?
The use of the new technology is still limited to several developers and testers responsible for measuring the overall performance. Smart contracts, ie, the platform can run smart contracts written in solidity programming language and this feature helps developers build their distributed applications using the new Hedera platform.
Cryptocurrencies certainly support and can be used to run smart contracts or to finance another network transaction, as well as a file storage service.
Should we replace Hedera Hashgraph forever?
The new technology introduces new concepts and promises many advantages, but so far has not been applied to a public network, but activated under hypothetical conditions and everyone knows that the reality is very different from the laboratory floor and can suffer from problems in terms of safety or performance, and on the other hand is still block Chen suffers from many problems, the most important of which is the ability to expand whether in terms of the number of users or the number of carriers per second.
Hedera Hashgraph found a solution to the number of transfers taking place at the same time, but it did not solve the number of nodes.
In the end, the technical world is for everyone, not limited to a specific technique or one method, and of course, the best technique will remain.